Home loan interest rates in Australia
Your home loan interest rate plays a major role in how much you spend on your mortgage, and a variation of just 0.10% can be the difference between saving hundreds of dollars on your home loan repayments every year.
That is why it’s a good idea to compare home loans at least once a year, so you can know if you’ve got a competitive interest rate, or if it’s time to consider refinancing your home loan.
The Reserve Bank of Australia (RBA) cut the cash rate by 0.25% in February 2025, marking an end to its rate hiking cycle which began in May 2022. Now that dozens of lenders have passed on the RBA’s cut, it’s a good time to reassess the market.
We track the interest rates of over 400 home loans in our database, including those from ANZ, Commonwealth Bank, NAB and Westpac, challenger banks, customer-owned credit unions and newer online-only players, to give you a comprehensive view of what’s available.
What is the average home loan interest rate in Australia?
RBA cash rate: 4.10%
Average variable home loan interest rate: 6.44% p.a.
Average Big Four bank variable home loan rate: 6.71% p.a.
Average one-year fixed home loan interest rate: 6.03% p.a.
Average three-year fixed home loan interest rate: 5.89% p.a.
Source: Mozo database. Average rates are for $400,000, owner occupier home loans, paying principal and interest, with a loan-to-value ratio (LVR) of <80%, as at 27 March, 2025.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- Built by CommBank
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Promoted
Mozo experts choice awards won:
- Offset Home Loan - 2025
- First Home Buyer Loan - 2025
Variable Home Loan
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.78
%
p.a.
Variable
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,927
- $0 application fee to pay
- Unlimited additional repayments
- Apply in as little as 15 minutes
- interest rate
-
5.78% p.a. (5.82% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$495.40
- Ongoing fees
-
$0.00
- Discharge Fee
-
$325.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free online, fees apply for assisted redraws
- Minimum redraw amount
-
$1.00
- Offset account
-
yes - optional for $10 per month - comparison rate does not include this fee.
- Split account
-
-
- Other restrictions
-
Settlement fee comprises of upfront fee and loan processing fee. Valuation fee varies. Comparison rates displayed do not take into account the Optional Offset Account monthly fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about NRMA Home Loans home loans
Go to site -
Promoted
Budget Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
5.79
%
p.a.
Variable
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,931
- Get up to $4,000 cashback (T&Cs apply)
- Split loan available
- interest rate
-
5.79% p.a. (5.82% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
The $449 application fee is waived for <80% LVR Owner Occupier Principal and Interest loans.
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Promoted
Home Loan
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
Go to site- Interest rate
-
5.69
%
p.a.
Variable
- Comparison rate
-
5.70
%
p.a.
- Initial monthly repayment
-
$2,899
- Offset and non-offset options for flexible payments
- No application and monthly account keeping fees
- Get up to $4,000 cashback (T&Cs apply)
- interest rate
-
5.69% p.a. (5.70% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$250.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
Valuation fee payable at cost
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Regional Australia Bank home loans
Go to site
-
Clean Energy Home Loan - New Build
- Fixed rate
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
No Partner link- Interest rate
-
4.94
%
p.a.
Fixed 3 years
- Comparison rate
-
5.63
%
p.a.
- Initial monthly repayment
-
$2,666
- interest rate
-
3 years - 4.94% p.a. (5.63% p.a. comparison rate)
- Fixed loan revert rate
-
5.43% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$350.00 yearly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $30,000 for the term of the fixed rate loan.
- Redraw facility
-
no
- Minimum redraw amount
-
$0.00
- Offset account
-
yes - $20,000 cap
- Split account
-
yes
- Other restrictions
-
Property must have NatHERS rating of 7.5+ stars and solar panels (min 3kW), or Green Star Homes certification.
- Other benefits
-
No annual fee and 0% interest for 12 months on balance transfer on Platinum Rewards VISA credit card
- Special Offers
-
-
Read reviews and learn more about Bank Australia home loans
-
Police Value Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
- Cashback
No Partner link- Interest rate
-
4.99
%
p.a.
Fixed 3 years
- Comparison rate
-
5.78
%
p.a.
- Initial monthly repayment
-
$2,681
- interest rate
-
1 year - 5.89% p.a. (6.05% p.a. comparison rate)
2 years - 5.15% p.a. (5.90% p.a. comparison rate)
3 years - 4.99% p.a. (5.78% p.a. comparison rate)
5 years - 6.69% p.a. (6.37% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$1,050.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$294.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - up to $5,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Only available to current and retired employees of an Australian Police Force or Police organisation uniformed or civilian.
- Other benefits
-
$600 fixed rate lock fee available.
