What is a redraw facility?

How we calculate Home Loan Finder Scores

Read full methodology

What different scores mean

9+

Excellent

These home loans offer low costs, coupled with a host of features, giving the best overall value.

7+

Great

These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.

5+

Standard

Usually the home loans would offer above average rates. They may still include some competitive features.

0+

Basic

Higher costs and/or fewer features.

What does redraw facility mean?

Many variable rate home loans let you make extra repayments on top of your required monthly repayment amount. If the home loan also has a redraw facility, then the loan allows you to withdraw (or redraw) some of the extra repayments you've made and spend them as you wish.

As long as you make extra repayments, you can use this money in your home loan like it's money in a savings account. Some lenders give you easy access to this money via a card or app, but there may be limits to how much you can access; minimum redraw amounts; and/or there may be redraw fees.

A redraw facility makes your home loan more flexible and useful, because you can save and spend with it, as any extra repayments on your loan also lower how much interest you pay.

Redraw is more common on variable home loans and less common on fixed rate loans. Not every loan allows you to make extra repayments in the first place, let alone redraw them.

Does redraw reduce monthly repayments?

Having a redraw doesn't usually reduce your monthly repayments, but it does reduce the interest you pay.

If you have $10,000 in redraw and a loan balance of $500,000, you'll only be charged interest on $490,000. Your loan repayment will stay the same each month, but more of your repayment will go towards the principal of your loan, as there's less interest payable.

Expert insight

"A redraw is where the spare cash is held in your loan account, rather than your transaction account. You generally need to transfer the money you want to spend to a linked account to access it, which is not a big deal, but can be an added safety barrier to [help you avoid] spending your money willy nilly. Some lenders may lower your monthly repayment depending on your redraw availability – lenders such as NAB and Suncorp, for example, may calculate your repayment based on the outstanding debit balance of your loan – rather than the monthly repayment in your loan schedule. This can be good for cash flow."

Julian Finch

Founder and principal financial specialist, Finch Financial

The benefits of home loan redraw

1. Extra repayments means less interest – so you own your home sooner

Let's say you have a $600,000 loan amount over 30 years and your interest rate is 6.00%. Your monthly principal and interest repayments would be around $3,600 a month.

But if you paid an extra $100 a month from the start of the loan term you'd repay the loan in 28 years and 1 month rather than 30 years and you'd save $12,387 in interest.

2. Spend the money when you need it

Redraw allows you to make extra repayments and therefore pay less interest, while also giving you the option to spend this money if you need it. Now of course, if you spend your extra repayments you lose the full benefit of paying less interest.

But even if you save up the extra repayments for a few years and then redraw some of it, you still pay less interest overall and own your home sooner.

What are the disadvantages of a redraw facility?

One downside to home loan redraw is that extra repayments aren't your money. Once paid, the money belongs to your lender. A redraw facility means that your lender allows you to take the money back out.

This is a disadvantage because lenders have different rules about redraw. A lender may stipulate a minimum or maximum redraw amount per month. This gives you less control over the money. Lenders may also charge fees or require you to redraw online only (some lenders, especially online lenders, don't have bank branches).

And your lender can restrict your redraw access in any way they want. A few years ago, the Commonwealth Bank made headlines when it announced that it was going to slowly reduce the amount of extra repayments a borrower can access over time to ensure that the loan is repaid. In effect, this meant that a borrower couldn't access 100% of their extra repayments.

ME Bank announced something similar, but abandoned the plan due to customer outrage.

Is it better to have money in redraw or offset?

A 100% offset account is a similar mortgage feature to a redraw. You put money in the offset account and it reduces your interest charges exactly like extra repayments. And you can spend the money in your account any way you like. This is similar to redraw.

But an offset account is better than a redraw facility. The money in an offset account is your money. Your lender can't restrict your access to it and they can't gradually reduce the amount of it you can access (although the lender can charge a fee for the account). You enjoy all the protections and accessibility of a bank account.

Money in an offset account is usually guaranteed by the federal government's deposit guarantee in the event the lender goes bankrupt, which is $250,000.

Learn more about redraw versus offsets

How do I access money from my redraw?

Every lender lets you access extra repayments differently, but usually, it's as simple as transferring it out of your home loan account and into a transaction account.

Do fixed rate home loans come with redraw?

Fixed rate loans are less likely to allow borrowers to make extra repayments and redraw them. But it is possible to find fixed rate loans that do. Many fixed rate loans may allow you to make extra repayments up to a certain limit, such as $10,000, during the fixed period of the loan. If the loan also has redraw you could therefore save and later redraw no more than $10,000.

Finder survey: How many Australians say making extra repayments is important to them when choosing a home loan?

Get a home loan with free redraw

The loans in the table below all offer redraw without a fee, but some may specifiy a minimum redraw amount.

