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Compare Home Loans with CheapBills

Cut the cost of your home loan by comparing rates, fees, and features from different lenders.

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Home Loan Comparison Made Easy

It only takes 5 minutes to compare home loan rates, but it could be lead to a big saving! Find out if you can save money on your home loan by clicking below

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How Comparing Loans Can Save You Money
With so many options available, finding the best home loan rates takes more than a guess. A quick home loan comparison can help you pick a deal that works for you.

  • Look for features like offset accounts, redraw, or the ability to pay extra
  • Compare home loan rates in Australia, not just the lowest one shown
  • Check fees that could make even the cheapest interest rate home loan in Australia more expensive over time
Whether you’re refinancing, buying your first home, or investing, comparing home loans in Australia could save you money now and later.

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In this Guide

Need Help Moving Homes?

Did you know we can help you with more than just your home loans? We help Australians find better power and gas deals, compare broadband plans and even help them with moving homes. In just one easy phone call, we can take the stress out of moving day! Call us today.
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How Much Can You Borrow?
How Much Deposit Is Needed?
Home Loan Tips

How Much Deposit Do You Need?

Most lenders require a deposit of 5% to 20% of the property value. The more you put down the better your loan options might be.

A bigger deposit can get you lower home loan rates and avoid Lenders Mortgage Insurance (LMI).

Some lenders offer low deposit options but they usually come with higher fees or interest rates.

Not sure where you stand? Compare home loans to check what deposit amounts are required by different lenders.

How Do Home Loan Interest Rates Work?

Home loan interest rates are added to the amount you borrow. Rates vary according to the lender, loan type and terms you choose. Most home loans fall into one of these categories:

  • Variable rate: Changes with the market and your repayments may go up or down.
  • Fixed rate: Stays the same for a set period and your repayments stay the same.
  • Split loan: Combines both fixed and variable rates in one loan.
  • Intro rate: A lower rate for a short time before it reverts to the standard rate.
To get the full picture, look at the comparison rate, which includes interest and fees. It’s the easiest way to compare home loans on true cost.

Why the Comparison Rate Matters

A comparison rate shows the real cost of a home loan by including fees and charges in one number. It helps you compare home loan rates across lenders without digging through all the fine print. Lenders are required to show this alongside advertised rates so you can compare mortgage loans more easily. Always check the comparison rate, not just the lowest interest rate.

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Tell Us What You Need

Buying, refinancing or checking rates? Share some quick details to get started.

Check Your Loan Options

We’ll show you loans that fit your budget, including lenders, features and rates.

Apply When You’re Ready

Found a match? Start your application online with us when you’re ready.

How Much Can You Borrow?

It is helpful to have an idea of how much you can borrow. Lenders look at:

  • Your income: salary, bonuses, other regular income
  • Your expenses: bills, groceries, other loan repayments
  • Your credit history: a good record can help
  • Your deposit: a bigger deposit opens up better rates

A borrowing estimate will give you a price range and stop you from looking at properties outside your budget. It will also make comparing home loans more focused, as you’re using real numbers.

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First Home Buyer

Never owned a home before? You might qualify for loans with smaller deposits and fewer upfront costs. Most lenders offer special rates or features for first-time buyers. To apply, you’ll need to meet the lender’s criteria. Check your options before you commit. Start by comparing first home loans.
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Refinancing Your Loan

Already have a mortgage? Refinancing could help lower your rate or give you better features. Some lenders offer cashback or lower fees for refinancers. You’ll still need to meet serviceability checks. Check if switching stacks up for you. Compare refinance deals today.
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Buying Again

If you’ve owned a home before, you’ll be applying as a non-first-home buyer. Whether you’re upsizing, downsizing or relocating, your needs may have changed. Loan terms, deposit size and features matter here. Make sure you know what to expect. Compare home loans for your next move.
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Home Loan Tips
Choosing a mortgage isn’t just about the cheapest rate. Here are some quick facts to help you compare home loans with more confidence:
  • More Than Big Banks: There’s more to the home loan market than just the big banks
  • Look Beyond Rates: Redraw, offset accounts and flexible repayments can make a difference
  • First Home Buyer Perks: Some lenders offer lower home loan rates for new buyers or customers who use other bank services.
  • Compare, Don’t Assume The first offer you see may not be the best. Use a home loan comparison to check.
  • Refinancing Can Help: Already have a mortgage? Switching could get you a better rate or lower fees.
  • We Make It Simple: Our team helps you compare mortgage options and what’s changing for free.

Why Compare Home Loans with CheapBills?

CheapBills wants to save you money on your home loan so that you can spend your money on the things you want to. Our passionate team is dedicated to cutting the cost of your mortgage repayments.

