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Our dedicated Home Loan team is here to help. Updated 20 Aug 2026.
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How to get the best home loan rate you can
- 1
Compare as many lenders as you can
You really need to throw the net as wide as possible to find the absolute best rates you qualify for. That includes the major providers and smaller players who often have better rates.
- 2
Use a mortgage broker
Comparing the best rates will be easier if you use a broker with access to a wide range of lenders. A broker can also negotiate with lenders on your behalf to help you secure the best rate possible.
- 3
Get your LVR down
A lower loan-to-value ratio may move yo into a lower interest rate bracket. To lower your LVR, do whatever you can to increase your deposit or the value of your property if you’re an existing borrower.
- 4
Be flexible on loan type
The best home loan rates are generally offered on basic loans, with minimal features. Consider if you really need an offset account – would a redraw facility be enough. Be open to a fixed rate loan if that’s where the best rates are.
- 5
Ask your current lender for a better rate
If you’ve been with them for a few years, now’s a particularly good time to ask. They might not be able to match the market’s best rates, but not needing to switch will save you time and money in fees.
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What kind of rate is best: Variable, fixed or split rate?
Variable rate
The interest rate on a variable home loan can be increased or lowered by the lender at any time, generally when the Reserve Bank of Australia makes a change to the official cash rate. It means you have less certainty over your repayments over time, but there is the potential to lower your costs if interest rates go down. These loans generally offer more flexibility to make extra repayments and more loan features, like an offset account.
Fixed rate
If you go with a fixed rate loan, the interest rate is locked in for a set period of between one and five years. During the period your repayments will be at the same level. You’ll be protected from interest rate increases, but you won’t benefit if rates go down. These loans generally offer less scope to pay off extra and come with minimal extra features. There are break costs if you want to end the fixed term early.
Split rate
As the name suggests, a split loan offers a split between a fixed and variable rate. You effectively have two loans, one at a variable rate and the other at a fixed rate. It’s up to you how much of the loan goes on the variable rate and how much goes on the fixed rate. This may be the best option if you’re genuinely unsure whether to go variable or lock in your loan at a fixed rate.
Understanding the best home loan rates
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