1 - 20 of 4832

Updated regularly

Sort by:Please select

Finder Score (low-high)Finder Score (high-low)Interest Rate p.a. (low-high)Interest Rate p.a. (high-low)Comparison Rate p.a. (low-high)Comparison Rate p.a. (high-low)Monthly Payment (low-high)Monthly Payment (high-low)

Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Promoted Promoted Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 5.65% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value	Finder score 9.9 Excellent	Interest Rate 5.74%	Comparison Rate 5.65%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare	This loan comes with no application fee, no ongoing fees and no exit fees. The best news? Borrowers get a 0.01% rate discount for every year they hold the loan.
Promoted Promoted People's Choice Credit Union Basic Variable Principal & Interest30% min. depositOwner-occupierNT, VIC & SA only People's Choice Credit Union Basic Variable Principal & Interest30% min. depositOwner-occupierNT, VIC & SA only Go to site Details Fees Pros & cons Product Name People's Choice Credit Union Basic Variable Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.64% Comp. Rate p.a. 5.65% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 70% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee At Cost Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $350 Pros No application fee No maximum loan amount Extra repayments and redraw available Cons No offset account available 30% deposit needed Only available in Northern Territory, Victoria and South Australia	Finder score 9.4 Excellent	Interest Rate 5.64%	Comparison Rate 5.65%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,887	Go to site Compare	A low cost home loan for borrowers who want minimal fees and the ability to make unlimited extra repayments to pay off the loan early.
Promoted Promoted loans.com.au Variable Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Variable Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Variable Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.79% Comp. Rate p.a. 5.83% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $0 Pros A competitive variable rate home loan Optional offset account No application fee You can apply online Cons Offset account comes with 0.10% rate	Finder score 9.5 Excellent	Interest Rate 5.79%	Comparison Rate 5.83%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,934	Go to site Compare	A low cost home loan with no ongoing fees, plus access to an offset account - and you only need a 10% deposit to benefit.
Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 5.65% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value	Finder score 9.9 Excellent	Interest Rate 5.74%	Comparison Rate 5.65%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare
Unloan Variable Home Loan Principal & Interest20% min. depositInvestment Unloan Variable Home Loan Principal & Interest20% min. depositInvestment Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.04% Comp. Rate p.a. 5.95% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value	Finder score 9.7 Excellent	Interest Rate 6.04%	Comparison Rate 5.95%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $3,014	Go to site Compare
G&C Mutual Bank Momentum Home Loan Principal & Interest40% min. depositOwner-occupierOffset account G&C Mutual Bank Momentum Home Loan Principal & Interest40% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name G&C Mutual Bank Momentum Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 5.79% Minimum Loan Amount $100,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee At cost Valuation Fee At cost Ongoing Fees $0 p.a. Settlement Fee At cost Discharge Fee $300 Pros 100% offset account Low fees There is a $0 redraw fee Cons The lowest rates require up to 50% equity	Finder score 9.6 Excellent	Interest Rate 5.74%	Comparison Rate 5.79%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare
G&C Mutual Bank First Home Buyer Principal & Interest5% min. depositOwner-occupierOffset account G&C Mutual Bank First Home Buyer Principal & Interest5% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name G&C Mutual Bank First Home Buyer Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 5.79% Minimum Loan Amount $0 Maximum Loan Amount $5,000,000 Maximum Loan Term 40 years Maximum LVR 95% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee At cost Valuation Fee At cost Ongoing Fees $0 p.a. Settlement Fee At cost Discharge Fee $300 Pros With LMI you can take out this loan with as little as a 5% deposit There are no establishment or ongoing fees You can make unlimited extra repayments and redraw the funds Cons This product is only available if you’re a first home buyer If you’d prefer to deal with a lender in person, G&C Mutual Bank only has 6 service centres in NSW and 1 in Melbourne	Finder score 9.6 Excellent	Interest Rate 5.74%	Comparison Rate 5.79%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare
loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Solar Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 6.19% Minimum Loan Amount $50,000 Maximum Loan Amount $1,500,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Available for both owner-occupiers and investors No application or ongoing fees Extra repayments available Cons Minimum loan term of 15 years Late payment fee of $150 Have to pay an extra 0.10% p.a. if you want to add an offset account	Finder score 9.6 Excellent	Interest Rate 5.74%	Comparison Rate 6.19%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare
loans.com.au Solar Home Loan Principal & Interest10% min. depositInvestmentOffset account loans.com.au Solar Home Loan Principal & Interest10% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Solar Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.94% Comp. Rate p.a. 6.28% Minimum Loan Amount $50,000 Maximum Loan Amount $1,500,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Available for both owner-occupiers and investors No application or ongoing fees Extra repayments available Cons Minimum loan term of 15 years Late payment fee of $150 Have to pay an extra 0.10% p.a. if you want to add an offset account	Finder score 9.5 Excellent	Interest Rate 5.94%	Comparison Rate 6.28%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,982	Go to site Compare	A low cost home loan with no ongoing fees, plus access to an offset account - and you only need a 10% deposit to benefit.
Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Go to site Details Fees Pros & cons Product Name Greater Bank Great Rate Discount Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.84% Comp. Rate p.a. 5.85% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 110% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros $0 application fee LVR of up to 110% with guarantor Cons Requires a family guarantee Not suitable for all borrowers	Finder score 9.4 Excellent	Interest Rate 5.84%	Comparison Rate 5.85%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,950	Go to site Compare	Up to $2,500 cashback Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
