What does the RBA’s current cash rate mean for your home loan?
The Reserve Bank of Australia has kept the official case rate at 0.1% since late 2020 but banks are hiking rates. Here’s what you need to know.
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Tell us what you need
We’ll find a suitable home loan from our panel
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Our experts start by comparing interest rates from over 40 lenders in Australia. In a matter of minutes, we can show how much you could save when you apply for a mortgage with us.
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Our lender panel is one of the biggest in Australia. We compare all the big banks you already know and some specialist lenders other brokers don’t offer. Whatever you need, we’re confident there’s a home loan that suits you.
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Got home loan questions?
Want to know more? Our in-depth expert guides have the answers
How to refinance your current home loan
Redraw facilities and offset accounts are two common features you'll encounter in the mortgage hopping process. Both features can save you money, but only if you use them to their full potential.
How to get faster pre-approval for your home loan
Found the home of your dreams, but don’t know how to move quickly? Here’s what you need to know about getting a faster home loan approval.
How to compare home loans
What do you need to look out for when comparing home loans? Our guide talks you through what to avoid and how you know if you're getting a good deal.
First time home buyer?
Our experts specialise in helping new buyers get a foot on the property ladder. Speak to us today to see how we can help find you a low rate.
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Common questions about comparing home loans
Here are some of the most frequently asked questions we receive about home loans:
Home loan comparison website should make it easy for you to get estimates from a wide range of home loan lenders. Using a comparison website is all about convenience, so you want to make sure the platform you’re using makes it easy to find the right home loan.
Our experts at Compare Club make comparing home loans as simple as entering a few details and letting us handle the rest. Get started today.
Our experts at Compare Club make comparing home loans as simple as entering a few details and letting us handle the rest. Get started today.
Fixed-rate home loans mean that the interest rate remains the same for the entire loan. The advantage of a fixed-rate loan is that you can be 100% certain of what your interest repayments will be. Having a fixed-rate loan also means you’re protected if interest rates rise.
The interest rate on variable-rate home loans will change whenever the bank chooses by however much the bank chooses to change the rates to.
There are pros and cons to fixed and variable rate mortgages. There are some things you can consider before deciding which financial product is right for you, including:
Our experts are here to help you navigate through fixed term and variable rate home loans. Compare today and find the loan that works for you.
The interest rate on variable-rate home loans will change whenever the bank chooses by however much the bank chooses to change the rates to.
There are pros and cons to fixed and variable rate mortgages. There are some things you can consider before deciding which financial product is right for you, including:
- Are additional repayments important to you? Some fixed rate lenders put limits on extra repayments, whereas variable loans have no limit.
- Are you planning to close your mortgage in the near future?
- Do you prefer the certainty of a monthly set repayment amount? Fixed home loans can give you the certainty you need.
Our experts are here to help you navigate through fixed term and variable rate home loans. Compare today and find the loan that works for you.
Lenders mortgage insurance (LMI) is designed to protect the lender when the borrower has a low deposit and the lender views the loan as a higher risk in case of default.
LMI is typically a one-off payment you can expect to be charged if you borrow more than 80% of the home’s value.
LMI is typically a one-off payment you can expect to be charged if you borrow more than 80% of the home’s value.
As you compare home loans, you may come across the term LVR. LVR stands for loan-to-value ratio and represents the amount you borrow as a percentage of the property value.
For example, if you were borrowing $350,000 to pay for a $500,000 home, then your LVR would be calculated as $350,000 ÷ $500,000 x 100 = 70% LVR.
For example, if you were borrowing $350,000 to pay for a $500,000 home, then your LVR would be calculated as $350,000 ÷ $500,000 x 100 = 70% LVR.
Principal and interest loans will have monthly repayments covering a small amount of the main amount you borrowed and the interest you owe the lender.
Some home loans, such as investment loans, may charge interest-only repayments for a certain period before principal and interest payments begin.
On top of regular home loan repayments, some loans give you the option to make extra repayments. Making extra repayments with any spare money you have helps reduce the total amount you owe, which also lowers your next interest payment.
Consistently making extra repayments can significantly reduce the cost of your loan.
Some home loans, such as investment loans, may charge interest-only repayments for a certain period before principal and interest payments begin.
On top of regular home loan repayments, some loans give you the option to make extra repayments. Making extra repayments with any spare money you have helps reduce the total amount you owe, which also lowers your next interest payment.
Consistently making extra repayments can significantly reduce the cost of your loan.
You can access several free online home loan calculators that will give you an estimate of your principal and interest repayments. All you need to do is input some basic details like the principal amount you want to borrow and the interest rate.
Compare Club’s experts go above and beyond a calculator. Your specialist will let you know your monthly loan repayment for each option.
Rather than using a calculator to estimate your repayments on a theoretical home loan, Compare Club can give you real numbers for home loan products you can actually use. Get started today..
Compare Club’s experts go above and beyond a calculator. Your specialist will let you know your monthly loan repayment for each option.
Rather than using a calculator to estimate your repayments on a theoretical home loan, Compare Club can give you real numbers for home loan products you can actually use. Get started today..
An offset account is a standard bank account linked to your home loan. The money you deposit in the account is offset against what you still owe.
The more money you have in your offset account, the less total interest you will need to pay. For example, if you have a home loan of $500,000 linked to an offset account with $50,000 in it, you would only be charged interest on $450,000.
Home loans that offer offset accounts have various settings that change how they function and how much you can save. When you compare home loans, it’s a good idea to investigate the details of a home loan with an offset account, so you know if it will be worthwhile for you.
The more money you have in your offset account, the less total interest you will need to pay. For example, if you have a home loan of $500,000 linked to an offset account with $50,000 in it, you would only be charged interest on $450,000.
Home loans that offer offset accounts have various settings that change how they function and how much you can save. When you compare home loans, it’s a good idea to investigate the details of a home loan with an offset account, so you know if it will be worthwhile for you.
Things you should know
Here are a few essential bits of information about us. Your home loan is all about you, but this should give you confidence you're dealing with professionals. It's also legally important for us to tell you this.
Compare Club is an Authorised Corporate Credit Representative of Alternative Media Pty Ltd ABN 17 149 089 716 (Australian Credit Licence Number 486326).
Everything on this page only provides general information about home loans. It's been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice - always seek professional advice in relation to your individual circumstances. Products and rates quoted are subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
* The Interest Rate quoted is for a variable rate owner occupied loan with principal and interest payments, loan to value ratio below 60% and minimum loan amount of $250,000. Interest Rates are correct as at 28/06/2022 and subject to change at any time. The comparison rate is based on a loan amount of $150,000, over a 25 year term. Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.
