| 5.98 | % p.a. |
| 6.02 | % p.a. |
| 6.04 | % p.a. |
| 6.06 | % p.a. |
| 6.29 | % p.a. |
| 6.20 | % p.a. |
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
Don'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. But now rates have stayed where they are for a while, and it is unclear whether the next move will be a rise or a fall.
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.
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 2.3% of borrowers chose a fixed rate in the 3 months to end of June 2024.
Australian borrowers don't have to pick between variable and fixed. Many lenders allow you to split your loan into fixed and variable portions.
"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 2024 Finder Home Loan Awards.
To determine the winner of Finder's Home Loan Provider of the Year award, we examine the home loans offered by lenders from across the market. That includes big and small banks, credit unions and online lenders. We examine the rates, fees and features of owner-occupier and investor loans to judge how competitive the loans are for each lender. And this year Easy Street won. All its loans offer competitive rates and low fees, putting it ahead of some lenders that won many individual home loan awards.
Tiimely's Live in 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. It has been one of the market's lowest variable rates all year, despite rising interest rates.
Tiimely's Live in 10% deposit Variable Rate - Principal & Interest with offset wins the coveted Best First Home Buyer Home Loan award for 2024. This loan is a clear winner because it 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's Live in 10% deposit Variable Rate - Principal & Interest with offset takes out the top spot for the Owner Occupier Home Loan - Refinance Variable for the same reasons it has won several other awards in 2024: a low variable rate, low fees and 100% offset account. It's a loan that's just as useful for refinancers as it is for new borrowers.
Bendigo Bank's Live in Express Variable Home Loan - (Investor, P&I) offers a competitive variable interest rate for property investors, which is not something every lender offers. Fees are low and there's also an offset account, making this loan a useful option for investors who aren't making interest-only payments.
G&C Mutual Bank's Momentum Home Loan - LVR 60 to 80% Special Offer (Investor, IO) is Finder's 2024 winner for Best Investor IO Variable Home Loan category. This loan offers a low interest rate with minimal fees. While interest charges and fees are tax-deductible for investors, it still pays to get a more competitive loan.
Easy answers, without any calls. We know fixing is a big deal, but checking you're options and rates shouldn't have to be. We speak to home owners every month, and have put over 50 hours in creating this guide.
Rates obsessed. We track big banks, small banks, credit unions and digital banks because whether you're fixing up for 1 year or 3, even 1 decimal place could save you big bucks (without getting annoying calls!).
Ready in any market .Lending rates verified from 180+ products day and night. Whether you're buying for the first time, or remembered refinacing at 3am - our rates are up-to-date.
His hilarious and deeply insightful book, Insufficient Funds, furthers his mission of empowering individuals through financial literacy with a relatable approach.
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Work out how much you need to earn to buy a house in any Australian suburb.
If your kids have flown the nest and it's time for a smaller property, make sure you choose wisely.
Looking for a loan to fund a small residential property development such as a duplex or townhouse? Find out how to get the financing you need in this handy guide.
Sometimes it makes better financial sense not to pay off your home loan. Here are the considerations you should think about before making a choice.
We compile the average home loan interest rates in the market and update them monthly.
If you want to buy a block of vacant land to build a home, you may need a land loan.
Compare current bank interest rates for home loans, credit cards, personal loans, savings accounts and term deposits to find the best deal for you.
Learn how to compare rates to find the best home loan and start saving money on your mortgage today.
What is an offset account? It can save you thousands in interest and help you own your home sooner.
Hi, how do i search for interest only loans?
Hi Jon,
Thanks for your question.
Please see for a comparison of interest-free home loans.
For future reference, you can use the search tool (with the magnifying glass) on the top right-hand corner of this page to search for certain comparisons.
Cheers,
Shirley
My bank charges 5.98% variable rate , am I in my right to ask for a better rate like other lenders are give. We have a offset account and does that make difference.
Hi Jeff,
thanks for the question.
You’re completely within your rights to ask for a better rate, and starting a comparison of what else is out there in the market already is a great place to start. If you let your lender know that you’re unhappy with your rate and thinking of refinancing, there’s a range of incentives they can offer for you to stay, including cash and decreased rates. It never hurts to ask.
I hope this helps,
Marc.
If I choose a variable loan am I locked into that loan for a certain amount of time or can I opt out or change my loan whenever I choose???
Hi Megan,
Thanks for your question.
It usually depends on the home loan you’ve committed to. Some lenders could charge a break fee if you leave the loan early and some may not charge this fee when you’ve stayed with the loan for a certain period of time.
You can check these fees by clicking on the ‘fees’ tab on our home loan reviews, and you can check the PDS of the product to see how long you may need to commit to the loan.
Generally variable rate home loans are more flexible than fixed rate home loans in terms of exiting – best of luck!
Cheers,
Shirley
my home has just been valuaterd at 800000
what is the most i can borrow and best interest rate
Hi Kate,
Thanks for your comment.
Please use the borrowing power calculator to give you an indication. You can then compare our featured home loans that might interest you. Please make sure to read through eligibility requirements together with terms and conditions prior to application.
Cheers,
Shirley
i want to take combination of fixed and variable home loan for 30 yrs. loan amount over $350000.
what is the maximum period for fixed rate i can opt for in this scheme. i want to split amount in 50 – 50 %.
thanks and regards
jk
Hi Jk,
Thanks for your comment.
After you’ve chosen a loan that you think might be suitable for you, our review will state the maximum period that you can fix or split your interest rate.
Cheers,
Shirley