| 5.74 | % p.a. |
| 5.65 | % p.a. |
| 5.79 | % p.a. |
| 5.82 | % p.a. |
| 6.04 | % p.a. |
| 5.95 | % p.a. |
We currently don't have that product, but here are others to consider:
How we picked theseDon't settle for a third-rate home loan. Make sure you get the best variable rate home loan deal by looking at 4 things:
The interest rate determines how expensive your repayments will be. The lower the rate, the better.
Most home loans have some fees, but some have almost none. The key ones to watch out for are application fees, monthly fees and settlement fees.
If you're looking to finance an investment property then you will need an investment loan.
If you're buying (or refinancing) a loan for your home then you need an owner-occupier home loan.
Variable rate loans come with the most features. You can make extra repayments to pay the loan off faster. And most variable rate loans have a redraw facility too.
Some variable rate loans have an offset account, which functions like a bank account. But instead of earning interest on the savings it reduces your loan's interest charges and gets you out of debt faster.
If you have a variable loan, it's a great idea to also have an offset account. While that can mean extra costs, it allows you to offset your savings against your loan and can save a lot in a high-interest world.
Graham Cooke
Head of consumer insights
There's never really a "best" time to get a variable rate home loan. When rates are falling, variable rate loans can work out better.
Fixed rate loans are great when rates are rising fast. That was the case in 2022–23.
In 2025 rates are finally beginning to fall again. This is good news if you have a variable rate loan. But it's important to remember that you can never actually guarantee how rates will move.
When deciding between fixed and variable it's more important to think about how comfortable you are with the current rate and whether you can afford more rate rises.
Australian borrowers don't have to pick between variable and fixed. Many lenders allow you to split your loan into fixed and variable portions.
A variable rate loan is really about flexibility: paying the loan off faster via an offset account or extra repayments.
And it's about being able to exit the loan or refinance without paying a break fee.
Most Australian borrowers choose a variable rate. According to the AFG Index, just 4% of borrowers chose a fixed rate in last 3 months of 2024.
"I'm team variable interest rate all the way. I don't fix my rate and I don't bother with a split rate either. For me, the value of a variable rate loan's flexibility and getting the full benefit of an offset account is so important. I can refinance whenever I need without penalty and if I decide to sell or make a big change that requires a new loan, it's so much easier."
This graph shows how the lowest variable rate loan has compared to the lowest fixed rate loan over the last few years.
Fixed vs variable rates: What are the differences?
Every month, our home loan experts analyse more than 50 home loan rates from our database to find our best home loan picks. We only select home loans that are suitable for a typical borrower, so we don't include loans that require enormous deposits or have extra eligibility requirements.
We then rank these loans, with a scoring system that awards a higher score for loans with the lowest rates and fewest fees.
All our picks are from lenders with whom Finder has a commercial partnership. The best home loan looks a little different for every borrower and our picks may not be the best option for your situation.
Here are the variable rate home loans that won recognition at the 2025 Finder Home Loan Awards.
To determine the winner of Finder's Home Loan Lender of the Year - Big Bank award, we examine the home loans offered by the top 10 lenders with the largest loan book. We then look at the rates, fees and features of owner-occupier and investor loans to judge how competitive their loans are. This year, Bendigo Bank won. Collectively, its own loans and those of its subsidiaries offer the most competitive home loans.
Tiimely Home's Own 10% deposit Variable Rate - Principal & Interest with offset home loan won this year's Best Owner Occupier Variable Home Loan Finder Award with its consistently low interest rate, almost zero fees and an offset account.
Tiimely Home's Own 10% deposit Variable Rate - Principal & Interest with offset wins the Best First Home Buyer Home Loan award for 2025. This loan combines one of the market's consistently lowest interest rates with very low fees and an optional 100% offset account. It's especially attractive for first home buyers because it's available with a 10% deposit.
Tiimely Home's Own 10% deposit Variable Rate - Principal & Interest with offset has taken out this award for another year. It's a loan that's just as good for new borrowers as it is for refinancers, with a low variable rate, low fees and the option of a 100% offset account.
Bendigo Bank comes out on top for the best variable rate for refinancers for the top 10 largest banks in Australia. Its Express home loan does have a monthly fee of $10 and you do need to be buying within a capital city or major regional centre, but it also has a full offset account with a speedy application process.
Easy Street's Smart Variable Home Loan (Investor, P&I) is the winning product for investors who love zero ongoing fees, saving money with an offset account and competitive interest rates.