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We use the latest technology to match lenders and borrowers.

Tailored Loans

We examine your individual lending needs to find the perfect loan for you and your situation.

Support For You

We work with you through the process of applying and give you support along the way.

Start With Confidence

Buying Your First Home

Buying your first place means working out how much you can borrow and what your repayments will be. We help you compare home loans side by side so you don’t pay more than you need to. From fixed to variable rates and offset features we show you what’s available in one place.

You’ll see fees, rates and lenders all in one place so you can choose a loan that fits your goals and budget. Whether you’re just browsing or ready to apply we’ll guide you through your first step into homeownership.

Looking to Refinance?

Already have a mortgage? You might be able to save money or get a better deal by refinancing. We help you compare home loans from multiple lenders in one spot, quickly and clearly.

See what rates, terms or features are out there, whether you’re after lower repayments, flexible terms or a shorter loan length. We make it easy to check what’s changed in the market so you can switch with confidence and cut costs sooner.

How CheapBills Helps With Home Loans

Finding the right home loan doesn’t need to be hard. CheapBills lets you compare home loan rates, features, and fees from multiple lenders in one spot. Whether you’re buying or refinancing, we help you see what fits your budget and goals, no hidden catches. Compare smarter and save more.
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Frequently Asked Question

How much money you can borrow for a home loan depends on a few different factors. The first major factor is your employment status and income, basically, the more you earn (and your partner if it’s a joint loan) the more you can borrow.

The lender will also consider the loan to value ratio. Typically, you cannot borrow more than 80% of the value of the property you are mortgaging. This is to protect the interests of the financial institution, in the instance that they need to repossess and sell the property to recoup their costs.

Another factor is the amount of money you have saved for a deposit already, most banks and lenders recommend 20% of the property’s value as a deposit. Other factors include your living costs, how much you can afford to pay back each week and how many other monthly and weekly repayments you have.

One final factor to consider is if you are going to eventually rent the property out and how much rental income you would make. All of these factors can give you a reasonable idea of how much you can borrow and we can compare these loans for you from leading providers.

Most banks and lenders recommend 20% of the value of the house as your deposit, some will let you borrow more depending on your financial circumstances, if it is your first property you may be able to get the First Home Buyers Grant, which can be valued at up to $20,000. If you have a deposit that is less than 20% you are required to pay a Lenders Mortgage Insurance, the larger your deposit the more choice you have of the bank or lender.

We can compare banks and lenders to find an option that is right for you, however, to find out more details about the deposit itself or any concessions or grants, it is best to talk to the provider.

When you start to work out your budget for buying a home there are a few other expenses you need to think about. These include:

  1. Stamp duty
  2. Legal fees
  3. Building inspections
  4. Strata fees
  5. Council fees
  6. Ongoing fees relating to your loan, such as annual account fees

Since a typical home loan lasts around 30 years, it is wise to factor in changes to your personal circumstances.

Your credit record has all your information regarding your finances and any loans, credit cards or finances you’ve applied for. It details your information and gives you a ‘credit rating’, if your score is good you’re a low risk and indicates that you’ve always paid back loans or finance on time. If you have a bad rating it is harder to get a home loan as it is assumed you won’t make your repayments on time.

Anything on your credit record remains for at least five years, that’s why it’s important to pay back any loans you have so you have a good credit rating, especially if you want to buy a house. Having a good credit record can help you get low-interest rates on your home loan as well. If you are looking into buying a home you have to permit your credit provider to access it.

A mortgage term is typically 25 years or 30 years if you pay the regular monthly repayments, however, you can always make additional mortgage repayments to shorten the loan term. You can also choose to change your repayment schedule to weekly or fortnightly – these extra repayments will reduce the amount of interest you’re charged over the life of the loan.

Refinancing or remortgaging your home means adding more money to your mortgage. This is commonly done to ‘unlock’ the value of your home to pay for a specific expense, such as renovations or a new car. It can be a great alternative to taking out a personal loan because the interest rates on a mortgage are much lower than on personal or car loans.

When you refinance your home, your lender will assess the same criteria as they do for a new home. They will look at your income, assets, debts, financial commitments and the value of your home. If each of these criteria is favourable, the lender will usually refinance up to 80% of the current value of your home.
The most common way to refinance your home is if the value has increased significantly, either due to renovations or a strong housing market.

If you are considering refinancing your home, you should compare loans from all the lenders on the market to make sure you are getting the best deal. You do not have to refinance with your current lender. CheapBills can help you compare loans from Australia’s top lenders to save you money when you refinance your loan.

