Compare line of credit loans

A line of credit loan allows customers to borrow money using the equity in their home. The table below features line of credit home loans offered by our Online Partners.

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AMP Bank Professional Package | Variable
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Fees & charges apply. Australian Credit Licence 234517.
AMP Bank Professional Package | Variable
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6.19%
Variable
6.35%
$2,579
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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AMP Bank Professional Package | Variable
star filled star filled star filled star filled star filled
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Fees & charges apply. Australian Credit Licence 234517.
AMP Bank Professional Package | Variable
star filled star filled star filled star filled star filled
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6.14%
Variable
6.37%
$2,558
Interest Only
Link Not Supplied
Line of credit
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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AMP Bank Professional Package | Variable
star filled star filled star filled star filled star filled
Tooltip icon
Fees & charges apply. Australian Credit Licence 234517.
AMP Bank Professional Package | Variable
star filled star filled star filled star filled star filled
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6.19%
Variable
6.42%
$2,579
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 234517. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Transport Mutual Credit Union Home Equity | Variable
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Fees & charges apply. Australian Credit Licence 240718.
Transport Mutual Credit Union Home Equity | Variable
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6.99%
Variable
7.08%
$3,323
Principal & Interest
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240718. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 240718. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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HSBC Home Loan Package Home Equity | Variable
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Fees & charges apply. Australian Credit Licence 232595.
HSBC Home Loan Package Home Equity | Variable
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6.87%
Variable
7.20%
$2,863
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 232595. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 232595. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Beyond Bank Allinone | Variable
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Fees & charges apply. Australian Credit Licence 237856.
Beyond Bank Allinone | Variable
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7.20%
Variable
7.25%
$3,394
Principal & Interest
Link Not Supplied
Line of credit
10% min deposit
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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HSBC Home Loan Package Home Equity | Variable
Not rated
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Fees & charges apply. Australian Credit Licence 232595.
HSBC Home Loan Package Home Equity | Variable
Not rated
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7.07%
Variable
7.40%
$2,946
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 232595. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 232595. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Auswide Bank Freedom Package | Variable
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Fees & charges apply. Australian Credit Licence 239686.
Auswide Bank Freedom Package | Variable
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7.26%
Variable
7.61%
$3,025
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Fees & charges apply. Australian Credit Licence 239686. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 239686. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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The Capricornian Access Equity | Variable
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Fees & charges apply. Australian Credit Licence 246780.
The Capricornian Access Equity | Variable
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7.59%
Variable
7.64%
$3,527
Principal & Interest
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 246780. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 246780. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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Horizon Bank Handyloan Secured | Variable
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Fees & charges apply. Australian Credit Licence 240573.
Horizon Bank Handyloan Secured | Variable
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7.89%
Variable
7.94%
$3,288
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240573. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 240573. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Auswide Bank Freedom Package | Variable
star filled star filled star filled empty star empty star
Tooltip icon
Fees & charges apply. Australian Credit Licence 239686.
Auswide Bank Freedom Package | Variable
star filled star filled star filled empty star empty star
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7.78%
Variable
8.13%
$3,242
Interest Only
Link Not Supplied
Line of credit
10% min deposit
Fees & charges apply. Australian Credit Licence 239686. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 239686. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Greater Bank Ultimate | Variable
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Fees & charges apply. Australian Credit Licence 237476.
Greater Bank Ultimate | Variable
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7.85%
Variable
8.19%
$3,617
Principal & Interest
Link Not Supplied
Line of credit
5% min deposit
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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The Mutual Bank Express Credit Facility | Variable
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Fees & charges apply. Australian Credit Licence 238139.
The Mutual Bank Express Credit Facility | Variable
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8.14%
Variable
8.33%
$3,718
Principal & Interest
Link Not Supplied
Line of credit
10% min deposit
Fees & charges apply. Australian Credit Licence 238139. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 238139. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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Newcastle Permanent Premium Plus Package Credit Facility | Variable
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Fees & charges apply. Australian Credit Licence 238273.
Newcastle Permanent Premium Plus Package Credit Facility | Variable
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8.04%
Variable
8.36%
$3,350
Interest Only
Link Not Supplied
Line of credit
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238273. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 238273. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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BCU Bank Allinone Standard | Variable
Not rated
Tooltip icon
Fees & charges apply. Australian Credit Licence 214077.
BCU Bank Allinone Standard | Variable
Not rated
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8.44%
Variable
8.47%
$3,823
Principal & Interest
Link Not Supplied
Line of credit
21% min deposit
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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BCU Bank All In One | Variable
Not rated
Tooltip icon
Fees & charges apply. Australian Credit Licence 214077.
BCU Bank All In One | Variable
Not rated
Tooltip icon
8.60%
Variable
8.63%
$3,880
Principal & Interest
Link Not Supplied
Line of credit
21% min deposit
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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The Capricornian Mortgage Plus | Variable
Not rated
Tooltip icon
Fees & charges apply. Australian Credit Licence 246780.
The Capricornian Mortgage Plus | Variable
Not rated
Tooltip icon
8.48%
Variable
8.63%
$3,533
Interest Only
Link Not Supplied
Line of credit
25% min deposit
Fees & charges apply. Australian Credit Licence 246780. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 246780. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
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Greater Bank Home Loan | Variable
star filled star filled star filled empty star empty star
Tooltip icon
Fees & charges apply. Australian Credit Licence 237476.
Greater Bank Home Loan | Variable
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8.55%
Variable
8.67%
$3,862
Principal & Interest
Link Not Supplied
Line of credit
10% min deposit
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
promoted
Beyond Bank Allinone | Variable
star filled star filled star filled empty star empty star
Tooltip icon
Fees & charges apply. Australian Credit Licence 237856.
Beyond Bank Allinone | Variable
star filled star filled star filled empty star empty star
Tooltip icon
8.64%
Variable
8.70%
$3,894
Principal & Interest
Link Not Supplied
Line of credit
10% min deposit
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k line of credit variable rate P+I loan at 80% LVR
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Bank of Sydney Home Equity Maximiser | Variable
Not rated
Tooltip icon
Fees & charges apply. Australian Credit Licence 243444.
Bank of Sydney Home Equity Maximiser | Variable
Not rated
Tooltip icon
8.59%
Variable
8.74%
$3,579
Interest Only
Link Not Supplied
Line of credit
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 243444. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR
Link Not Supplied
Fees & charges apply. Australian Credit Licence 243444. Star Rating for a $500k line of credit variable rate IO loan at 80% LVR

