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Compare home loans from more than 100 lenders, with rates from 1.69% (comparison rate 3.49%*)
Canstar researches and rates over 4,000 home loans from more than 100 lenders, helping you to compare a wide range of mortgage rates in one place. All home loan rates are updated every business day as we aim to ensure you are viewing accurate, up-to-date data, whether you are buying your first home, refinancing or investing.
The mortgage rate is an important consideration when comparing home loans and can make a significant difference in the total cost of the loan. However, there are a number of other factors you may also want to consider. These factors include:
The home loan comparison rate is designed to give borrowers a more accurate indication of the true cost of a loan and incorporates factors including the interest rate as well as fees and charges. When you compare home loans with Canstar, you can easily view the advertised interest rate and comparison rate, as well as fees and features attached to each product. The product’s Star Rating is also displayed to help you find a home loan that has been deemed to offer outstanding value by Canstar Research.
You can also choose between variable or fixed home loan interest rates. Fixed home loan rates are set for a specified period of time, most commonly from one up to five years. Variable home loan rates can go up or down depending on the economic climate and other factors, such as when the Reserve Bank of Australia changes the cash rate. There may also be an option to split the home loan, so a portion is charged at a variable interest rate and the rest at a fixed interest rate. If you are unsure which is right for you, consider speaking with a financial adviser, or directly with the financial institution.
To make it easier for you to find a product that suits your needs, you can compare home loans with Canstar and view the lowest interest rates on Canstar’s database. You can also check out our latest Home Loan Star Ratings that compare both price and features across home loan products and providers on our database.
Please note that these are a general explanation of the meaning of terms used in relation to home loans or mortgages.
The wording of loan terms and conditions may use different phrases or terms, and you should read the terms and conditions of the relevant loan to understand the features and cost of that loan. You cannot rely on these terms to the part of any loan you may purchase.
Refer to the product disclosure statement (PDS) and Canstar’s Financial Services and Credit Guide (FSCG).
A comparison rate is an interest rate figure that represents the total annual cost of the loan, including the annual interest rate, monthly repayments, and most ongoing and upfront fees and charges. On the Canstar website, all comparison rates for home loans are based on a $150,000 loan over 25 years. Learn about comparison rates.
Home loan pre-approval is an initial approval process where the bank provides a borrower with an estimate of how much they could borrow, based on information they have provided to the bank. Find out how to get home loan pre-approval.
Lenders Mortgage Insurance is a type of insurance that the loaning institution takes out in case of default from the borrower, which the borrower must pay for. Usually applies to home loans with a higher LVR (more than 80%). Learn about LMI and how to avoid it.
A credit rating is an assessment of the credit-worthiness of individual borrowers, based on their borrowing and repayment history (credit report). Lenders consider your credit rating when deciding whether or not to give you a loan, how much to loan you, and what interest rate you will pay. Check your credit rating.
The Loan to Value Ratio (LVR) is the maximum proportion of the value of your home that can be loaned out to you. For example, a bank may approve your loan for 80% of the property value, in which you must pay the remaining 20% as your deposit. Find out how LVR affects your interest rate and LMI.
Equity is the residual claim to ownership that the purchaser holds. For example, when an owner has purchased a house with a loan for $100,000 and has made repayments of $40,000, the owner has equity on the house of $60,000.
The First Home Owner Grant (FHOG) is a government grant given to first home buyers. Learn what first home owner grants are available in your state or territory.
The First Home Loan Deposit Scheme (FHLDS) is a form of government assistance aimed at helping eligible home buyers get a leg up onto the property ladder for the first time.
The scheme allows some low- and middle-income earners to secure a partially government-guaranteed loan with a deposit of as little as 5% of a property’s value, without needing to pay for Lender’s Mortgage Insurance (LMI).
Applications opened on 1 January, 2020 at Commonwealth Bank and National Australia Bank, while non-major lenders start accepting applications from 1 February.
A variable home loan interest rate fluctuates according to the official cash rate set by the Reserve Bank of Australia. The rate can go up or down over time, varying your repayments. These loans allow for more flexibility and options. Learn about variable rate home loans.
A fixed rate home loan allows a borrower to lock in an interest rate for a particular period of time, typically from 1 year up to 5 years. The interest rate that the borrow pays will remain the same for that amount of time, regardless of changes in the RBA cash rate. Learn about fixed rate home loans.
If someone “goes guarantor” on your loan, it means that they are promising (“guaranteeing”) that they will be liable for the loan if repayments are not made. The guarantor also means they must be able to demonstrate their own capacity to repay your loan. Learn about guarantors on home loans.
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