Home Loan Rate – Australia

How does this calculator work?

This calculator can compare the interest and fees of two different home loans and let you know the total difference in their cost. It cannot compare the setup fees, exit fees, features or LMI premium rates for two different loans.

How to compare home loans

The cost of the loan is important, however you need to look at your overall goal and see if your new mortgage will help you achieve it. In particular some people apply for the cheapest lender available only to find out that the lender is so swamped with applications that they can’t approve the loan in time! In the end these people may end up missing out on the home of their dreams because they chose the wrong lender.

Have you considered the loan features you need? Write down exactly what you need and then check to see if the home loans you have chosen will actually have the features & flexibility that you require.

Don’t forget to compare the cost of the mortgage insurance! Each lender has different premiums as they have negotiated different pricing with their LMI providers. Some have discounts for first home buyers or lower risk borrowers so it pays to shop around.

A good mortgage broker can help you to compare two home loans by using their software, which is more sophisticated then this calculator. Please enquire online to talk to a mortgage broker.

More home loan calculators

You can find out more info about your home loan by using the resources on our home loan calculators page.