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

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Fees & charges apply. Australian Credit Licence 237391.
Interest rate p.a.
Comparison rate^ p.a.
Monthly repayment
5.54%
Variable
5.57%
$2,852
Principal & Interest
IMB Bank Budget Home Loan
Enjoy up to $4,000 cashback when you switch your eligible home loan to IMB Bank. Terms and Conditions Apply
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Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

About line of credit home loans

What is a line of credit loan?

As a homeowner, it’s likely you’ve built up some equity in your property – that’s the difference between how much the property is worth and how much you owe on your home loan. One way to access this home equity is to sell your home. But a line of credit home loan could allow you to tap into home equity without the need to sell up.

How does a line of credit loan work?

A line of credit home loan lets you use your home equity as a source of finance. Let’s say for instance that your home is worth $900,000, and you have a home loan balance of $400,000. This gives you home equity of $500,000, and your lender may offer a line of credit worth $200,000 based on this equity. That’s money you can draw on whenever you need. The funds are available without having to apply to the bank each time you want to borrow more. But, of course, the trade-off is that you no longer have that level of equity in your home loan, as you’ve borrowed against it.

Unlike a traditional home loan, a line of credit loan won’t usually have set monthly repayments. At a minimum, you will need to pay the interest charges and any loan fees that apply each month, and you can generally make extra payments at any time to help reduce the balance owing. Each time you reduce the balance, you regain access to the credit you can draw on. In this way, a line of credit home loan acts as a revolving credit facility in much the same way as a credit card. However, the interest rate on the loan is typically lower than other types of credit, such as a credit card or personal loan.

What can I use a line of credit home loan for?

Depending on the rules of the lender, a line of credit loan can potentially be used in a variety of situations, such as:

  • Consolidating debt
  • Buying an investment property
  • Investing in other assets
  • Buying land
  • Renovating your home
  • Personal uses such as paying your children’s education costs.

The lender you select may specify some things that a line of credit loan cannot be used for. This could include business purposes or off-the-plan property purchases.

