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What are the Benefits of Comparing Your Home Loan?

It MAKES CENTS to compare home loan rates online 
from 25+ leading lenders, easily and all in one place.

Get a home loan that fits your lifestyle and budget. No two people are the same. We help you compare 
home loan rates online to give you peace of mind and clarity in choice.

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Don’t compromise quality of home loan for convenience. We’ll get you the best deal online and advocate on your behalf to the lenders

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Have full confidence knowing you’ll compare the best available home loan rates for you and your family. The right loan, right now.

Compare Australian Home Loan Rates

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SmartSaver Homeloan
  • There’s no monthly fee on SmartSaver.
  • Choose between a variable or fixed interest rate.
  • It’s free to redraw online or via our app (min. $1).

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AMP Essential Home Loan 2.77% pa 2.80% pa $0
  • No settlement fee.
  • No monthly fees.
  • Additional repayment options

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Complete Fixed Home Loan Package 1,89% 3,25%

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Basic Home Loan 2.39% p.a. 2.79% p.a.
  • Make additional repayments at any time without penalty.
  • Choose to pay weekly, fortnightly or monthly.
  • 4 accounts with a minimum split amount of $20,000 per account.

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Pepper Prime 2,69% 2,89%
  • Cash out for acceptable purposes, subject to limits (conditions apply).
  • Free redraw facility.
  • Extra repayments permitted.
  • Interest only payments available

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Solutions Plus Home Loan
  • Fee-free redraw facility.
  • Rewards package benefits.
  • 100% offset facility

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Owner occupied - Fixed rate home loans 2.04% p.a 3.18% p.a $395
  • Interest rate discounts on eligible loan account
  • Fee waivers on eligible loan accounts, including Loan Approval Fee, Valuation Administration Fee, Renegotiation Fee and Loan Administration Charge 
  • No limit on the number of eligible home loans under the one package
  • Choice of variable or fixed home loan options
  • Benefits and discounts on Credit Cards and Insurances

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2 Year Fixed rate (Owner Occupied) with Wealth Package 1.94% 3.93% $395
  • No upfront home loan establishment fees
  • No monthly home loan service fees
  • No annual credit card fees
  • Choose to pay P&I weekly, fortnightly or monthly. Or Interest Only
  • Linked Offset Accs

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Mortgage Simplifier 2.49% 2.52% $299
  • Unlimited additional repayments
  • No interest offset
  • Redraw facility
  • Free ATMs everywhere in Australia
  • No ongoing monthly or annual account-keeping fees

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Basic Home Loan 2.09% 2.32% $0
  • Fee free redraw from your loan using online banking.
  • Opt in to receive Qantas Points (different rates apply)1.
  • Up to 6 loan accounts.

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Basic Home Loan 2.58% 2.6% $0
  • No application fees
  • Offest accounts

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Basic Variable Rate Home Loan 2.69% 2.69% $0
  • Unlimited redraws
  • Unlimited additional repayments
  • Offset account
  • Split loan
  • No Monthly or application fees

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Simplicity - Basic Home Loan 2.49% 2.51% $0
  • Up to $3,000 Cashback offer
  • No-Frills Low fees
  • No charge extra repayments
  • $0 Monthly service fee
  • Use the equity in a family member’s home

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Back to Basics - Low Rate Low Fee Home Loan 2.78% 2.79% $0
  • No monthly account keeping fee.
  • No ongoing annual fee.
  • No loan establishment fee on new loans over $150,000.
  • Unlimited repayments
  • Redraw additional repayments as cashback

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Flexi First Option Home Loan 2.79% 2.8% $0
  • No fees for loan maintenance or redraw
  • No setup fee with principal & interest repayments
  • Parental leave assistance
  • Easily switch to Interest Only

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Customer Reviews

Adelaide Bank Reviews

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AMP

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Bank West Reviewse

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ING Bank Reviews

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ME Bank Reviews

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St George Bank Reviews

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Suncorp Bank Reviews

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Westpac Bank Reviews

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+ What is a home loan?

Taking out a home loan is when you borrow a percentage of money from a bank or lender to buy a house, this is typically (but not always) no less than 95% of the value of the house. The bank or lender lends this money in exchange for paying interest on this money. The bank or lender uses the house as a ‘security bond’ to ensure you will pay back the loan in full over a defined time period at an agreed interest rate (be it fixed or variable). This means you agree for the lender to repossess the house should you default on paying back the loan. The lender typically gives you twenty to thirty years to repay the loan, This benefits both parties, in that the borrower can then afford to repay the loan sustainably over time. It also benefits the lender because the length of time to repay the loan maximises the amount of interest the lender makes and mitigates the security risk they hold on the house, as property typically accumulates capital growth over time.

+ What is an interest rate?

The interest you pay on a home loan is in essence the price you pay to buy the money you need to purchase the home. Banks and lenders, when they offer interest rates are essentially ‘selling money’ to people wanting to buy a home but do not have the full purchase amount.

+ What’s new for home loans in 2021?

2020 and 2021 have seen an increase in low fixed interest rate home loans, a number of these under 2%. An unprecedented number in Australia’s history. These low rates have been the centre of media and advertising attention, and why not? That’s cheap!

Not to ruin the party, but a number of lenders, including the big 4, as of June 2021, have started to increase their two and four year fixed rate home loans.

