Interest rate comparisons

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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.



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