Compare Your Home Loan vs. Top Market Rates

Check how your rate stacks up against the top 35 banks & lenders, and how much you could save.

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If you’re on an old rate, we can help find a better deal and put savings back in your pocket.


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If you find a better deal our experts can help you switch loans all online, without leaving home.


We’re helping thousands of Aussie households save on average about
$2,832 in interest
over the next year on their home loans^

How low can you go!

Am I paying too much on my home loan?

This will depend on your individual situation. However, interest rates have dropped significantly in the past couple of years and it is smart to review your loan regularly to ensure you still have a competitive interest rate. If your loan is older than January 2019, you could be overpaying by thousands of dollars each year.

Aussies are being charged a loyalty tax by banks. What is loyalty tax?

Loyalty tax refers to when a lender offers new customers low interest rates whilst, at the same time, charging existing customers higher interest rates. Recent data from Lendi showed major banks were on average offering new borrowers interest rates 85 basis points lower than what existing customers of those banks paid.

How can I reduce my repayments?

Start by reviewing your rate to see if it is still competitive. If there are lower interest rates available it may be worthwhile considering switching your home loan. These days, if your loan doesn’t start with a 2, you may be able to significantly reduce your monthly repayments.

Who has the best home loan?

The right home loan for you will depend on your individual circumstances. One of the easiest ways to ensure you have the best loan possible is to shop around and compare loans. You can quickly check your rate by comparing more than 35 lenders online in seconds using Lendi

Should I switch to a fixed interest rate home loan?

If you currently have a variable interest rate it may be worth considering refinancing to a fixed rate. Following a number of RBA cash rate cuts, many lenders are now offering lower fixed rate loan products. It will depend on your individual circumstances, but it’s smart to shop around with different lenders online, compare your current rate and see if you can reduce your monthly repayments by switching to a lower fixed rate loan.

What is a comparison rate?

A comparison rate is an indicative interest rate used to help consumers compare loans. Also known as the ‘true’ or ‘real’ rate, the comparison rate calculates the average interest rate with the addition of any other upfront or ongoing fees during the loan term. It’s worth noting that comparison rates operate under fixed conditions, which considers a loan of $150,000 on a 25 year loan period with a principal and interest repayment method. Not all fees and charges are included in the comparison rate, so it's important to still check these for any loan you are considering.

What is the best fixed rate home loan in Australia?

Mortgage interest rates change all of the time. Right now, there are cheap fixed rate loans available close to 2%. Your eligibility for the lowest rate on the market will depend on a number of factors including your LVR (loan to value ratio), your income and expenses, it’s worth shopping around with different lenders by chatting to a mortgage broker or comparing your current rate here.

How do I compare cheap home loan rates?

The lowest interest rate in Australia, and the lender offering it, regularly changes as lenders try to undercut each other. Today’s market is hugely competitive as the dozens of lenders offering home loans in Australia fight to win customers. As a result, it is near impossible to compare the thousands of loan options available manually yourself by visiting bank branches or lender websites. A quicker way, and more efficient use of your time, is to compare cheap home loan rates online. That way you will only see loans you may be eligible for.

Rates as low as 1.88% | 2.65% comp. rate*

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Rate my Bank is powered by Lendi and Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856, Credit Representative 518849), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.

*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.

^The estimated average future interest savings is calculated as at 15 April 2020 based on Lendi assisting customers into new loans with an average interest rate reduction of 0.89% for the 11 months prior, and assuming a median loan term of 26 years on both the old and new loan and all monthly principal and interest repayments will be made on time. Any future savings figures are estimated averages only, and do not take into account any product features or fees (including refinancing or break costs). Your savings will be different.