Home loan rate change calculator

A variable home loan offers freedom and flexibility, but it also leaves you open to the chance of rising interest rates. If that happens, can your budget handle a higher monthly home loan repayment? Find out with our rate change calculator!

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 20 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure.
  • placeholder
    Variable Home Loan 70

    interest rate
    comparison rate
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Compare
    Details
  • placeholder
    Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Compare
    Details
  • placeholder
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Compare
    Details
  • placeholder
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Compare
    Details
  • placeholder
    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <80% LVR, $150,000+

    interest rate
    comparison rate
    3.69% p.a. variable
    3.85% p.a.

    An ongoing low variable discount interest rate with free redraw, flexible repayment options and one free valuation. Discounted variable rate available for owner occupier lending with max LVR of 80%. Apply by 31 August 2022, Settle by 30 November 2022, and receive $2,500 cashback (T&Cs apply).

    Compare
    Details
  • placeholder
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    3.74% p.a.variable for 12 months and then 4.23% p.a. variable
    4.22% p.a.

    Already includes July RBA rate increase. No monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.

    Compare
    Details
  • placeholder
    Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    3.27% p.a. variable
    3.28% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Compare
    Details
  • placeholder
    Back to Basics Special

    LVR<70%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    3.67% p.a. variable
    3.68% p.a.

    Receive up to $4,000 cash when you take out an eligible Suncorp Bank home loan. Apply by 30 November 2022, settle by 28 February 2023. No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. T&Cs apply.

    Compare
    Details
  • placeholder
    Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    3.32% p.a. variable
    3.33% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Compare
    Details
  • placeholder
    Mozo Experts Choice 2022
    No Frills Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    3.49% p.a. variable
    3.49% p.a.

    The Qudos Bank No Frills Home Loan features a competitively low rate for borrowers who don’t need all the bells and whistles. There are $0 bank fees. Weekly, fortnightly or monthly repayment options. Unlimited extra repayments at no cost. Instant redraw available with online banking. Split your loan with fixed rate loan options.

    Compare
    Details
  • placeholder
    Evaporate Variable Home Loan

    60-70% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    3.84% p.a. variable
    3.81% p.a.

    Fast online application. Zero application fees. Zero ongoing fees. Free extra repayments and redraw facility. Minimum 30% deposit. Ideal for buyers or refinancers.

    Compare
    Details
  • placeholder
    Offset Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    3.69% p.a. variable
    3.94% p.a.

    Ability to open up to 10 offset accounts per loan account. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). Apply online in as little as 15 minutes.

    Compare
    Details
Search now

Home loan rate change calculator quick links

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.

Rate change FAQs

Why do interest rates change?

Depending on how the economy is faring, the Reserve Bank of Australia might decide to raise or lower interest rates to steer things in a particular direction. For example, if the economy is underperforming, the RBA might lower interest rates to stimulate demand. If demand is too high, the RBA might raise interest rates to keep inflation in check.

How do banks set their home loan interest rates?

The cash rate serves as a benchmark for lenders’ mortgage rates, so if the cash rate goes up or down we can usually be confident that mortgage rates will move by the same amount. 

Mortgage rates are typically much higher than the cash rate. This markup ensures that lenders can cover operating costs (such as staff salaries, branch maintenance, marketing, and interest paid out to customers) while making a profit.

What does a rate change mean for my home loan?

If your lender decides to raise interest rates, expect your monthly repayments to increase. If you’re worried that your repayments will become unmanageable, it might be worth comparing other loan options from your lender, if not refinancing to a new one.

What does a rate change mean for the property market?

Rising interest rates are usually accompanied by a slowdown in the property market. That’s because as the cost of borrowing increases, taking out a loan to purchase a home becomes much less attractive for many.