Compare Mortgages in Australia

Live offers

25 live offers compared from 17 providers, from 5.75% initial. Updated daily.

What is a mortgage in Australia?

A mortgage is a loan secured against residential property, used to buy a home or investment property or to refinance an existing loan. In Australia, mortgages typically run for 25 to 30 years and can carry a variable rate, a fixed rate for a set term, or a split of both. Repayments are usually principal-and-interest, though investors sometimes use interest-only periods. For most households the mortgage is the largest financial commitment they will ever make, so even a modest rate difference has a big long-term impact.

How the Australian market works

The major banks — CommBank, Westpac, NAB and ANZ — hold the largest share, but customer-owned banks, regional lenders and non-bank lenders compete strongly. The Reserve Bank of Australia's (RBA) cash rate heavily influences variable mortgage rates, so movements in the cash rate flow through to repayments. Roughly two-thirds of new borrowers now arrange their loan through a mortgage broker, who must act in the customer's best interests under law, rather than dealing with a single lender directly.

Benefits of shopping around

Rate savings — Even a small difference in rate compounds into tens of thousands of dollars over a 30-year loan, so comparing lenders genuinely pays off.

Offset and redraw — Many loans offer an offset account or redraw facility that reduces the interest you pay while keeping your funds accessible for emergencies.

Refinancing leverage — Switching lenders can unlock a lower rate or a cashback incentive, and the threat of switching means existing customers can often negotiate a discount.

How to choose a mortgage

Compare the comparison rate, which folds in most fees alongside the headline interest rate, and decide between fixed and variable based on how much repayment certainty you want. Consider the loan-to-value ratio, since borrowing above 80% usually triggers Lenders Mortgage Insurance (LMI), a one-off cost that protects the lender, not you. Look at offset accounts, extra-repayment flexibility and any application, valuation or ongoing package fees before committing.

Leading providers in Australia

This comparison features Macquarie Bank, ING, CommBank, ANZ, NAB, Westpac, Great Southern Bank and Bankwest. Macquarie and ING have grown share with competitive online offers and offset features, while the big four bring branch networks and packaged deals across banking products. Customer-owned lenders such as Great Southern Bank often price keenly for owner-occupiers. The best fit depends on your deposit size, income structure and whether you value service, features or the sharpest headline rate.

What it costs

Advertised rates in this comparison sit between roughly 5.75% and 6.19%, reflecting the prevailing rate environment. On top of interest you may face application fees, valuation fees, ongoing package fees and LMI if your deposit is under 20%. Break costs can apply if you exit a fixed rate early, and refinancing carries discharge and registration fees. Weighing all of these against any cashback offer gives a truer picture of value than the headline rate alone.

Protections and regulation

Mortgage lending is regulated by ASIC under responsible-lending obligations, while APRA sets prudential standards including serviceability buffers that test whether you could still repay if rates rose. Lenders and brokers must hold a credit licence and belong to AFCA for disputes. First-home buyers may access government schemes such as the First Home Guarantee, which can reduce the deposit needed and avoid LMI on eligible purchases.

Common questions

Fixed or variable? — Fixed rates give repayment certainty for a set term; variable rates move with the market and usually offer more flexibility, such as unlimited extra repayments and full offset.

What deposit do I need? — Lenders typically want 20% to avoid LMI, but many approve loans with 5% to 10% deposits where the borrower pays or capitalises the insurance, or uses a government guarantee scheme.

Mortgages in Australia — FAQ