Compare home loans for April – rates from 5.14% p.a.

Buying a new home, refinancing or investing? We compare home loans from Australia’s big and small lenders so you can find the best home loan for you.

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Last updated 1 April 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No application, ongoing or monthly fees
    • Make additional repayments at any time
    • Access your money via internet banking at any time
  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
Showing 8 results from 413 home loans. Use the filters to see more

Interest rates change regularly – stay informed. 

Why compare home loans with Mozo?

About us

Meet our home loan experts

Mozo’s team of home loan experts include data analysts, finance journalists and compliance professionals. Meet the team

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Home loan market snapshot: April 2025

There were 92 out of 95 lenders in our database that cut their advertised interest rates by 25 basis points in February and March, and one provider that didn’t make any change at all – that was Virgin Money.

As a result, we’ve seen the average variable rate† in our database go from 6.72% p.a. in early February prior to the Reserve Bank of Australia’s (RBA) decision, down to 6.44% p.a. on 1 April, 2025.

We’ve also recorded a downward trajectory among fixed options in our database. If we take a look at three-year fixed rates, the average† was sitting at 6.00% p.a. in early February before the RBA’s cut later that month, and now sits at 5.89% p.a. at the beginning of April.

Now that the Reserve Bank has decided to hold the cash rate at 4.10% at its April meeting, we expect much less movement among home loan interest rates.

While interest rates have lowered over the past month, the shift may still not be enough for first-home buyers who are also contending with sky-high property prices. It’s current mortgage holders who are most likely to benefit.

Our home loan report for 2025 found that a decrease of just over 10 basis points can equate to hundreds of dollars saved on home loan repayments every year, so there is real value in comparing home loans to make sure you’ve got a good deal.

10 Feb 2025 1 April 2025
Average variable rate 6.72% p.a. 6.44% p.a.

† Source: Mozo database. Average variable and fixed home loan rates for a $400,000 loan with principal and interest repayments and 80% LVR. Averages on 10 February vs 1 April, 2025.

Home loan knowledge hub

Best home loan rates in April 2025

For the best rates right now, see our round-up of the lowest home loan rates for this month below.

According to the Mozo database on 1 April, 2025, the best home loan interest rates for owner occupiers with a 20% deposit (80% LVR), making principal and interest repayments on a $400k loan are:

Top 5 variable rates 

  • Gateway Bank Green Plus Home Loan (Package) | 5.60% p.a. (5.89% p.a. comparison rate*) (conditions apply)
  • HomeLoans360 Owner Variable Home Loan | 5.64% p.a. (5.64% p.a. comparison rate*)
  • Pacific Mortgage Group Standard Variable Home Loan | 5.64% p.a. (5.64% p.a. comparison rate*)
  • The Capricornian No Frills Home Loan | 5.64% p.a. (5.68% p.a. comparison rate*)
  • Bank of China Discount Home Loan | 5.68% p.a. (5.86% p.a. comparison rate*)

Top 5 fixed rates 

  • 1 year: HomeLoans360 Fixed Home Loan | 5.39% p.a. (5.62% p.a. comparison rate*)
  • 2 years: Australian Mutual Bank First Home Buyers Fixed Rate | 5.29% p.a. (6.05% p.a. comparison rate*)
  • 3 years: Bank Australia Clean Energy Home Loan – New Build | 5.14% p.a. (6.01% p.a. comparison rate*)
  • 4 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.69% p.a. (7.33% p.a. comparison rate*)
  • 5 years: Newcastle Permanent Special Fixed Rate Home Loan | 5.69% p.a. (7.14% p.a. comparison rate*)

Why understanding home loan rates matters  

Small interest rate differences can amount to huge savings over time.

The graph below illustrates how lower rates can translate to interest savings, using the example of an $800,000 mortgage, with a 25-year term. 



At 6.50% p.a., you would end up paying $820,497 in interest alone. In other words, you'd pay back your principal loan amount of $800,000 and pay an additional $820,497 in interest – that's over $1.6 million all up. 

Comparing the 6.00% and 6.50% interest rate examples above, a difference of just 0.50% could save you almost $250 per month, or over $74,000 over the span of 25 years.

Big Four vs alternative lenders

In Australia, home loans are available from a wide range of lenders including the Big Four, customer-owned banks, credit unions and non-bank lenders.

The Big Four banks (ANZ, CommBank, NAB, and Westpac) however dominate the home loan market. Despite their popularity, Big Four home loans tend to have higher rates than the competition.

Compared to the average variable rate in the Mozo database, a borrower with an $800,000 home loan could spend an extra $219 per month, or $65,660 over 25 years with a Big Four, as illustrated below. This is why it’s important to shop around and compare home loans before you commit to any one lender. 

Type
Average interest rate
Monthly repayment
Total repayment (25 years)
Big Four variable 
7.15% p.a.
$5,731
$919,304
All variable rates
6.72% p.a. 
$5,512
$853,644
Source: Mozo database, 1 February 2025. Interest rates based on a $400,000 owner-occupier variable home loan, with principal and interest repayments and <80% LVR over 25 years. Calculations based on a loan of $800,000. 