loans.com.au Variable Home Loan Principal & Interest10% min. depositInvestmentOffset account loans.com.au Variable Home Loan Principal & Interest10% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Variable Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.09% Comp. Rate p.a. 6.13% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros A competitive variable rate home loan Optional offset account No application fee You can apply online Cons Offset account comes with 0.10% rate	Finder score 9.3 Excellent	Interest Rate 6.09%	Comparison Rate 6.13%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $3,030	Go to site Compare
First Option Bank Simple Home Loan Principal & Interest40% min. depositOwner-occupier First Option Bank Simple Home Loan Principal & Interest40% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name First Option Bank Simple Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.74% Comp. Rate p.a. 5.74% Minimum Loan Amount $150,000 Maximum Loan Amount $3,500,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee Lender covers up to $1,000 for legal and valuation fees (owner-occupiers only) Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $175 Pros Competitive rates Low fees Cons No offset account Best rates require a large deposit	Finder score 9.3 Excellent	Interest Rate 5.74%	Comparison Rate 5.74%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $2,918	Go to site Compare
IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name IMB Budget Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.79% Comp. Rate p.a. 5.82% Minimum Loan Amount $10,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $449 Lender's Legal Fee $0 Valuation Fee At cost Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $350 Pros This loan allows for unlimited extra repayments There are no monthly fees with this loan Eligible borrowers can take this loan out with up to 95% LVR Cons This loan does not come with an offset account You will not be eligible for the full $4,000 cashback if you refinance less than $1million There is an application fee of $449	Finder score 9.3 Excellent	Interest Rate 5.79%	Comparison Rate 5.82%	Fees Application: $449 Ongoing: $0 p.a.	Monthly Payment $2,934	Go to site Compare	Up to $4K cashback Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositOwner-occupierOffset account Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Newcastle Permanent Real Deal Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.84% Comp. Rate p.a. 5.88% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $595 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros There are no ongoing fees. This loan comes with a redraw facility for extra repayments. You can split your home loan into multiple loan account. Cons A high application fee of $595. There is no offset account attached to this loan. Much higher interest rates for borrowers with LVRs of above 80%.	Finder score 9.3 Excellent	Interest Rate 5.84%	Comparison Rate 5.88%	Fees Application: $595 Ongoing: $0 p.a.	Monthly Payment $2,950	Go to site Compare	$3,000 cashback offer Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.14% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 9.3 Excellent	Interest Rate 5.89%	Comparison Rate 6.14%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $2,966	Go to site Compare
Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.14% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 70% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee at cost above $300 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 9.3 Excellent	Interest Rate 5.89%	Comparison Rate 6.14%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $2,966	Go to site Compare
First Option Bank The Complete Package Home Loan Principal & Interest40% min. depositOwner-occupierOffset account First Option Bank The Complete Package Home Loan Principal & Interest40% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name First Option Bank The Complete Package Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.24% Minimum Loan Amount $150,000 Maximum Loan Amount $3,500,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option No Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee We cover up to $1,000 towards legal and valuation fees for owner-occupied mortgage loans. Ongoing Fees $375 p.a. Settlement Fee $0 Discharge Fee $175 Pros This loan comes with a 100% offset account There is no application fee attached to this loan You can make extra repayments to pay off your loan early at no cost Cons It’s a package home loan so it has an annual fee of $375 You’re given a credit card you may not really need The credit card helps the planet, but doesn’t provide you with other points or rewards like others do	Finder score 9.3 Excellent	Interest Rate 5.89%	Comparison Rate 6.24%	Fees Application: $0 Ongoing: $375 p.a.	Monthly Payment $2,966	Go to site Compare
Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositInvestmentOffset account Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.09% Comp. Rate p.a. 6.34% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 9.3 Excellent	Interest Rate 6.09%	Comparison Rate 6.34%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $3,030	Go to site Compare
Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositInvestmentOffset account Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.09% Comp. Rate p.a. 6.34% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 70% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 9.3 Excellent	Interest Rate 6.09%	Comparison Rate 6.34%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $3,030	Go to site Compare
Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositInvestmentOffset account Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name Newcastle Permanent Real Deal Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.04% Comp. Rate p.a. 6.08% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Extra Repayments Yes Application Fee $595 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros There are no ongoing fees. This loan comes with a redraw facility for extra repayments. You can split your home loan into multiple loan account. Cons A high application fee of $595. There is no offset account attached to this loan. Much higher interest rates for borrowers with LVRs of above 80%.	Finder score 9.3 Excellent	Interest Rate 6.04%	Comparison Rate 6.08%	Fees Application: $595 Ongoing: $0 p.a.	Monthly Payment $3,014	Go to site Compare	$3,000 cashback offer Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.

loading

Load More

Showing 20 of 4832 results

What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full Finder Score breakdown

Written by

Richard Whitten

Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 598 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips