Lending rates for mortgages
Understand how lending rates for mortgages are set in Australia, why they fluctuate and how a broker helps you secure the most competitive option for your financial future.
Lending Rates for Mortgages. Compare Today’s Offers
Discover current lending rates for mortgages. Updated daily to help you find the lowest rates and best terms. Compare lenders now—save big!
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Decoding Australian mortgage lending rates
Your mortgage interest rate is the biggest factor affecting long-term repayment costs. In Australia, rates are driven mainly by:
RBA cash rate: Sets the benchmark cost of borrowing for banks. When it rises, lenders usually increase variable rates.
Lender strategy: Each bank adjusts rates based on funding costs, competition and customer risk. Borrowers with high deposits or strong credit often secure lower rates.
Rate type:
Variable: Moves with market changes, offering flexibility but risk.
Fixed: Locked for 1–5 years, providing stability but less flexibility.
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Factors that shape your personal lending rate
Not all borrowers get the same deal. Lenders price loans based on perceived risk, considering:
Loan to Value Ratio (LVR): Borrowing ≤80% usually earns better rates.
Credit score: Strong credit equals lower risk and lower rates.
Income and debt: Stable income and manageable debt boost eligibility.
Property type/location: Some properties, like high-density units, can attract higher rates.
Because these factors interact, HeyNest connects you with independent experts who know how to present your profile to multiple lenders for the lowest possible rate.
Stop Stressing: Why a Broker is the 'Smart, Chill' Way
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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.
How to compare and negotiate better rates
To find the best deal, look beyond your main bank, Australia has 40+ lenders offering different pricing. How brokers help:
Market access: Compare hundreds of loans, including exclusive offers.
Negotiation power: Leverage industry relationships to secure rate discounts.
True cost comparison: Assess both advertised and comparison rates (including fees).
Ongoing review: Get notified when refinancing could save you more.
With HeyNest, you can connect instantly with trusted brokers who cut through the complexity and help you secure a lower mortgage rate, without facing the banks alone.
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Frequently asked questions
What is a comparison rate?
It’s the true cost of a loan, including the interest rate and most fees and charges, helping borrowers compare offers accurately.
Are fixed or variable lending rates for mortgages better right now?
It depends on your personal financial outlook and risk tolerance. Fixed offers repayment certainty, while variable offers flexibility and potential for future rate drops.
How often do banks change their lending rates for mortgages?
Variable rates can change following RBA decisions (typically monthly) or at a lender's discretion. Fixed rates are set for the agreed-upon term.
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