Home loans
Home loans, compared on policy as well as price
The lowest advertised rate is worthless if the lender will not approve you. We compare who is likely to say yes, then compare what it costs.
- Purchase, refinance and equity release
- Owner-occupier and investment
- Self-employed and non-standard income considered
- Comparison rate shown on every option
Free enquiry · 2 minutes · No credit check
Home loan advertising is dominated by headline rates most applicants never receive. The rate you are offered depends on your deposit size, income type, the property itself, and the lender's appetite that month. For a salaried borrower with a 20% deposit the sharpest advertised rates are often achievable. For everyone else, lender policy matters more than lender pricing.
Where a broker earns their keep
We know which lenders count overtime and bonus income, which take a pragmatic view of a short employment history, which accept a smaller apartment or a rural postcode, and which will consider a property type others decline outright. None of this is published.
Lenders Mortgage Insurance
Below a 20% deposit, LMI usually applies. It insures the lender, not you, and on a $600,000 purchase with a 10% deposit it can run to five figures. Some lenders price it very differently, and some professions qualify for waivers entirely. It is worth comparing before you assume you must pay it.
To be considered you need to be 18 or over, an Australian citizen or permanent resident, currently working, and earning at least $30,000 a year before tax.
Past credit problems are not a barrier. Defaults, arrears and a low credit score are all things our lenders see every day. What matters is your income now, not the worst month you have had. If you are between jobs or your only income is a Centrelink payment, our panel cannot help — and we would rather tell you that up front than put an enquiry on your credit file that goes nowhere.
What to expect
Comparison rate on everything
Home loan comparison rates are calculated on $150,000 over 25 years as the National Credit Code requires. We show it beside every option.
Refinancing reviewed properly
Switching only makes sense once exit costs, new fees and the actual rate difference are counted. We do that arithmetic before recommending anything.
Equity release
If your property has risen in value, accessing equity is often far cheaper than an unsecured loan for renovations or consolidation.
Policy, not just price
We match you to lenders whose criteria you actually meet, rather than the one with the best billboard.
Common questions
Answers, in plain terms
How much deposit do I need?
Most lenders want at least 5% genuine savings plus costs. Below 20% you will generally pay Lenders Mortgage Insurance, which can be substantial. Some professions qualify for LMI waivers.
Can I get a home loan if I am self-employed?
Usually, with two years of tax returns. Some lenders accept one year, and a smaller number consider alternative documentation. Options narrow and rates rise as documentation reduces.
Is refinancing worth it?
Only if the saving exceeds the cost of switching. Discharge fees, new application fees and possible LMI all count. On a large balance even a 0.3% improvement can be worth thousands a year; on a small balance it often is not.
What is a comparison rate on a home loan?
By law it is calculated on a $150,000 loan over 25 years, including most fees, so products can be compared like for like. Your actual cost depends on your loan size and term.
Do you charge for home loan broking?
No. We are paid a commission by the lender on settlement, disclosed in writing in our Credit Guide before you commit.
Can I use equity in my current home?
Often. If your property has appreciated, releasing equity is typically far cheaper than unsecured borrowing, though it does secure that debt against your home.
What is the difference between pre-approval and approval?
Pre-approval is a lender's conditional indication based on your finances, before a property is chosen. Formal approval follows valuation of the specific property. Pre-approval is not a guarantee and usually lapses after three months.
Costs and disclosures
The numbers, stated plainly
Every lender must publish a comparison rate. It folds the interest rate and the mandatory fees into one figure so products can be compared honestly. We show ours here rather than in the fine print.
Repayment period: minimum 1 year (2 years on loans under $10,000), maximum 7 years. Interest rates: 9.00% p.a. to 22.00% p.a. depending on security, credit history and the lender. Maximum comparison rate: 28.48% p.a. — the ceiling across all our products, being a $5,000 loan over 2 years at 22.00% p.a. On our representative $30,000 over 5 years basis, the maximum is 22.48% p.a.
Representative example: a $30,000 unsecured personal loan over 5 years at 13.00% p.a. (comparison rate 13.44% p.a.), with a $295 establishment fee and no monthly fee, has repayments of $682.59 per month and a total amount payable of $41,251.
Fees: establishment fee $205 (secured) or $295 (unsecured). No monthly service fee. Lenders may charge fees for missed payments or early payout — set out in your credit contract before you sign.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
See what you qualify for
Two minutes, no documents, and no impact on your credit score. We reply the same business day.