- Special Offers
-
Excluding 2 and 3 year fixed rates. Loans between $300,000 and $499,999 qualify for a $2,000 cashback, those between $500,000 and $749,999 for $3,000, and $750,000 or more for $4,000 cashback when refinancing. This offer is available until 31 May 2025.
Read reviews and learn more about Police Bank home loans
-
Goldrate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
- Cashback
No Partner link- Interest rate
-
4.99
%
p.a.
Fixed 3 years
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,681
- interest rate
-
1 year - 5.89% p.a. (6.10% p.a. comparison rate)
2 years - 5.15% p.a. (5.94% p.a. comparison rate)
3 years - 4.99% p.a. (5.82% p.a. comparison rate)
5 years - 6.74% p.a. (6.42% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$1,050.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$294.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $5,000
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
$600 fixed rate lock fee available.
- Special Offers
-
Excluding 2 and 3 year fixed rates. Loans between $300,000 and $499,999 qualify for a $2,000 cashback, those between $500,000 and $749,999 for $3,000, and $750,000 or more for $4,000 cashback when refinancing. This offer is available until 31 May 2025.
Read reviews and learn more about Police Bank home loans
-
Discount Fixed Rate
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
No Partner link- Interest rate
-
4.99
%
p.a.
Fixed 2 years
- Comparison rate
-
5.94
%
p.a.
- Initial monthly repayment
-
$2,681
- interest rate
-
2 years - 4.99% p.a. (5.94% p.a. comparison rate)
3 years - 4.99% p.a. (5.86% p.a. comparison rate)
4 years - 5.29% p.a. (5.89% p.a. comparison rate)
5 years - 5.29% p.a. (5.84% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$450.00
- Ongoing fees
-
$10.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $5,000 p.a
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Bank of Queensland home loans
-
Flexible Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Cashback
No Partner link- Interest rate
-
5.14
%
p.a.
Fixed 2 years
- Comparison rate
-
5.92
%
p.a.
- Initial monthly repayment
-
$2,727
- interest rate
-
1 year - 5.64% p.a. (6.02% p.a. comparison rate)
2 years - 5.14% p.a. (5.92% p.a. comparison rate)
3 years - 5.14% p.a. (5.88% p.a. comparison rate)
4 years - 5.44% p.a. (5.95% p.a. comparison rate)
5 years - 5.44% p.a. (5.94% p.a. comparison rate)
- Fixed loan revert rate
-
6.03% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$395.00 yearly
- Discharge Fee
-
$350.00
- Package
-
Member Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$40,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $30,000 during fixed rate period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
Receive $3,000 cashback for refinancing existing home loans with a loan size of $700,000 or more, LVR < 80%. Applications from 15 June 2024, settled within 120 days of the loan application date. Not available for refinancing from Bank of Queensland Group.
Read reviews and learn more about ME home loans
-
Basic Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Redraw available
No Partner link- Interest rate
-
5.19
%
p.a.
Fixed 2 years
- Comparison rate
-
5.78
%
p.a.
- Initial monthly repayment
-
$2,742
- interest rate
-
1 year - 5.29% p.a. (5.85% p.a. comparison rate)
2 years - 5.19% p.a. (5.78% p.a. comparison rate)
3 years - 5.19% p.a. (5.72% p.a. comparison rate)
4 years - 5.39% p.a. (5.73% p.a. comparison rate)
5 years - 5.39% p.a. (5.70% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
-
Offset Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Offset available
- Redraw available
No Partner link- Interest rate
-
5.19
%
p.a.
Fixed 2 years
- Comparison rate
-
6.01
%
p.a.
- Initial monthly repayment
-
$2,742
- interest rate
-
1 year - 5.29% p.a. (6.08% p.a. comparison rate)
2 years - 5.19% p.a. (6.01% p.a. comparison rate)
3 years - 5.19% p.a. (5.95% p.a. comparison rate)
4 years - 5.39% p.a. (5.96% p.a. comparison rate)
5 years - 5.39% p.a. (5.93% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350.00
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
-
Discounted Fixed Rate
- Fixed rate
- Owner occupier
- Principal & Interest
- 10% min deposit
No Partner link- Interest rate
-
5.24
%
p.a.
Fixed 3 years
- Comparison rate
-
5.93
%
p.a.
- Initial monthly repayment
-
$2,758
- interest rate
-
2 years - 5.34% p.a. (6.01% p.a. comparison rate)
3 years - 5.24% p.a. (5.93% p.a. comparison rate)
4 years - 5.54% p.a. (5.97% p.a. comparison rate)
5 years - 5.54% p.a. (5.94% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% p.a.