You can historically look at periods of time in Australian history when the big 4 banks increased their rates, was when they sensed instability or danger on the horizon. Rightly so, the housing market has been increasing unnaturally at above 12% Nation-wide for the past 18 months. Due to COVID-19 and Australian lockdowns, Aussies have not been able to travel or spend as much as they usually do, and are renovating and selling their homes, or moving up and buying bigger houses.

+ How to compare home loans

MakesCents currently compares over 25 lenders easily and all in one place. You can get started in less than 60 seconds. The best news is, it’s completely free, obligation free and will not affect your credit rating.

It is simple to get started:

Step 1: Enter you details securely here >

Step 2: Find out if you qualify

Step 3: receive an initial phone call from a mortgage broker to start the process

+ Comparing interest rates

Interest rates can have only small variances, but depending upon the size of the loan and the length of the loan, can make a big difference.

Example: On a $600,000 loan amount, If you refinance to only a 0.40% cheaper interest rate, you will save a whopping $45,090 over the life of the loan. That is $1,503 per year or $125.25 a month over the life of a 30 year home loan.

Difference:
Amount borrowed: $600,000 $600,000
Interest rate: 2.35% 2.75% 0.40%
Repayment frequency: Monthly Monthly
Total Interest Paid: $240,311 $285,401 45,090

Who wouldn’t want an extra $125.25 in the pocket each month? What are you waiting for? Let’s get started now>

+ Comparing home loan features

Its is easy to fall into the trap of shopping for interest rates alone, but it is important to note the way you structure your home loan can also help reduce repayments and fees.

For example, utilising an offset account or redraw facility correctly can also help you save money. These features should not be lightly overlooked when comparing home loans.

+ Should I just go for the lowest interest rate?

When you are comparing home loans or considering refinancing, the interest rate is obviously an important and significant factor, however, there are a number of other features and factors that can also impact on the total cost of the loan

For example:

  • Any fees payable on the loan
  • Offset account features and limitations
  • Redraw facilities and fees and penalties attached to this.
  • Ease of working with that Lender (ie: do they have an app? Is it easy to make repayments?)

The smallest difference in maximising these factors and features, can mean the difference in tens of thousands of dollars, given the loan is a large amount spread over a long period of time,. Similarly, getting this right can also allow you to pay your home off sooner than you first thought.

A good mortgage broker can talk you though all of these technical things to make sure you get the best rate combined with the best features.

+ Why should I use a mortgage broker to help me apply for a home loan?

Benefit of using a mortgage broker No. 1: The convenience factor

First and foremost, the benefit is in the ‘ease and access of choice’. Using a mortgage broker can allow the borrower to access rates and products from multiple lenders in the market, giving you choice and a true comparison. Without the services of a mortgage broker, the burden of research essentially falls on you.

Unfortunately, still today, according to multiple studies, nearly 70% of Australian’s do no use a mortgage broker. That means 70% of Aussies are either just “trusting their bank has the best product and rate” or are attempting to shop around themselves, directly with lenders. This can be both tiresome and confusing, given that there are now around 50+ bank and non-bank lenders in Australia. Could you imagine enquiring directly with 50 lenders?

Benefit of using a mortgage broker No. 2: One point of data entry

If you choose to ‘go it alone’ you will need to fill our pre-qualification documents with each individual lender, each time you apply. This can be a tiresome exercise when done once, let alone half a dozen times or 50 times if you want to find the best rate yourself without a mortgage broker.

Using a mortgage Broker allows you to do ONE(1) pre-qualification application, that is then typically entered into their aggregator software. Once they have lodged this, the system links with multiple lenders (often 20 – 50 lenders, depending upon who they are accredited to work with) and delivered the best possible rates and loans available from these lenders. You then can sit down with your mortgage broker and determine the best home loan for you.

Benefit of using a mortgage broker No. 3: No extra cost

Many Australian’s do not realise that the services of a mortgage broker is typically (unless pre-stated) FREE of charge. The mortgage broker does not need to charge you a fee because they are remunerated in commissions by the lender they write the loan for.

For example, if you apple for a home loan with a mortgage broker and compare 20 home loans and choose Suncorp Bank to go with, Suncorp bank will pay the mortgage broker a commission for bringing the business to Suncorp Bank. Many people believe that they need to pay a fee to the mortgage broker or perhaps they can get it cheaper if they go directly with the bank, but in most cases this is false. Another reason you may not be able to get a cheaper rate from the lenders directly is that mortgage brokers also provide a valuable service to the lender because the mortgage broker is handling all the documentation and dealing with the clients directly.

Benefit of using a mortgage broker No. 4: Independent Advice

If you bank with a particular bank or lender and then approach them for a home loan, typically they are only offering you ‘their best rate’ that they have for you, not the markets best rate. Similarly, if you already have a mortgage with a bank or lender, I can guarantee you that they are not calling you and telling you another bank has a better rate than them, even if it would be in your best interest to know this.

Periodically sitting down with a mortgage broker can prove to save you thousands of dollars in the long run, purely because you get a ‘whole market’ view of what is available and best for you.

We’ve seen sometimes up to a 3% variance in people home loan rates before we refinance them. For example Sarah was on a 3.65% rate before we found her a 1.95% refinance rate saving her thousands per annum and potentially years off her mortgage. Her bank’s best rate for her was 3.65%, but this was not the markets best rate for her. Without talking to a mortgage broker, she would be overpaying thousands of dollars in interest over the life of the loan.

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