Compare Home Loan Rates from 5.69%+

Q: What is the current average home loan interest rate in Australia?

As of June 2024, the average variable home loan rate in Australia is around 5.69% per annum, influenced by RBA cash rate hikes. Fixed rates vary between 5.79% and 6.49% depending on lender and term length, with major banks like CommBank and ANZ offering competitive rates.

Q: How do APRA lending rules affect my home loan application?

APRA’s responsible lending guidelines require lenders to assess your ability to repay the loan under higher interest rates, usually 3% above current rates. This means you must prove income stability and serviceability, which can affect loan approval and borrowing limits.

Q: Can I avoid Lenders Mortgage Insurance (LMI) on my home loan?

LMI is usually required if your deposit is less than 20% of the property value. To avoid LMI, you can either save a larger deposit, use a guarantor, or find lenders like Athena that offer low-deposit loans with discounted or waived LMI fees.

Q: Do first home buyer grants or stamp duty concessions apply to my loan?

First Home Owner Grants and stamp duty exemptions vary by state. For example, NSW offers up to $10,000 in grants plus stamp duty concessions on properties under $650,000. These savings can reduce upfront loan costs. Always check your state’s current schemes before applying.

Compare Home Loan Rates from 50+ Australian Lenders Including CommBank & ANZ

Compare fixed & variable home loan rates from 50+ lenders including CommBank, ANZ, Westpac from 5.69% p.a. Find the best deal for your mortgage today.