The RBA’s relationship with home loan rates 

There are several factors that influence home loan rates in Australia. Competition between lenders and inflation are among the culprits, but recently the biggest influence on interest rates has come from the Reserve Bank of Australia (RBA). 

To control inflation, the RBA manipulates the cash rate. When the cash rate is raised, interest rates tend to increase in response. This usually results in less spending by consumers and the eventual easing of inflation. 

Over the past few years, the RBA cash rate has increased by 4.25% and this has pushed up interest rates on home loans as banks and lenders responded. 



In April 2022, the cash rate was at just 0.10%, and the average variable home loan was 3.03% p.a. By November 2023, the cash rate had risen to 4.35%. 

While the RBA hasn’t raised rates since then, the average variable rate has doubled which has put a lot of pressure on mortgage holders. As at 1 February 2025, the average variable home loan rate is now 6.72% p.a. according to the Mozo Database (based on OO, P&I, $400k, <80% LVR loan).

A logo cloud of the Mozo Experts Choice Award winners for home loans.

Best of 2025: Award-winning home loans

Each year we conduct a review of every home loan in our database for the Mozo Experts Choice Home Loan Awards.

We run a number of scenarios across 10 categories to find the home loans that deliver the best value for Australian borrowers.

Out of the 444 home loans from 97 lenders we compared for this year’s awards, Tiimely Home came out on top and has been named Australia’s Best Home Lender.

We also award providers across a range of other categories including:

  • Low Cost Home Loan
  • Fixed Rate Home Loan
  • First Home Buyer Loan
  • Packaged Home Loan
  • Investor Home Loan

To view the full list of winners, click the button below, or read our awards criteria in the methodology report.

Lost in the jargon?

Financial jargon can be confusing. Check out our home loan glossary to familiarise yourself with common terms and compare home loans with confidence.

What is a home loan?

A home loan is an amount of money that you borrow to finance the purchase of a property.

How do home loans work?

A home loan works in a similar way to any other loan. You borrow an amount of money to fund the purchase of a property or land and you pay that money back (principal), plus interest, over a period of time.  

There are a range of different factors that determine the repayment amount.

  1. Loan term. In Australia the typical loan term for a mortgage is 25 to 30 years but you can have a loan term for less than this.  
  2. Interest rates: borrowers have a choice between fixed and variable interest rates for home loans or a split home loan where a portion of the loan is fixed and the other portion is variable. Fixed rate loans are usually available for terms between 1-5 years.   
  3. Repayment frequency. The standard home loan repayment is made monthly, but many lenders also offer weekly and fortnightly options.   
  4. Type of repayment. For owner occupier home loans the standard repayment type is principal and interest (P&I). There is also an interest-only (IO) repayment structure, where you only pay back the interest you are charged. This is a popular option for investment loans.  

What are the different types of home loans in Australia?

There are two types of home loans: owner-occupied and investment home loans. 

  • Owner-occupied home loans are for borrowers who intend to live in the home they are buying (in other words, a property occupied by the owner). 
  • Investment home loans are tailored towards property investors who intend to rent out the properties they purchase to tenants. 

Compare more home loan options

Looking to see if you can switch and save, fix your rate, or finance an investment property purchase?

How much can I borrow for a home loan? 

How much a home loan lender lets you borrow will depend on several factors, including: 

You can use a borrowing power calculator to estimate the amount of money a lender may let you borrow based on your income, your expenses, and other debts you might have. 

How to compare home loans 

Using a home loan comparison service like Mozo means you can compare a wide variety of options quickly, easily, and for free. 

When you compare home loans, ask yourself the following questions: 

  • Is this interest rate competitive or are there comparable loans with a lower rate?
  • Do I want to fix my interest rate or am I comfortable with a variable rate? 
  • Does this loan charge higher fees than the others on my shortlist? 
  • Is there a monthly fee to use certain features of this home loan (e.g. an offset account)? 
  • Am I getting the features I want with this home loan? 
  • Do I meet the eligibility requirements to get this loan, including minimum deposit or LVR restrictions? 

These questions can help point you in the right direction and make it easier for you to decide on the right home loan for you. 

Home loan basics FAQs

How much deposit will I need for a home loan?

The standard deposit in Australia is 20% of the value of a property. Although, it is possible to buy a home with a deposit of less than 20% by using government schemes, such as the First Home Guarantee scheme, and by opting for a low-deposit home loan

How is home loan interest calculated?

The interest on your home loan is calculated daily, based on your outstanding balance. 

Your lender will multiply your loan balance by your interest rate, then divide that number by 365 days to find your daily interest amount. They will then add all of your daily interest charges together for the month, which you will pay for as part of your mortgage repayment. 

If you make weekly or fortnightly payments, it follows that you’ll pay the accumulated daily interest for the week or fortnight.

