Q2 2021 Mortgage Rates
Compare investment or owner-occupier home loan interest rates from CBA, ANZ, NAB and Westpac*

Variable rate loans
3.15% basic
3.10-3.20% packaged*
*This is the standard broker negotiated rate.
Fixed-rate loans^
2.69% 1 year
2.69% 2 year
2.69% 3 year
3.09% 4 year
3.09% 5 year
^Add 0.15% margin if not on the package.

Variable rate loans
3.12% basic
3.15-3.25% packaged*
*This is the standard broker negotiated rate.
Fixed-rate loans^
2.59% 1 year
2.49% 2 year
2.49% 3 year
2.99% 4 year
2.99% 5 year
^Add 0.15% margin if not on the package.

Variable rate loans
3.09% basic
3.11-3.21% packaged*
*This is the standard broker negotiated rate.
Fixed-rate loans^
2.59% 1 year
2.49% 2 year
2.59% 3 year
3.09% 4 year
3.09% 5 year
^Add 0.10% margin if not on the package.

Variable rate loans
2.49% basic 2yr intro rate
3.00-3.10% packaged*
*This is the standard broker negotiated rate.
Fixed-rate loans^
2.49% 1 year
2.39% 2 year
2.39% 3 year
2.69% 4 year
2.69% 5 year
^Add 0.20% margin if not on the package.
These rates are current as of January 2021. *View Assumptions
CBA, ANZ, NAB, Westpac Bank Comparison
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RBA vs. Mortgage Interest Rate Trend Graph


The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 0.10 per cent.
As mentioned in Governor Philip Lowe’s official statement, “In Australia, the economic recovery is under way and recent data have generally been better than expected. This is good news, but the recovery is still expected to be uneven and drawn out and it remains dependent on significant policy support.”
“For its part, the Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range. For this to occur, wages growth will have to be materially higher than it is currently. This will require significant gains in employment and a return to a tight labour market. Given the outlook, the Board is not expecting to increase the cash rate for at least 3 years.”
What does this all mean? Essentially, the RBA is committed to keeping funding costs low, meaning now is the time to get a better deal on your existing or future loan.
Other Counties Interest Rate Trend Graph


How To Know What Your Mortgage Rate Will Be
The mortgage rates listed above are the currently available rates for these Big Four (ANZ, CBA, NAB, Westpac) loan options. These aren’t necessarily the mortgage rates you’ll get when you apply, and often the lesser-known lenders may have sharper rates. Your mortgage rate depends on many factors such as your nationality, your loan amount and your Loan-to-Value-Ratio (LVR).
The most accurate way to see what your mortgage rate could be is to speak with a Home Loan Expert or apply online with Odin Mortgage. After you provide some basic information, we’ll recommend you with a loan option and mortgage rate that meet your financial goals.
Picking The Right Mortgage
It’s important to match your mortgage to your financial goals. Here are some goals you may have in mind and the loan options that could help you reach them.
A Consistent Monthly Payment
Fixed-rate loans are a great option if you want a monthly payment that won’t change. A fixed interest rate means your rate stays the same for the selected term of the loan – so your payment will only change once your fixed-rate term ends, at which point you may decide to re-fix, stay on a variable rate, or refinance to another lender. Many of our clients opt for 1-3-year fixed-rate loans, especially given it is trending under the variable rate by approximately 0.50%. Historically, fixed rates were higher than variable rates.
Variable Rates
Variable-rate mortgages offer more flexibility than fixed-rate loan types. Most lenders will only allow you to link your ‘Offset’ transaction account to a Variable rate loan. Variable-rate mortgages are a great option if you expect to sell your house or refinance before the initial fixed-rate period ends as a break-cost penalty may apply if it was still fixed. It is also popular with our clients who are looking to pay down their home loan in the shortest possible time frame as there are unlimited additional repayments.
Packaged vs. Basic Loans
Many of the major banks offer their full-featured loan products as a 'packaged' loan. Typically this means the bank will waive the majority of the upfront fees (valuation, application, establishment fees), give you a discount on their fixed and standard variable rate loan, offer you an offset transaction account, and some other freebies such as credit cards - in exchange for a fee paid annually. The vast majority of lenders are charging between $350 - 400 p.a. for their packaged products. All these fees can be tax-deductible if the mortgage is for an investment purpose.
Basic loans on the other hand is simply a low-rate variable loan with your standard transaction account. There's usually a small upfront application fee but no ongoing/annual fees. A rule of thumb is that a packaged loan is approx. 0.15% 'cheaper' than a Basic loan. Therefore, if your loan amount is $250,000 or less, you are paying around $375 extra p.a. This is still cheaper than paying the $395 annual fee so in most cases, it's beneficial to opt for the Basic loan. If your loan amount is greater than $250,000 then it's usually better to opt for the Package loan instead. The interest savings and added benefit of having an offset account will outweigh the cost of the annual package fee.
Common Mortgage Rate Questions
If you’re just starting out on your home buying journey, check out our expat home loans guide.
Otherwise, read answers to some of our most frequently asked mortgage rate questions:
How do I find personalised mortgage rates?
Get estimated personalised mortgage rates by starting the application process online. Or if you’re looking for exact figures, talk to a Home Loan Expert.
What is a mortgage fixed rate lock?
A mortgage fixed rate lock keeps your interest rate from rising, between the time you’re offered a rate by a lender and the time you close on the loan. Fees will generally apply, so if you feel rates won’t be increasing any time soon, it’s usually better to not opt for a mortgage rate lock.
What credit score do I need for a mortgage?
While it varies case by case, most Australian expats and foreign nationals have a clean credit report due to living overseas for an extended period of time. The credit report used by the banks typically only track the last two years of credit activity in Australia. If you have made payments on your Australian related debts on time or within 30 days of being overdue, you can expect there to be no issues. You can also check your credit by getting a free credit report from Equifax, on their website, once a year. Click here to get your free Credit Report from Equifax.
How is the mortgage rate calculated?
There are many variables involved in calculating a mortgage rate. The main factors include your citizenship, property price, deposit and loan type. Learn how to calculate your mortgage borrowing capacity, and try out our mortgage calculator to see how changing variables can change your estimate.
What is the difference between the interest rate and the comparison rate, or APR?
The difference between an interest rate and a comparison rate is that the comparison rate is the more comprehensive view of what you’ll be paying your lender. An interest rate is a percentage you pay in order to borrow money from a lender for a specific period of time. The comparison rate includes that interest rate plus all the other additional fees. This handy article explains the differences between the comparison rate and interest rate and how to calculate each.
Other Loan Products Available
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Basic: These offer low variable interest rates for loans but sacrifices loan features such as offset accounts. Different banks call this product by different names.
For ANZ bank, it's called 'Simplicity Plus'
For CBA bank, it's called 'Extra'
For NAB bank, it's called 'Base Variable'
For Westpac bank, it's called 'Flexi First Option' - Note that their basic variable has a very sharp rate but only for the first two years and it then reverts back to a higher variable rate thereafter. -
LMI Low-Deposit: A home loan for those with less than 20% deposit. Can obtain a loan up to 90% with the payment of Lender’s Mortgage Insurance (LMI)
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Guarantor loans: For those who have an insufficient deposit for an 80% loan, but have a parent who can help them out with additional collateral in the form of an unencumbered property.
Calculate Your Mortgage Repayments
See what your mortgage payment or investment returns could be with today's rates
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