Interest rate comparisons

21st Feb 2012

With all the talk about interest rates at the moment it’s worth doing some calculations to decide whether your current rate is giving you the best possible value. Online home loan calculators are a fantastic way of evaluating the alternative options to your current home loan.

We’ve provided a comparison between the big four banks and the smaller organisations using one of our favourite online calculators (link to article). As you will see in the table below, the results can vary greatly and can be surprising. These calculations are based on a $200,000 loan paid over 15 years.

Big Four Banks:

Bank	Type of loan	Rate (%)	Monthly Repayment	Interest paid
NAB	Tailored Home Loan	7.31	$1,832.50	$129,850
ANZ	Standard Variable Rate Home Loan	7.36	$1,838.15	$130,867
CBA	Standard Variable Rate Home Loan	7.41	$1,843.81	$131,886
Westpac	Rocket Repay Home Loan	7.46	$1,849.48	$132,906

Other lenders:

Provider	Type of loan	Rate (%)	Monthly repayment	Interest paid
V Plus Home Loans	Advantage Plus Home Loan	6.14	$1,702.88	$106,518
eMoney	Full Doc Home Loan	6.28	$1,718.12	$109,262
loans.com.au	Dream Loan	6.35	$1,725.77	$110,639
State Custodians Mtg Co	Standard Variable Offset Loan	6.37	$1,727.95	$111,031

If you believe that you may be able to save money on your monthly repayment, read How to get the best bank deal, for more information on how to start you search.