compare home loans from different banks with confidence: key questions answered

What should you weigh beyond the headline rate?

The interest rate is only part of the story. Look at the comparison rate, ongoing fees, and how flexible the loan is for your plans. If you might move or renovate, features like offset accounts, redraw, and free extra repayments can save more than a tiny rate cut.

Fixed, variable, or split?

Variable loans can drop or rise, while fixed locks certainty for a period. A split can balance stability and flexibility, but check break costs and switching rules.

Will a lower rate always cost less?

Not always. Promotional discounts can mask high fees or tight package conditions. Calculate total cost over the time you expect to keep the loan, including LVR pricing and lenders mortgage insurance if applicable.

Quick comparison checklist

• Rate and comparison rate over your expected holding period
• Fees: application, annual package, discharge, and settlement
• Features: offset, redraw, extra repayments, portability
• Policy: max LVR, cashbacks, genuine savings, turnaround times

Gather quotes from three lenders, line them up, and ask each to match the best offer-banks often sharpen pricing.