Compare rates from 32+ lenders instantly. Find the lowest rate you actually qualify for - not just advertised rates you'll never get.
These are actual rates, not promotional teaser rates. Updated daily.
Variable currently winning: Variable rates (5.79%+) are lower than fixed rates (5.89%+). Most experts predict RBA will hold or cut in 2025.
Consider fixed if: You value certainty and want to lock in current rates before potential rises.
Monthly: $2,998
Total Interest (30yr): $579,190
Monthly: $2,938
Total Interest (30yr): $557,680
Advertised rates are for ideal borrowers. Here's how to get them:
LVR (loan-to-value ratio) is the biggest rate factor.
| Deposit | LVR | Typical Rate | Premium |
|---|---|---|---|
| 30%+ | ≤70% | 5.79% | Best rate |
| 20% | 80% | 5.99% | +0.20% |
| 10% | 90% | 6.29% | +0.50% + LMI |
| 5% | 95% | 6.49% | +0.70% + LMI |
Higher credit score = access to better lenders and rates.
✓ Best rates available (5.79%+)
✓ All lenders compete for you
✓ Lowest fees
✓ Competitive rates (5.89-6.19%)
✓ Most lenders approve
⚠️ May need larger deposit
⚠️ Limited lender choice
⚠️ Higher rates (6.29-6.79%)
⚠️ 20%+ deposit required
❌ Specialist lenders only
❌ Rates 7-10%+
❌ Need 25-30% deposit
Owner-occupier rates are 0.20-0.40% lower than investment rates.
Lenders love stable, verifiable income.
Borrowing less relative to your income = better rates.
Your Loan-to-Income (LTI) Ratio: Loan Amount ÷ Gross Annual Income
| LTI under 4x | ✅ Excellent - best rates available |
| LTI 4-5x | ✓ Good - standard rates |
| LTI 5-6x | ⚠️ Tight - may need larger deposit |
| LTI 6x+ | ❌ Hard - premium rates or declined |
Different lender types have different rate strategies.
Lowest Rates: 5.79-6.04%
Best for: Tech-savvy, simple situations
Higher Rates: 6.14-6.39%
Best for: Want full-service banking
Competitive: 5.99-6.29%
Best for: Personal touch + good rates
Higher: 6.49-8.99%
Best for: Complex/non-standard scenarios
A slightly higher rate with better features can save you more money long-term
$600K loan over 30 years:
Monthly: $3,503
Total Interest: $661,080
Fees: $3,600
Problem: Can't make extra repayments to save interest. Stuck until exit fee expires.
$600K loan over 30 years:
Monthly: $3,597 (base repayment)
You add $500/month extra: $4,097
Total Interest: $418,200
Loan paid off in: 19 years
🏆 You Save: $242,880 in interest and 11 years!
Value: Massive
Park your salary & savings. Every $10K in offset saves ~$600/year in interest.
Example: $50K in offset = $3,000/year saved
Value: High
Pay off loan faster. Every $10K extra saves $50K+ interest over life of loan.
Worth 0.50%+ rate premium easily
Value: Medium-High
Flexibility to refinance if better rate comes along. Fixed period exit fees OK, but avoid 3-5 year fees on variable.
Typical exit fee: $300-$800
Value: Medium
Access extra repayments if emergency arises. Acts as savings buffer.
Better than offset for tax purposes on owner-occupier loans
Value: Medium
Easy management, instant transfers to offset, mobile app, real-time balance.
Avoid lenders with clunky 2005-era websites
Value: Low-Medium
Transfer loan to new property if you move. Avoid exit fees and reapplication.
Useful but not essential
5.79% with no features vs 5.99% with offset/extras = Choose 5.99% every time.
The ability to make extra repayments and use offset will save you 10x more than the 0.20% rate difference.
Cost: 0.30-0.60% higher rate = $50K-$100K extra over 30 years
Big 4 rates: 6.14-6.39%. Online/regional lenders: 5.79-6.04%. That's $90-$180/month difference on a $600K loan.
Fix: Compare AT LEAST 5-10 lenders across different types (online, regional, Big 4).
