Mozo guides

A guide to buying property this spring

A home in spring with many colourful trees in the front yard.

If you’ve started to notice more ‘for sale’ signs on properties than usual, you might chalk it up to spring’s influence. 

After all, spring is a well known period for buying and selling property in Australia. It’s generally the time of year that homebuyers look forward to, with some Aussies working out the affordability of a home loan, while others put down deposits on a property.

So, if you’re thinking about purchasing a home, you might want to know whether there are any upcoming opportunities you can take advantage of. Let’s get into the property buying forecast for this spring.

Spring property buying forecast

For sale sign on a property during spring.

The outlook for buying a home this spring appears promising. According to a report by CoreLogic, there was recently an increase in the number of listings available, and six of the seven capitals in Australia had expected a week-on-week rise in auction activity. 

In preparation for spring, this could mean more options for prospective homebuyers. Moreover, as a clearer picture about property selling rates begins to form in the coming weeks, Aussies may be getting a sense of how much a home will go for in the current housing market and how much they will need to borrow.

So, if you’re a first home buyer looking to prepare for the purchase of a property, your first step might be to figure out whether you’ll get a good rate on your home loan.

Spring 2023 home loan interest rates

Home loan comparison table - last updated 30 May 2024

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

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • 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.

  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^


At present, the current variable average for owner-occupiers making principle and interest repayments is 6.60% according to the Mozo database. While this rate is a little on the high side, the Reserve Bank of Australia (RBA) has kept the cash rate at 4.10% for two consecutive meetings in a row. This suggests that the end of an interest rate hike cycle may be in sight, meaning that interest rates could potentially be holding steady for homebuyers in the coming months.

If you think it could be the right time to start comparing home loans, it’s good to pay attention to the features offered by lenders and how they might benefit you.

Top home loan tips for spring

Key in a lock of a blue-themed home.

Here’s three things to think about when you’re thinking of getting a home loan this spring:

1. Choosing an interest rate type. Are you worried interest rates will rise due to the RBA’s rate movements? You could opt for a fixed rate home loan as your interest will remain the same for a set period of time. This could be worth considering if you’re someone who keeps to a strict budget and would prefer knowing how much you’ll need to fork out on repayments each time.

In saying that, August had been the second consecutive month of no rate hikes. This means it’s certainly possible that variable interest rates will be more stable this season. A variable rate home loan also has the potential to be quite beneficial if you’re interested in making use of features like an offset account, as lenders typically offer this option with this interest rate type. 

2. Using an offset account. As rates are currently on the higher side, you could be looking for ways to save on interest. An offset account allows you to have your everyday bank account linked to your home loan. So if you set aside some funds in the account, you’ll only be paying interest on the difference between your loan and the money in the account. Plus, the money isn’t locked in so you can make withdrawals whenever you want. 

3. Making extra repayments. Maybe you’re expecting a refund on your tax return in the upcoming weeks or your budget allows for some extra cash to go to your home loan on a regular basis. By making extra repayments on your loan, you may be charged less interest as you’ll have a smaller loan amount. Moreover, you could also shorten the overall time it takes to pay off the loan.

Sophie Wong
Sophie Wong
Money writer

Coming from a background in financial services and criminology, Sophie strives to get others excited about their money journey as they reach their financial goals. She aims to make things like budgeting a fulfilling achievement rather than a dreaded task.

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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