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 9 December 2023

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

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Compare
    Details
  • placeholder
    Mozo Experts Choice 2023
    Variable Rate Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

    Compare
    Details
  • placeholder
    Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Compare
    Details
  • placeholder
    Home Fixed Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.40% p.a.
    fixed 4 years
    6.24% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Compare
    Details
  • placeholder
    Well Balanced Special Offer

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.12% p.a. variable
    6.14% p.a.

    Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.

    Compare
    Details
  • placeholder
    Mozo Experts Choice 2023
    Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% 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 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.

    Compare
    Details
  • placeholder
    Simplicity PLUS Special Offer

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a. variable
    6.64% p.a.

    Refinance your eligible home loan of $250,000+ and 80% or less LVR and get $2,000 cashback (T&Cs apply) with ANZ’s Simplicity PLUS Home Loan Special Offer. Get discounted rates upfront on eligible loans (T&Cs apply). $0 set up or ongoing fees to pay. Verify your ID and sign documents online for super simple home loan refinancing.

    Compare
    Details
  • placeholder
    Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

    Compare
    Details
  • placeholder
    Well Balanced

    Investor, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.39% p.a. variable
    6.42% p.a.

    Competitive low rates available for investors. Free online redraws. 100% offset account for a small fee ($10 p/mth). Get a free evaluation (Valued up to $300). Fast online application. Minimum loan amount $100K.

    Compare
    Details
Search now

Home loan rate change calculator quick links

^See information about the Mozo Experts Choice Home loans Awards

*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.

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.