Problem: Comparison rates assume $150K loan over 25 years. If your loan is different, they're useless.
Example: $600K loan with $1,000 upfront fee = 0.03% impact. But comparison rate assumes $150K loan = 0.13% impact. Misleading!
Fix: Focus on actual interest rate + fees for YOUR loan amount and term.
Cost: Pay 6.89% after 1-year honeymoon of 5.49% expires
Some lenders advertise 5.49% rates, but it's only for 12 months. Then reverts to 6.89% standard variable. You've locked yourself in.
Fix: Ask "What's the revert rate after honeymoon?" and "What are exit fees?" Calculate full cost.
Missed Savings: $2,000-$5,000/year by not asking for rate reduction
Lenders will reduce your rate by 0.10-0.50% if you threaten to refinance. Retention teams have discretion.
Fix: Call annually and say "Competitor is offering 5.89%. Can you match or I'll refinance?" Works 70% of the time.
Cost: Kills your credit score, making you ineligible for best rates
Every application is a "hard inquiry" on your credit file. 3+ inquiries in a month = red flag = declined or higher rates.
Fix: Get ONE broker to compare lenders (doesn't affect credit), then apply to just 1-2 lenders.
Missed Savings: 0.10-0.30% rate discount
Many lenders offer 0.10-0.30% discount if you get credit card, transaction account, or insurance with them.
Fix: Ask "What's your best package rate?" - but only if package fees are lower than the discount value.
Cost: $1,000-$3,000 in refinancing costs each time
Yes, refinancing saves money. But doing it every year costs $1K-$3K each time (application fees, valuation, discharge, legal).
Fix: Refinance if rate difference is 0.30%+ and you'll stay 2+ years. Otherwise, just negotiate with current lender.
As of January 2025: 5.79% p.a. from online lenders like ING, Athena, and Unloan for owner-occupier variable with 20%+ deposit.
But this assumes perfect scenario: 80% LVR, excellent credit, stable income, principal & interest.
Your actual rate: Use our comparison tool to see what rate YOU qualify for based on your situation.
Variable is currently better value.
Variable rates (5.79%+) are lower than 1-year fixed (5.89%+) and 2-year fixed (5.99%+).
Most economists predict RBA will hold or cut rates in 2025, so variable likely to stay competitive.
Fix if: You really value certainty and can't handle rate rises. But you'll pay 0.10-0.40% premium for that certainty.
Variable rates: Change whenever lenders adjust them (usually after RBA cash rate changes, but not always).
Fixed rates: Locked in for 1-5 years. Don't change during fixed period.
RBA meets: First Tuesday of every month (except January). Cash rate changes flow through to home loans within days-weeks.
Yes! And you should, annually.
Lenders have "retention rates" 0.20-0.70% below your current rate. They'd rather discount you than lose you to a competitor.
How to do it:
Success rate: ~70% get at least 0.10% discount
Interest Rate: The actual rate charged on your loan. Used to calculate repayments.
Comparison Rate: Interest rate + most fees, standardized to $150K loan over 25 years. Meant to help you compare apples-to-apples.
Problem: Comparison rate is useless if your loan isn't $150K over 25 years (most aren't).
Better approach: Calculate total cost = (Interest Rate × Loan Amount × Term) + All Fees
Sometimes yes, often the same.
Brokers access wholesale rates not available to public, and some lenders offer broker-exclusive discounts.
Pros of using broker:
Cons: Some brokers push lenders that pay them more (but good brokers don't do this)
Typically $2,000-$6,000/year per 0.50% rate drop.
Example: $600K loan
Refinancing costs: $1,000-$2,000. Pays for itself in 4-8 months.
Higher risk = higher rate.
Lenders see investment loans as riskier:
Premium: Usually 0.20-0.40% higher
BUT: Investment interest is tax-deductible, so your after-tax cost is lower than owner-occupier loans.
Our algorithm compares 32+ lenders and shows you the lowest rate YOU actually qualify for - not just advertised rates.
💰 Average client saves $3,200/year by switching to us
