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When we learned that more than 1 in 3 homeowners were not confident they got the best deal on their home loan, we decided that had to change.

That’s why at Home Loans Rates, we’re putting our money where our mouth is – with the Compare Our Deal Challenge. Even if you find a better deal, we’ll negotiate with our lenders and try to match it.

Why Home Loans Are Complex And How To Make Them Simpler

Home loans are long and complicated, but don’t think that there’s nothing you can do about it. If you know what makes them hard, then you may have an easier time going through the process – but that’s not all; there are people who pretty much do the hard work for you, which can make your role easier to manage.

Learn why home loans are complex and how to make them simpler so you can work out what the best loan deal is for you, so that you won’t have to struggle with the lengthy processes involved in obtaining one.

There are a lot of thing that you need to do

First, you need to find a property that you like and it needs to be affordable (which isn’t as easy as it may seem). From here you need to make an offer and hope to be accepted, before approaching a bank or home loan lender to put forward an application for your desired mortgage.

The amount of time and effort that needs to be put into the application of a home loan isn’t something that makes it easy to deal with, especially for first time buyers. Then there are issues that can arise during the application process too; such as dealing with a bad financial history, or having to cater to the needs of those who are self-employed.

The general steps of a home loan (which require many documents and work) don’t make it easier, either. It can be more difficult for people who have current debts and loans, but it’s still not a piece of cake for people with a perfect financial history who have no existing loans or debts.

So, what can be done to make the whole complex home loan process easier?

Mortgage brokers can look for the best loan deals for you

As previously mentioned, there are people who can do all of this work for you – and it’s their job to help you in every way possible throughout the process.

These people are mortgage brokers and they can find the best property for you (for an affordable price), do the leg work of the home loan’s processes and even offer you valuable advice along the way. With a mortgage broker helping you through your home loan, you won’t have to worry about going through the complicated process alone.

They are experts and know what they’re doing, so you know that you can rely on them to help you out.

Why there are Different Types of Home Loans

People who are going through a home loan will probably notice that there is more than one kind available, and that there are a few different types of home loans. Knowing the differences between each type and then the nuances between those on offer can seem complicated, but once you know this information; you’ll be in a position to find the right kind of home loan for your needs.

Why are there different kinds of home loans?

When you first begin your foray into the world of home loans, you’ll probably be confused as to why there are so many on the market. Wouldn’t it be simpler to just have one kind?

Well, not really. The different kinds are made to suit people who have different wants and needs. A person’s specific requirements for a home loan are important when it comes to making the decision to borrow, as the loan itself can affect an array of factors. The basic kind of mortgage is a repayment home loan – and these are great for first time buyers, because they are simple and easy to understand.

However, there are other ones that are good for people who earn a little amount of money each month, ones that are better for people who want to know exactly what they will be paying until the end of the loan and also ones that can change throughout the home loan’s duration.

It’s better to find out about the different types if you have specific needs and are unsure what one to pick, but if you don’t need anything, then the best one for you may be repayment home loans.

Finding out which one is the best loan deal for you

When you know what the home loan types are, you may still be unsure which kind is best loan deal for you. If a specific lender offers only one type of home loan, they should be able to tell you all about that loan type and exactly what it can offer you as a borrower – as well as if you will benefit from signing up to a loan of that kind.

Remember that they want to get their money, so they should know what they’re talking about. If they don’t, simply go to another lender. There are loads in and around Australia, so you shouldn’t worry about only having that lender as an option.

Are Mortgages Difficult To Get

We all know what mortgages are, but first-time buyers may be unsure whether they are difficult to get – and how they can boost their chances of approval as they move through the home-buying process. Unfortunately they’re not easy to get, but there are ways to boost your borrowing potential in the eyes of a lender.

So don’t worry if you’re new to the whole house buying process, because if you know what you’re doing, it can be easier for you to get a mortgage (which is a huge bonus for everybody).

Why are mortgages difficult to get?

Lenders want to know that they are making a good investment by lending money – and therefore whoever they lend to needs to be reliable.

When people don’t have a good financial history, they’re less likely to be accepted; and that’s not all. There are quite a few things that can affect your chances of being accepted (for example, the amount you want to borrow, how much you earn and how much money you can repay each month) and this is often what makes it harder for people to obtain large-sum loans.

Can LTV help?

The LTV (which stands for loan-to-value ratio) is the amount of money that you borrow against the cost of the property, but what does this have to do with increasing your chances of getting your loan accepted?

Well, if you have a good loan-to-value ratio, you’ll have a good chance of being accepted. Also, the lower the LTV, the better the interest rate will be on the mortgage! The most your loan-to-value ratio should be is 80% (which is also a maximum of 20% for down payment). Also, the more money that you put down for the deposit at the mortgage’s closing, the less money you’ll need to pay back.

Mortgage brokers can simplify everything

It’s a mortgage broker’s job to do the hard work for you to find the best loan deals. They find properties that fit what you need, for a price you can afford – and they can boost your chance of getting your offer accepted, too. They do the same thing for loads of people, so they know what they’re doing. With a broker on your side helping you out (and not the lender), you’ll have a better chance of obtaining the right kind of mortgage.

They’re great at helping people through the mortgage process, so if you’re unsure about what you need to do, then it might be a good idea to use a broker.

How You Can Increase Your Chances Of Getting A Mortgage

Loads of people choose to try and get a mortgage when they decide to stop renting or when they find a property that they like. Although many people opt to apply for home loans, it doesn’t make them any easier to get. In fact, they can be extremely hard to get – and many people have their offers rejected.

But there are things that you can do to increase your chances of getting a mortgage – and it can make a big difference to be armed with the correct knowledge before you start your search.

Mortgage brokers mean less work for you

These are the people who can do the leg work for you and boost your chances of getting a better deal, property and also your chances of being accepted by a lender, too. Not only that, but they can also offer you great advice throughout the entire process.

If you want to get a mortgage, a broker can be one of the best ways to increase your chances, as well as help with everything else, too.

Close old accounts

One thing that you should check when hoping to get a mortgage is any inactive accounts that you may not use. If you don’t use a particular account, it’s a great idea to close it – as it could actually impact your chances of approval. Old and unused accounts could be a fraud risk and can also mean that you’ll need an update on some of your details, too.

However, a long and stable credit relationship can be very beneficial to a mortgage. It may not be a good idea to close an old account that is still active – even if you have a new one that you use as your main account – before you apply for a mortgage.

The older account could boost your credit score – and by closing it you will lose this boost.

Your credit score

Your credit score will show a lender how trustworthy you are with money and the better the score, the better your chances of acceptance are. Your credit report will show your past loans, debts, mortgages and credit cards that have been open for the past 6 years.

A bad credit score will tell a lender that you have a bad financial history and they’ll be unlikely to lend you money if they don’t think you’ll be able to pay them their money back. Check your credit score before you apply for a mortgage and see if it’s correct and up to date.

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Mortgage Rates Australia Jan 2019

Australian standard variable mortgage rates comparison for the top four banks

Best Mortgage Rates AvailableInterest rate Comparison rate
ANZ Standard Variable Home Loan5.36% p.a.5.46% p.a.
CBA Standard Variable Home Loan (Owner Occupier P&I)5.37% p.a.5.51% p.a.
NAB Tailored Home Loan Variable Rate (Owner Occupier P&I)5.24% p.a.5.37% p.a.
Westpac The Rocket Repay Home Loan – P&I5.38% p.a.5.52% p.a.