Compare home loans
Navigating the Australian mortgage market can be complex. Discover the key factors you need to know to accurately compare home loans and secure the best financial outcome for your needs.
Compare home loans
Navigating the Australian mortgage market can be complex. Discover the key factors you need to know to accurately compare home loans and secure the best financial outcome for your needs.
HOME LOAN
Key factors to compare home loans
To truly save on your mortgage, look beyond the headline rate. Real savings come from understanding the total cost, loan structure and features that suit your lifestyle and goals.
Use the comparison rate, it combines the interest rate and most known fees, showing the loan’s true annual cost and making comparisons between lenders more accurate.
Watch for hidden fees such as application, valuation, settlement, monthly or exit charges. Even a small ongoing fee can outweigh a slightly lower rate over time.
Consider key features that add flexibility and long-term savings like offset accounts to reduce interest, redraw facilities for access to extra repayments and portability if you plan to move homes.
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Understanding loan types to compare
The loan type you choose shapes your repayment strategy and risk level. Here’s a quick overview of the three main options in Australia:
Variable rate: Offers flexibility with unlimited extra repayments and benefits if rates fall, but repayments rise when rates increase.
Fixed rate: Locks in your rate for 1–5 years, giving budget certainty and protection from rate hikes, though break costs may apply if you exit early.
Split loan: Combines fixed and variable portions, balancing stability and flexibility for better risk management.
Independent experts available through HeyNest help match your goals to the right structure, offering unbiased guidance no matter where you’re based.
Stop Stressing: Why a Broker is the 'Smart, Chill' Way
HeyNest
Traditional Bank
Access to many lenders
Compares and negotiates the best market rates for you.
Dedicated, personalized guide every step of the way.
Only offers their own limited products.
Standard, often non-negotiable in-house rates.
Standardized service; often no single dedicated contact.
Why you need a broker to compare
Online tools are helpful, but they can’t assess your full financial picture or a lender’s changing policies. Going directly to a bank limits your options an independent broker opens the whole market. A good broker provides:
Wide access: Comparing loans from 30+ lenders, often with exclusive deals.
Negotiation power: Securing the best rates and terms on your behalf.
Time savings: Handling paperwork and lender communication for you.
HeyNest makes this easy with a 100% digital path to trusted experts who guide you to the best loan with clarity and confidence.
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Frequently asked questions
What is the comparison rate used for?
It helps you compare the total annual cost of different home loans, including the interest rate and most fees, in a single percentage.
Should I choose a fixed or variable home loan rate?
Fixed offers budgeting certainty; variable offers flexibility. The best choice depends entirely on your risk tolerance and current financial goals.
Does comparing home loans hurt my credit score?
Shopping around online does not. However, formally applying to multiple lenders without a broker's guidance can lead to multiple credit checks, which may impact your score.
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