- Upfront fees
-
$450.00
- Ongoing fees
-
$10.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $10,000 p.a
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
100% offset account available on 1 year fixed rate loan.
- Special Offers
-
-
Read reviews and learn more about Bank of Queensland home loans
-
2 Year Fixed Home Loan Special Offe
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
- Offset available
- Redraw available
No Partner link- Interest rate
-
5.24
%
p.a.
Fixed 2 years
- Comparison rate
-
6.27
%
p.a.
- Initial monthly repayment
-
$2,758
- interest rate
-
2 years - 5.24% p.a. (6.27% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$302.50
- Ongoing fees
-
$395.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Home Loan Plus Freedom Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$3,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
Transaction account must be held by the customer with Auswide Bank. $302.50 minimum legal fee payable at cost. $300 maximum valuation fee included in package fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Auswide Bank home loans
-
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2025
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 40% min deposit
No Partner link- Interest rate
-
5.25
%
p.a.
Fixed 2 years
- Comparison rate
-
5.62
%
p.a.
- Initial monthly repayment
-
$2,761
- interest rate
-
1 year - 5.40% p.a. (5.68% p.a. comparison rate)
2 years - 5.25% p.a. (5.62% p.a. comparison rate)
3 years - 5.30% p.a. (5.60% p.a. comparison rate)
4 years - 5.52% p.a. (5.65% p.a. comparison rate)
5 years - 5.74% p.a. (5.73% p.a. comparison rate)
- Fixed loan revert rate
-
5.69% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$500
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
no
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
3% rate discount and annual fee waived on linked credit card, access fees on transaction and savings accounts waived.
- Special Offers
-
-
Read reviews and learn more about Regional Australia Bank home loans
-
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2025
- Exceptional Value Home Lender - 2025
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 3 years
- Comparison rate
-
6.01
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
1 year - 5.78% p.a. (6.22% p.a. comparison rate)
2 years - 5.39% p.a. (6.11% p.a. comparison rate)
3 years - 5.29% p.a. (6.01% p.a. comparison rate)
5 years - 5.69% p.a. (6.05% p.a. comparison rate)
- Fixed loan revert rate
-
6.19% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$180.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $20,000 during fixed period
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Free redraw only available online. Fees & charges apply for branch or phone redraw. Legal, settlement and valuation fees charged at cost.
- Other benefits
-
$500 rate lock fee available.
- Special Offers
-
-
Read reviews and learn more about Australian Mutual Bank home loans
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2025
First Home Buyers 2 Year Fixed Rate
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- For first home buyers
- Redraw available
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 2 years
- Comparison rate
-
6.05
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
2 years - 5.29% p.a. (6.05% p.a. comparison rate)
- Fixed loan revert rate
-
6.19% p.a.
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$180.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
-
- Other restrictions
-
Available to first home buyers only. Legal and settlement fees charged at cost. Establishment fee waived and Valuation fee covered up to $500.
- Other benefits
-
$500 rate lock fee available.
- Special Offers
-
-
Read reviews and learn more about Australian Mutual Bank home loans
-
Smart Home Loan 3 Year Fixed Rate Special
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Offset available
- Redraw available
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 3 years
- Comparison rate
-
6.77
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
3 years - 5.29% p.a. (6.77% p.a. comparison rate)
- Fixed loan revert rate
-
7.19% p.a.
- Upfront fees
-
$600.00
- Ongoing fees
-
$8.00 monthly
- Discharge Fee
-
$200.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - up to $10,000 p.a
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
Visa Credit card available with reduced interest rate for the life of the loan.
- Special Offers
-
-
Read reviews and learn more about Northern Inland Credit Union home loans
-
Complete Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
- Offset available
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 2 years
- Comparison rate
-
6.82
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
1 year - 5.59% p.a. (6.99% p.a. comparison rate)
2 years - 5.29% p.a. (6.82% p.a. comparison rate)
3 years - 5.59% p.a. (6.78% p.a. comparison rate)
4 years - 5.69% p.a. (6.72% p.a. comparison rate)
5 years - 5.79% p.a. (6.69% p.a. comparison rate)
- Fixed loan revert rate
-
6.74% p.a.
- Upfront fees
-
$250.00
- Ongoing fees
-
$395.00 yearly
- Discharge Fee
-
$338.20
- Package
-
Package
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$200,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $10,000 a year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
yes - partial only
- Split account
-
yes
- Other restrictions
-
Free extra repayments up to $10,000 per year. Offset facility is 40% only.
- Other benefits
-
Bankwest Qantas and More Mastercard (Classic and Platinum tiers only) available with $0 annual fee.
