Home Loan Comparison Calculator
Compare two home loans side by side, including upfront, monthly and package fees, over the time you're likely to keep the loan.
Loan A
Loan B
Printed from ClearCalc (clearcalc.com.au/home-loan-comparison-calculator/). Estimates only, not financial advice.
Why the lowest rate isn't always cheapest
Fees change the picture. A loan with a slightly lower rate but a $395 annual package fee and $600 of upfront costs can cost more than a no-fee loan, especially on a smaller loan or if you refinance within a few years. This calculator adds up the interest and all the fees over the period you choose, and shows the rate each loan really works out to once fees are included.
Comparison rates
Australian lenders must show a comparison rate next to advertised rates. It includes most fees, but it's always based on a $150,000 loan over 25 years. On a bigger loan, fixed fees matter less than the comparison rate suggests; on a smaller loan, more. That's why it helps to compare using your own loan size and time frame.
What else to compare
- Offset account: worth far more than a small rate difference if you keep savings in it. See the offset calculator.
- Extra repayments and redraw: fixed loans often cap extra repayments.
- Break costs and discharge fees if you might sell or refinance.
- Rate for existing customers: many lenders offer new customers lower rates than existing ones, so check your rate every year or two.
Today's advertised rates from the big lenders are on our home loan rates page.
Frequently asked questions
Is a package fee worth paying?
Only if the rate discount saves more than the fee. On a $600,000 loan, a 0.15% lower rate saves about $900 a year in interest, so a $395 annual fee is worth it. On a $200,000 loan the saving is only about $300, so it isn't.
What is a comparison rate?
A rate that includes the interest rate plus most fees and charges, worked out for a $150,000 loan over 25 years. It helps compare loans, but it can be misleading for much larger or smaller loans.
How often should I compare my home loan?
At least every year or two, and whenever the Reserve Bank changes rates. Ask your lender for a better rate first; if they won't match, compare refinancing costs with the savings.
Official sources used for this calculator include: Moneysmart – Home loans, APRA – Australian Prudential Regulation Authority, Housing Australia – Home Guarantee Scheme. See how we calculate.
Reviewed by the ClearCalc team. Last reviewed October 2026. This calculator gives an estimate for general information only. Check important figures with the relevant government agency or a licensed professional.