A simple guide to comparing home loan rates, fees, repayments and features so you can better understand your options before applying.
Finding a home loan isn’t just about who’s got the lowest rate advertised. The term, the fees, how repayments are structured, the features you actually get, all of it adds up to what you’ll really pay.
At LoanCalculator.com.au, we help Australians work through home loan options and get a sense of repayments before they apply anywhere. Have a look through 40+ participating lenders and see what different rates, amounts and terms would actually mean for your budget.
Home loans can look pretty similar on the surface, but the details underneath often aren’t. One lender might have a lower rate, another might charge less in fees or offer features that actually fit how you manage a mortgage day to day.
When you’re comparing, it’s worth checking interest rates against comparison rates, what the repayments look like, the loan term, fees, whether you want fixed or variable, offset and redraw options, rules around extra repayments, and whether LMI applies to you.
We’re a comparison and calculator service here, not a lender, and we won’t claim to cover every home loan out there. Rates, fees and who’s eligible for what all vary lender to lender.
Even a small shift in rate makes a real difference once the loan’s big enough. Here’s what the estimated repayment looks like on a $500,000 loan over 30 years:
Just one percentage point can shift your monthly repayment by more than $300. Stretch that difference out over the full term and the gap in total interest gets significant fast.
| Interest Rate | Estimated Monthly Repayment | Estimated Total Interest |
|---|---|---|
| 5.50% | $2,839 | $522,040 |
| 6.00% | $2,998 | $579,280 |
| 6.50% | $3,161 | $637,960 |
| 7.00% | $3,329 | $698,440 |
The ABS recorded 139,794 new dwelling loan commitments across Australia in the March Quarter 2026, split between 82,453 owner-occupier loans and 57,342 investor loans, worth $103.0 billion combined.
Lending dipped slightly from the quarter before, but was still running around 8.6% higher by number and 18.5% higher by value than the same time the year before, which says something about how active the housing finance market still is.
Fixed-rate loans lock your rate in for a set period, which makes budgeting a lot more predictable. The trade-off is they can restrict extra repayments, and breaking the loan early, say to refinance, might come with a cost.
Variable-rate loans move with the lender’s own rate changes, so your repayment can go up or down. In exchange, you generally get more flexibility, offset accounts and extra repayments included.
Neither is right for everyone. It comes down to your own circumstances and how much you value certainty over flexibility.
The rate you see advertised isn’t necessarily the rate you’ll actually get offered. Lenders look at your income and employment situation, your regular expenses, existing debts, credit history, how big your deposit is, your loan-to-value ratio (LVR), the loan amount itself, the type of property, and whether you’re buying, refinancing or investing.
Generally, a bigger deposit and a lower LVR open up better options and can help you dodge LMI altogether, though every lender still runs its own criteria.
Is the lowest home loan rate always the best option? Not always. Fees, features, the loan term and other conditions all factor into whether a loan’s actually good value.
It’s the interest rate plus certain standard fees rolled together, a useful gauge of real cost, though your own numbers might land a bit differently.
Just looking around doesn’t usually involve a credit check. Actually applying for a loan can trigger one though.
Depends what you value more. Fixed gives you certainty for a while, variable tends to offer more flexibility.
It varies by lender. A bigger deposit brings your LVR down and can help you skip LMI. Don’t forget extras like stamp duty either.
Usually kicks in once your deposit drops below 20% of the property’s value. It protects the lender if you default, and it’s typically added onto your loan rather than paid upfront.
No, not quite. Pre-approval gives you a rough idea of what you could borrow, final approval only comes after the lender’s done a proper assessment once you actually apply.
Compare rates, repayments, features and potential costs across participating Australian lenders to better understand your options before applying.
