mortgages

Mortgage Quotes Australia

How to compare mortgage quotes and home loan offers in Australia. Learn what lenders check, what to compare (rate vs comparison rate), and how to shortlist the best loan.

Updated Jan 2026

Mortgage Quotes Australia: How to Compare Home Loan Offers (Without Getting Tricked)

If you're searching for mortgage quotes or home loan quotes, your goal usually isn’t “a calculator result” — it’s confidence that you’re not overpaying for 30 years.

This guide shows you exactly how to compare offers properly, what to ask lenders/brokers, and how to use our calculator to sanity-check quotes in 60 seconds.

Quick tool: Use the Home Loan Repayment Calculator to test any quote: rate, fees, offset and extra repayments.
Link: Home Loan Repayment Calculator

What a “mortgage quote” usually includes (and what it often hides)

A quote might show:

  • Interest rate (headline rate)
  • Basic product name (e.g., “Basic Variable”, “Package”, “Fixed 2 years”)
  • Fees (sometimes…)
  • Features (offset, redraw, extra repayments)

What is often missing:

  • Comparison rate (or it’s buried)
  • Ongoing package fees
  • Settlement / discharge / switching fees
  • Whether the rate assumes a specific LVR (e.g., ≤ 60% or ≤ 80%)

Step 1: Get comparable quotes (apples-to-apples)

Ask each lender/broker for the same scenario:

  • Property value (or purchase price)
  • Deposit amount
  • Owner-occupier vs investor
  • Repayment type: P&I or interest-only
  • Loan term
  • Offset needed? (yes/no)
  • Your rough LVR band (e.g., 80%, 90%)

If those inputs differ, the quote is not comparable.

Step 2: Compare the 5 numbers that actually matter

1) Repayment at the quoted rate

Run the quote through Home Loan Repayment Calculator and record:

  • Monthly repayment
  • Total interest over term

2) Comparison rate (when available)

Comparison rate includes most fees and shows a truer annual cost. If a lender won’t provide it (or it’s not relevant for your structure), treat fees carefully.

3) Total annual fees

Package fee + ongoing fee. A loan that’s 0.20% cheaper can still lose once you add fees.

4) Offset effectiveness (if you keep cash in savings)

If you’ll keep money in an offset most months, a slightly higher rate with a strong offset feature can win.

5) Flexibility + policy fit

  • Extra repayments allowed?
  • Redraw rules?
  • Repricing / discharge fees?
  • Fixed rate break cost risk?

Step 3: Shortlist the top 3 offers

Pick your top 3 based on:

  • Lowest total cost for your situation (not just the rate)
  • Features you will actually use
  • Low “policy friction” (fees, restrictions, break costs)

Red flag checklist (don’t ignore these)

  • “From rate” that assumes LVR ≤ 60% (but you’re at 85–90%)
  • Fixed rate with unclear break costs
  • Offset offered, but only partial (or expensive package fee)
  • A quote that avoids total fees

Frequently asked questions

Is a broker better than going direct?

A good broker can access multiple lenders and spot policy mismatches. A bad broker pushes a single lender. Always compare at least one direct option.

How many quotes should I get?

Aim for 3–6 quotes, then shortlist 2–3.

Next steps