It’s important to keep in mind that this type of loan comes with fees and charges, as well as limitations. It’s a good idea to read any important information carefully, and weigh up your options, before signing up.

Frequently Asked Questions about Line of Credit Home Loans

Here’s a quick look at how a line of credit loan is distinct from other types of home loans:

Principal and interest loan – with this sort of loan your lender will let you know what your regular repayments will be. Each payment is made up of interest costs plus a small repayment of the loan balance, so over time your loan will be paid off. By contrast, a line of credit loan typically has no set repayments, and you may only be required to make interest payments at a minimum. This puts the onus on the borrower to make sufficient repayments to eventually pay off the loan.

Interest-only loan – an interest-only loan is one where the borrower only has to pay monthly interest charges on the loan. This is similar to a line of credit line though a key difference is that many lenders only allow you to make interest-only payments for a set period, after which you could be asked to revert to principal plus interest payments. With a line of credit home loan, you may be able to make interest-only payments indefinitely.

Construction loan – as the name suggests, a construction loan can only be used to fund new building projects and major renovations. They work by giving the borrower the funds needed to pay set sums to the builder at specific stages of the project. A line of credit loan can be used for a wide variety of purposes (though not always for the construction of a new home), and you can choose how much you want to draw down and when.

The ongoing cost of a line of credit home loan can be made up of the rate you pay plus loan fees.

Interest rates on these loans can be higher than for regular home loans, which makes it important to shop around and compare between lenders as rates differ widely. Remember though, you are only charged interest on the funds you use.

Monthly fees may also apply to a line of credit loan. Some lenders may have various options to let you avoid paying these fees, but in general it can be an extra loan cost.

There are a number of possible pros and cons to weigh up if you are considering a line of credit home loan.

Potential pros of a line of credit home loan:

A line of credit loan can offer potential advantages:

  • A flexible source of funding that allows you to draw on cash as and when it’s needed
  • Flexibility of repayments means you can make lump sum repayments whenever you have the cash available
  • You only pay interest on the funds you use
  • An opportunity to use your home equity for a variety of purposes – without having to sell your home.

Potential cons of a line of credit home loan:

Here are some possible downsides of a line of credit loan to be aware of:

  • You may pay a higher interest rate, and potentially higher ongoing fees, compared to a standard principal and interest home loan.
  • It can call for discipline to manage a line of credit home loan as you won’t have the benefit of a set repayment schedule.
  • You may need a reasonable sum of home equity to access this type of loan.
  • The lender can impose circumstances where a line of credit loan can’t be used such as running a business.

According to Otto Dargan, Managing Director of online mortgage broking firm Home Loan Experts, a line of credit home loan is not for everyone. He says, “The same flexibility and easy access that can make a line of credit attractive is also one major reason people should exercise caution when considering one.”

He explains that since borrowers don’t necessarily have to pay the interest on a line of credit back straight away, there is the risk of forgetting interest is still being charged on the loan – and added to the balance.

“This can potentially lead to more debt, says Mr Dargon. He adds that the loan must be paid off before the end of the loan term, which is typically 30 years.

Bear in mind, a line of credit is one of many ways to access the equity in your property. Other options include a redraw facility, a 100% offset account and home loan refinancing. These could all be worth a look – especially if you’re not confident about having the discipline to manage a line of credit loan home loan.

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About the authors

Alasdair Duncan, Content Editor

Alasdair Duncan
Alasdair Duncan is Canstar's Content Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo FinanceThe New DailyThe Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au. In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland, and has completed a RG146 compliance training course. When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.

Joshua Sale, GM, Research

Joshua Sale
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research Team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products. As one of Canstar’s company spokespeople, Joshua is confident participating in print, radio and broadcast journalism interviews. He has participated in interviews with the Australian Financial Review, news.com.au and Money Magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends. You can follow Joshua on LinkedIn. Have a media enquiry, and interested in featuring Joshua as a financial expert and commentator? Contact Canstar’s Media Team today.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

Home loan Star Ratings are updated daily. During periods of significant market fluctuations, such as adjustments to the reserve bank's cash rate, star rating updates will be paused for variable home loans until the market has stabilised. However, advertised interest rates of products will continue to be updated as advised by lenders. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing up to 80% of the property value, but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.