When you take out a mortgage, you might have the option to pay off ‘principal and interest’ or ‘interest only’.

    • Interest-only loans work by charging you only the amount equivalent to the interest you are charged by the lender each month. This can be a good option to save you money in the short term. Your lender will only offer you a fixed period that your loan can be interest-only, and at the end of that period, you will not have paid down any of your original loan amount.

Interest-only loans are suitable if you are planning to sell your home quickly or if you need the extra cash available in the short term.

  • Principal and interest loans will calculate your monthly repayments based on the amount of interest being charged plus a portion of the loan amount so that your mortgage is being paid down to zero over the life of your loan. As your principal loan reduces, the amount of interest you pay will also decrease. Principal and interest loans often give you the chance to make additional repayments or redraw repayments you have already made.

If you have a savings account, it’s a good idea to make it an offset account linked to your mortgage. When the interest on your loan is calculated each month, the money in the offset account will be deducted from your loan amount, meaning you pay less interest. This can save you a significant amount over the life of your loan.

There are different types of home loans you can choose, depending on your circumstances and the broader political and financial climate.

Variable interest rate loans offer you the lowest rates, however, your rate can be increased (or lowered) at any time in response to changes by the Reserve Bank of Australia (RBA). The RBA can change the rate for several reasons. The RBA reviews interest rates monthly and might make adjustments in response to inflation or recession, or the change can be caused by more significant threats to the economy such as the global financial crisis in 2008, or the effect of COVID-19.
Fixed-rate loans allow you to lock in your interest rate for a specified amount of time, usually between 2 and 5 years. The interest rate offered for fixed rates is higher than the current variable rate, but if there is reason to believe that interest rates will rise, it can protect you in the long run.

You also have the option to take out a split loan. This means you make a portion of your loan fixed-rate, while the remaining amount stays on the variable rate. This means you can make the most of the benefits of variable rate loans, such as the option to make extra repayments or redraws, while some of your loan stays fixed and protected from any potential rate rises.

Interest rates are reviewed by the Reserve Bank of Australia (RBA) every month and they may choose to raise or lower the rate in response to a number of factors such as inflation, recession or world events such as the global financial crisis or COVID-19.

When the RBA changes the interest rate, your lender has to decide whether or not to pass on the change to you.

If your lender does decide to change their interest rate, the impact on you depends on the type of loan you have. If you have a fixed-rate loan, your interest rate and repayments will not change for the duration of your fixed-rate period – even if the rate has been decreased.

However, if you have a variable rate loan, your repayments will increase or decrease to cover the change in the amount of interest being charged to your loan. When you budget for your loan, it is wise to assume that interest rates will rise, so that you are not left struggling to meet the higher repayments.

Yes, CheapBIlls can help you find the right loan for your investment property. Many lenders have loans specifically designed for investors, offering different benefits to owner-occupied home loans, such as interest-only periods and redraw facilities.

To borrow money for an investment property, the bank will assess your income, the value of the investment property and the rent you are likely to receive, plus any other assets or debts you have. If you own the house you live in, you can use the value of your home as a guarantee to the bank, in which case the bank will also need to value your current home.

Redraw facilities are very common on home loans and give you the option to take cash back out of the loan from the repayments you have already made. Whether or not you should have a redraw option on your loan is a personal decision. While it is a good option to give you access to extra funds if you need them, you also need to remember that whenever you redraw funds from your home loan, you will be charged interest on the amount you have redrawn and you will extend the life of your loan.

It’s important to calculate the ‘real’ cost of redrawing from your home loan because the impact on the interest in the long term can be significant.

A comparison rate is the ‘true cost’ of your loan. Lenders are required by law to show the comparison rate of a loan to customers so that you can easily compare loans from different providers and avoid misleading information or hidden fees and charges.

The comparison rate is calculated by adding up the interest rate and any ongoing fees and charges, to show the total amount that a loan will cost per year.

The Consumer Credit Code regulates the formula used to calculate the comparison rate, and every Australian home loan provider is required to use the same formula.

We will put you in touch with financiers and lenders who will help you choose the right loan and budget for your circumstances.

To get started you need to fill in the online form and one of our staff members will call you to discuss your budget and home loan options. We compare rates with leading banks and lenders to find the best option for you.

CheapBills has helped over 100,000 Australians cut down their bills and save money since 2013. We know it can be hard to trust a new retailer with your private information, but you have no need to worry with CheapBills, we have a 4.5 rating based on customer testimonials and our mother company, Integral Resource Group, has been helping Australian companies since 2011.

All your private information is only shared with your chosen bank or lender. For more information check out our privacy policy.

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