Calculate and compare two home loans
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Home loan comparison
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
loans.com.au – Variable Home Loan (LVR < 90%) | |||||||||||||
| Variable | More details | ||||||||||||
HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Homeloans.com.au – Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) | |||||||||||||
| Fixed | More details | ||||||||||||
Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%) | |||||||||||||
| Variable | More details | ||||||||||||
Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest) | |||||||||||||
| Fixed | More details | ||||||||||||
IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%) | |||||||||||||
- Low rates for purchase and refinancing
- Simple online application process
- No fees, unlimited redraws, 0.10% offset
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 1, 2024. View disclaimer.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843
Home Loan Comparison Calculator
Calculations are estimates and provided for illustrative purposes only. They do not take into account your personal circumstances, any product features, applicable fees, or charges which may be payable. Calculations are not an offer of credit, a quote or loan approval. Applications to lenders are subject to lending criteria.
Interest rates
The introductory interest rate is considered to be the same for the duration of the introductory period you specify. The ongoing interest rate is considered to be the same for the remaining duration of the loan.
Repayment Amounts
Repayments are calculated so that the loan is paid off at the end of the specified term remaining, and presume that your annual interest charge is divided equally over 12 monthly payments (in practice, interest is calculated daily and charged monthly which can lead to your interest charge varying between months). Repayments are rounded to the nearest cent. Repayments are calculated assuming a principal and interest repayment over the loan term. Repayments are assumed to be on a monthly basis and incorporating the round up figure. Weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.
Fees
Fees are not amortised. Once off fees are included in the total interest and fees paid. Ongoing fees are multiplied by the loan term into the total interest and fees paid. This calculator does not include transaction fees or exit fees.
Important Factors to Note when Comparing Home Loans
Home loans can be very different from lender to lender. Differences could include interest rates, loan features and fees. A home loan is likely to be one of your biggest expenses, so it's imperative to shop around to find the best deal.
A home loan comparison calculator can help you compare different options available and show you options that could maximise your savings. The more home loans you compare, the more likely you are to find the best deal.
Here are some important factors to consider when comparing home loans and lenders:
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Interest rate: the advertised interest rate of a mortgage lender.
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Comparison rate: a comparison includes the interest rate and fees, representing the actual cost of the loan.
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Loan features: apart from the mortgage rate, it’s important to compare the features. Some lenders may offer an offset account, a redraw facility or a line of credit. You should also consider how important certain loan features are to you when comparing home loans.
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Initial costs: set up costs for a loan will vary between lenders. Some lenders may have no initial costs, while others may charge fees such as an application fee, valuation fee, or title registration fee.
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Ongoing fees: some lenders may have ongoing fees attached to their home loan product, like a monthly or annual fee.
Home Loan Comparison
When it comes to comparing loan costs, you should check the monthly loan repayment. This can help you confirm if the mortgage repayment will fit your budget.
The best mortgage lender for you will depend on the service you are looking for. For instance, do you prefer an online experience or a face-to-face experience?
The top things to look for when comparing home loans are their interest rates, initial and ongoing fees, and the home loan features they offer.
Deciding to get a mortgage from a bank or a broker will greatly depend on your needs. Some borrowers will choose to get a loan directly through a bank if they are comfortable doing so themselves, whereas other borrowers may choose to engage a broker for a more hassle-free home loan application.
A 15-year mortgage can be an ideal choice if you wish to pay less interest over the life of the loan, however you will have a higher monthly repayment. In comparison, a 30-year mortgage means a lower monthly repayment but will likely result in a higher total interest charge over the life of the loan.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 6 March 2024.
^The addition of offset sub-account means your comparison rate will change.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843