- Special Offers
-
-
Read reviews and learn more about Bankwest home loans
-
Flexible Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
- Cashback
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 2 years
- Comparison rate
-
7.77
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
1 year - 5.79% p.a. (8.13% p.a. comparison rate)
2 years - 5.29% p.a. (7.77% p.a. comparison rate)
3 years - 5.29% p.a. (7.50% p.a. comparison rate)
4 years - 5.59% p.a. (7.51% p.a. comparison rate)
5 years - 5.59% p.a. (7.16% p.a. comparison rate)
- Fixed loan revert rate
-
8.40% p.a.
- Upfront fees
-
$450.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$40,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $30,000 during fixed rate period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
Receive $3,000 cashback for refinancing existing home loans with a loan size of $700,000 or more, LVR < 80%. Applications from 15 June 2024, settled within 120 days of the loan application date. Not available for refinancing from Bank of Queensland Group.
Read reviews and learn more about ME home loans
-
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 20% min deposit
- Offset available
No Partner link- Interest rate
-
5.29
%
p.a.
Fixed 2 years
- Comparison rate
-
8.09
%
p.a.
- Initial monthly repayment
-
$2,773
- interest rate
-
1 year - 5.59% p.a. (8.46% p.a. comparison rate)
2 years - 5.29% p.a. (8.09% p.a. comparison rate)
3 years - 5.59% p.a. (7.88% p.a. comparison rate)
4 years - 5.69% p.a. (7.67% p.a. comparison rate)
5 years - 5.79% p.a. (7.51% p.a. comparison rate)
- Fixed loan revert rate
-
8.75% p.a.
- Upfront fees
-
$545.00
- Ongoing fees
-
$12.00 monthly
- Discharge Fee
-
$338.20
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $10,000 a year
- Redraw facility
-
no
- Minimum redraw amount
-
$0.00
- Offset account
-
yes - partial only
- Split account
-
yes
- Other restrictions
-
Free extra repayments up to $10,000 per year. Offset facility is 40% only.
- Other benefits
-
Monthly service fee only applies for the fixed period of the loan.
- Special Offers
-
-
Read reviews and learn more about Bankwest home loans
Your selected home loans
What is a home loan interest rate?
A home loan interest rate is the amount of interest you’ll need to pay each year for borrowing money to purchase a property.
Each lender sets their own home loan interest rates, and they differ based on a variety of factors, including the type of home loan you choose.
Types of home loan interest rates
The type of interest rate you choose for your mortgage can affect how much you pay overall, and how much you pay each month. There are pros and cons to each type, so it’s important to consider which will suit you best.
Variable rate
- Changes in line with the market
- Can allow you to make extra repayments
A variable home loan interest rate means your rate and repayment amount can change at any time. A change can occur because the Reserve Bank of Australia (RBA) adjusts the official cash rate, or your lender makes an adjustment.
One drawback of a variable interest rate is that it’s impacted by rises and falls in the market, so it offers less certainty in how much your repayments will be over time.
However, variable rate home loans are popular in Australia because they’re often lower than fixed rates. A variable interest rate might suit you if you’re looking for flexibility, as you’ll have the option to make extra repayments and pay off your home loan faster.
Fixed rate
- Locks in an interest rate for a period of time
- Won’t benefit from cash rate cuts
A fixed home loan interest rate locks in your rate and repayment amount for a set period of time, usually between 1 to 5 years.
This can make budgeting easier, as you’ll have a set amount that you need to pay each month and it won’t be affected by rate increases.
The downside is that if the Reserve Bank cuts the cash rate, or your lender decides to lower its interest rates, your fixed rate will stay the same and you won’t benefit from a cut.
When your fixed term ends, you have the option to enter into a new fixed rate or switch to a variable rate.
In general, fixed interest rates are less flexible than variable mortgage rates, and you could end up paying penalties if you repay the loan early.
Split rate
- Splits your home loan into fixed and variable portions
- Can be split into any ratio you’d like
A split home loan involves separating your loan into two portions – one part with a fixed rate and another part with a variable rate.
The size of each portion is up to you, so your home loan can be split 50:50, 60:40 or however you’d like.
A split home loan can help you hedge your bets and get the benefit of both types of home loan rates.
The fixed rate portion won’t be impacted by interest rate rises, while the variable rate portion can benefit if rates are cut. It’s also likely that you’ll be able to make unlimited extra repayments to the variable portion, which could help pay off your mortgage faster.
- Read our guide on what is a split home loan to learn more
How are repayments calculated on a home loan?