Read our guide on calculating interest on a loan for more information.

Is home loan interest tax deductible?

Home loan interest is not tax-deductible for owner-occupiers. However, property investors can claim interest as a tax deduction if they have an investment home loan. 

Home loan comparison FAQs

What is an offset account?

An offset account is a transaction account that allows you to reduce how much interest you’re charged. You won’t pay interest on your loan balance equal to the amount of money you hold in your offset account. 

For example, if you have a $500,000 home loan debt and $50,000 in your offset account, your home loan interest will be calculated on just $450,000. 

Read our guide on how offset accounts work for more information.

When should I refinance my home loan?

The right time to refinance will be different for each individual’s circumstance but we recommend that you review home loan offers at least every two years to make sure that your home loan remains competitive. 

If you stand to save money by refinancing, it’s a good idea. This means weighing up the risks and the costs of refinancing compared to sticking with your current home loan, and judging for yourself if it’s the right move. 

Home loan application FAQs

How do I apply for a home loan?

The process of applying for a home loan involves working out how much you can borrow, saving up for a deposit, comparing home loan options, getting pre-approval from a lender, and gathering all of your documents to submit as part of your application.

What is LVR?

LVR stands for loan-to-value ratio. This is the amount you borrow, expressed as a percentage of the value of the property you buy. 

When you first apply for a loan, your LVR is determined by your deposit size. The higher your deposit is, the lower your LVR will be. 

But your LVR can also change over time, as you pay off more of your home loan, or as your property value goes up and down.

What is Lenders Mortgage Insurance?

Lenders Mortgage Insurance (LMI) is an insurance product designed to protect your lender financially if you default on your home loan. You are usually required to pay for LMI if you apply for a home loan with a loan-to-value ratio (LVR) over 80%. This is because borrowers with high LVRs present more risk to the bank.

Will a HECS debt affect getting a home loan?

Having student loan debt won’t stop you from getting a home loan. However, as with any liability you have, a HECS-HELP debt will diminish your borrowing power and mortgage serviceability.

This is because the income you would otherwise have to spend on mortgage repayments is being taken up by your other financial obligations. This is a potential red flag for lenders when assessing if you’re a good fit for their product.

What home loan can I afford

To work out what home loan you can afford, plug your income and expenses into a borrowing power calculator. You’ll get an estimate how much you might be able to borrow from a lender at different interest rates and how much your borrowing power changes by eliminating other expenses.

Have more questions?

Head over to our home loan FAQs page for the answers. View

Jack Dona
Jack Dona
RG146
Senior money writer

Jack is a senior writer specialising in home loan and credit products, interest rates, and leads Mozo’s coverage of the Reserve Bank of Australia. He understands the importance of making the language of personal finance accessible to all. Jack’s stories have been quoted in AustralianBroker, Mortgage Professionals Australia magazine, the Sydney Morning Herald, and News.com.au. He has contributed to reports that have featured on Channel 7’s Sunrise program.

Jasmine Gearie
Jasmine Gearie
RG146
Senior money writer

Jasmine is a senior writer at Mozo with a focus on home loans and refinancing. She has authored home loan research reports for Mozo, and has also written about broadband, mobile and the rate moves at Australia’s Big Four banks.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

Home loan customer reviews

Bankwest Complete Variable Home Loan (Package)
Overall 1/10
High interest

Our interest is absurdly high.

Read full review

Our interest is absurdly high.

Price
1/10
Features
1/10
Customer service
3/10
Convenience
2/10
Trust
2/10
Less
Sekai, New South Wales, reviewed 5 days ago
Commonwealth Bank Home Loan
Overall 9/10
Pretty good bank as banks go

Pretty good, the dropped the home loan rate instantly after the RBA decision, and helped me with concession rates and hardship plans and were 90% of the time thoughtful, compassionate and helpful.

Read full review

Pretty good, the dropped the home loan rate instantly after the RBA decision, and helped me with concession rates and hardship plans and were 90% of the time thoughtful, compassionate and helpful.

Price
2/10
Features
3/10
Customer service
7/10
Convenience
10/10
Trust
8/10
Less
Adriana, Victoria, reviewed 7 days ago
Tiimely Home Home Loan
Overall 1/10
Not good as existing customer

Definitely would not recommend. As an existing customer they are charging me a higher rate than advertised to new customers and my request to have it lowered has been rejected. We have to refinance away from Tiimely to get a good rate again. At least I'll be able to join a new bank that actually has an app and faster Osko transfers!

Read full review

Definitely would not recommend. As an existing customer they are charging me a higher rate than advertised to new customers and my request to have it lowered has been rejected. We have to refinance away from Tiimely to get a good rate again. At least I'll be able to join a new bank that actually has an app and faster Osko transfers!

Price
1/10
Features
1/10
Customer service
4/10
Convenience
1/10
Trust
2/10
Less
Rhys, Victoria, reviewed 14 days ago

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