Queensland Country Bank's Ultimate home loan package with a special variable rate, is Finder's 2025 winner for the Best Investor IO Variable Home Loan category. On top of the zero fees, solid interest rate and 100% offset account which won it the top spot, the Queensland Country Bank Ultimate home loan comes with some extra perks like $0 fee on the package credit card and 10% discount on home and contents insurance.
Some borrowers just want a no frills home loan with two things: low fees, and the lowest rate you can get. In the value home loan category, Unloan came out on top with no application, ongoing or exit fees and one of the lowest variable rates on the market.
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
Need an owner-occupier home loan? Compare rates, understand home owner tax rules and more.
By using the equity you have in your property, you could borrow cash for a number of reasons without needing to make regular repayments back into the loan.
Keystart offers loan products helping Western Australians get homes sooner with just a 2% deposit and no LMI.
Work out how much you need to earn to buy a house in any Australian suburb.
How to accurately estimate the cost of building your own house.
When fixed rates fall below variable rates, it could portend ominous economic outcomes. We explain how it all works.
Discharged bankrupts start off their financial state fresh, but some may still find it difficult to get a mortgage. Discharged bankrupts may still get a home loan, but with stricter conditions and higher loan rates.
Find out how you can afford a property on a single income and learn how to compare different loans to get the best deal.
If you haven't sold your house yet, but want to buy your next one before the sale is completed a bridging loan may be able to help. Read on to discover how bridging finance can help.
You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.
We have a current Reverse Mortgage with Bankwest which was established several years ago. Can you tell me what the current rate is we would be incurring and if it is a Variable Rate and any hidden charges involved.
Hi Keith,
Thanks for getting in touch! It is helpful to know that while we compare variable rate home loans on our page, we do not have the actual current rate is per lender and in this case, Bankwest. It would be best to get in touch with your preferred lender to obtain more information on monthly repayments.
Hope this clarifies! Feel free to reach out to us again for further assistance.
Best,
Nikki
I am wanting to consolidate all my outstanding into my home loan. I also want to change my financial institution to have a better lower interest rate. Also will it be better to have variable or fixed with what I am wanting to do? Please can you help?
Thanks
Hi NH,
Thanks for getting in touch with Finder. I hope all is well with you. :)
Let me address your concerns one by one.
1. I am wanting to consolidate all my outstanding into my home loan.
You may want to consider refinancing to consolidate debt. This type of home loan allows you to pay out your credit card and personal loans under your mortgage. Instead of paying off multiple debts, you pay off all of your debts with one home loan repayment each month. This also means your debts are only charged at a home loan interest rate – which can be much lower than a credit card or personal loan interest rate.
2. I also want to change my financial institution to have a better lower interest rate.
Please refer to the guide I shared with you above. When you’re on the page, please refer to the table under the subheading “Which lenders offer debt consolidation options when refinancing?” By doing so, you will see different financial institutions that might be able to help you.
3. Also will it be better to have variable or fixed with what I am wanting to do?
While we can’t provide personalised recommendations, it would be a good idea to know the difference between fixed and variable home loans.
On that page, you will know more about variable and fixed interest home loans, which include their advantages and disadvantages.
Finally, please speak to a mortgage broker to help you explore your different options. They have the right skills and knowledge to ensure you make the right decision.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How many financial institution offer construction loans and what are things to look out for before choosing a financial institution.
Hi Safia,
Thanks for reaching out to Finder.
You may want to check out lenders from our Construction Loans page. It also includes tips and information on how to choose a construction loan and some other frequently asked questions which you can find at the bottom of the page.
Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.
Once you’ve chosen a lender, you may click on “Go to Site” to be directed to their main website where you can start your application.
Best,
Maria
So I just re-financed my home to go to a cheaper rate at a diffrent bank and my property got valued at 600.000 when I only have 300,000 left on property so where does the other 300,000 go.can I take some for me and put in on top of the loan for eg: 50k for me then loan will be 350,000 instead of 300,000 since I don’t need the whole 600,000 to move over
Hi James,
Thanks for your question.
The difference of $300,000 is your home equity which you can use for investment purposes or for a wide variety of reasons such as pay up-front university fees for your children, for an extended overseas holiday, or home repairs and cosmetic renovations. For more details, please feel free to read our guide on refinancing home loans.
Cheers,
Liezl
Hi If I reach retirement age and still have a home loan of say $100000, what is the longest term you can pay interest only repayments?
Thanks
Carol
Hi Carol,
thanks for the question.
This will depend on the lender, as each will have its own unique lending criteria. It might be a good idea to consult a mortgage broker to find out the longest term available to you for your situation.
I hope this helps,
Marc.