The amount of interest you pay each month depends on various factors including what type of rate you’re paying, how often your interest is calculated and how long is left on your home loan. There are also two different repayment types: principal and interest and interest-only.
Principal and interest (P&I)
- Repayment goes towards paying off your home
- Repayment may be higher than interest-only loan
When you’re paying principal and interest, your home loan repayments are reducing the principal (the amount you borrowed) and factoring in interest (the added cost of borrowing).
When you first start paying off a home loan, most of your monthly repayment will go towards paying interest and a little will go towards the actual loan amount.
As you chip away at the principal amount, the interest you need to pay on it will also get smaller. Eventually, most of your monthly repayment will go towards the principal, while a little goes towards interest.
Interest-only (IO)
- Repayment goes towards covering interest
- Popular with investors looking to sell
An interest-only home loan only pays interest on the amount you borrowed, not the loan amount itself.
This means your repayments will likely be lower than if you were paying principal and interest – because you’re not chipping away at the actual loan amount – so it could help you spend less in the short term if you’re on a budget.
But crucially, you won’t make any progress towards owning your home while on interest-only repayments.
Interest-only loans are popular with investors, because they’re often counting on the value of the home increasing enough to sell the property, pay off the loan and still make a profit.
Use our calculators
Use Mozo’s home loan repayments calculator to see how much your monthly repayments would be with either a principal and interest or interest-only home loan, and see how much total interest you would pay with each one.
Home loan interest rates: FAQs
Is the mortgage rate and home loan rate the same thing?
Yes, mortgage rate and home loan rate are interchangeable terms. Both refer to your home loan interest rate, which is the added cost your lender charges for borrowing money.
What is the comparison rate?
Your interest rate tells you the cost for borrowing money, but it doesn’t account for other costs attached to a home loan.
A comparison rate factors in the interest rate, as well as other fees connected to the home loan such as application fees, establishment fees and discharge fees.
The comparison rate is essentially an adjusted rate that calculates the total cost of the loan and helps you more accurately compare home loans across providers.
Who sets home loan rates?
Each bank and lender sets their own home loan interest rates, but they are influenced by the RBA’s official cash rate.
When the RBA changes the cash rate, banks and lenders will assess whether or not to pass the change onto their customers by either increasing or decreasing their interest rates.
How often do home loan rates change?
Home loan interest rates can change at any time, as they are informed by the RBA’s official cash rate and set by individual banks and lenders. On top of this, lenders may also change their home loan interest rates to protect profit margins.
How will home loan rate changes affect my mortgage repayments?
Home loan rate changes will affect your mortgage repayments if you’re on a variable rate.
If your lender increases their home loan rate your mortgage repayments will also get higher, but if your rate decreases, your repayments will get cheaper. You can see how a rate change would affect you by using our home loan rate change calculator.
The time between when a home loan rate is changed and when the adjustment is reflected on your bill varies across lenders, so contact your bank if you’re unsure.
Does my bank need to tell me if they are changing my home loan rate?
Your bank should notify you when your home loan interest rate is changing. Rate changes are typically announced on the bank’s website and you can be notified through email, online banking or your banking app.
When is the interest calculated on my home loan?
Interest is calculated daily by your lender. At the end of your billing period, each day’s interest is added together to find the total amount you’ll be charged.
Your billing period can be monthly, fortnightly or weekly – depending on the arrangement with your lender.
For example, if you’re on a monthly repayment schedule, your interest will be calculated each day and added together at the end of the month – this monthly amount will be the interest charged on your monthly statement.
Are home loan rates negotiable?
Yes, in many instances home loan interest rates can be negotiated with your bank or lender. It’s important that you compare home loans in the market more broadly before starting a negotiation, as this will help you understand what a better deal looks like in the current interest rate market.
How can I reduce the amount of home loan interest I pay?
The simplest way to reduce the amount of interest you pay is to secure a lower interest rate, which may involve refinancing your home loan.
Aside from a lower interest rate, you can try to reduce the amount of home loan interest you need to pay by:
- Paying principal and interest (not interest-only)
- Increasing the size of your home loan deposit
- Reducing the length of your home loan term
- Increasing your repayment frequency to weekly or fortnightly payments
- Using an offset account
- Making additional repayments during the loan term
How do I find the best home loan interest rate?
What is considered the best home loan interest rate will be different for everyone, and can depend on your individual needs.
For example, the best home loan interest rate for you may be the lowest available, or it may be an option that includes an offset account and good customer service at a reasonable rate.
It’s important to compare home loans so you can find the best interest rate for you. Remember that you can also negotiate with banks and lenders, so speak to providers to try and secure the best rate.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.