Home loan rate change calculator

A variable home loan offers freedom and flexibility, but it also leaves you open to the chance of rising interest rates. If that happens, can your budget handle a higher monthly home loan repayment? Find out with our rate change calculator!

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 24 May 2022

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    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    2.10% p.a.variable for 24 months and then 2.50% p.a. variable
    2.46% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.14% p.a. variable
    2.14% p.a.

    Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

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    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    1.89% p.a. variable
    1.90% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    2.39% p.a. variable
    2.39% p.a.

    No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

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    Mozo Experts Choice 2022
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.24% p.a. variable
    2.24% p.a.

    Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.

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    Mozo Experts Choice 2022
    Variable Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    2.09% p.a. variable
    1.99% p.a.

    $5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply.

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    Momentum Home Loan

    Owner Occupier, Principal & Interest, LVR <60%, Refinance Only

    interest rate
    comparison rate
    2.24% p.a. variable
    2.25% p.a.

    A great option for refinancers looking for an alternative, the G &C Mutual Bank’s Momentum Home Loan offers a competitively low rate for a fixed period. It features a 100% offset account in addition to unlimited extra repayments.

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    Discounted Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.94% p.a. variable
    3.35% p.a.

    Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. Refinance and get up to $3,000 cashback. LVR ≤90%. $2,000 cashback for loans ≥ $250k, plus bonus $1,000 for loans ≥ $500k. Limited time offer extended, T&Cs apply.

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    Back to Basics Special

    LVR<70%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.19% p.a. variable
    2.20% p.a.

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.

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    Offset Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    2.39% p.a. variable
    2.67% p.a.

    Flexible loan structure. Ability to open up to 10 offset accounts per loan account. Includes a Debit Mastercard and transaction account for everyday transactions. All ATM fees in Australia are instantly refunded.

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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    4.49% p.a.
    fixed 2 years
    2.83% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

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    Mozo Experts Choice 2022
    No Frills Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    2.24% p.a. variable
    2.24% p.a.

    Earn 200,000 bonus Qantas Points with the Qudos Bank Qantas Points Home Loan when you apply between 01/04/22-30/06/22 and settle by 30/09/22. Be rewarded year after year with Qantas Points each month for the life of your loan. Save with $0 bank fees for established homes. Fee-free redraw. Free unlimited extra repayments. Multiple offset accounts available.

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    Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    2.52% p.a. variable
    2.53% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 May 2022 and settle by 31 July 2022.

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    Choice Home Loan

    Owner Occupier, Principal & Interest and Interest Only

    interest rate
    comparison rate
    2.74% p.a. variable
    2.75% p.a.

    Competitive variable interest rate. No establishment or ongoing monthly fees to pay. Optional offset account available for 0.10%. Unlimited redraws. Extra repayments allowed. No minimum loan amount.

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    Own Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    2.14% p.a. variable
    2.43% p.a.

    Competitive variable rates. Free extra repayments and redraws. No Lender’s Mortgage Insurance. Multiple offset accounts available. Fast digital application. 40% deposit required.

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    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR, $150,000+

    interest rate
    comparison rate
    2.38% p.a. variable
    2.55% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%. Apply by 30 June 2022, settle by 30 September 2022, and receive $3,000 cashback (T&Cs apply).

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    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    2.24% p.a.variable for 12 months and then 2.73% p.a. variable
    2.72% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.

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    Evaporate Variable Home Loan

    60-70% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    2.19% p.a. variable
    2.16% p.a.

    Rates have moved in line with RBA. Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit.

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    Investor Bundle Variable Home Loan

    Investment, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    2.15% p.a. variable
    2.18% p.a.

    Yard’s Investor Bundle home loan is packed with all features – unlimited additional repayments, free redraw, optional 100% offset account. Enjoy a simple online application. Special investor rate applies to combined home loan and investor bundles only (conditions apply).

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    Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    2.62% p.a. variable
    2.63% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 May 2022 and settle by 31 July 2022.

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    Celebrate Variable Home Loan

    <60% LVR, Investment, Principal & Interest

    interest rate
    comparison rate
    2.44% p.a. variable
    2.44% p.a.

    Rates have moved in line with RBA. Enjoy zero fees and a speedy online application process. Free extra repayments and redraw facility. Flexible loan repayments. Minimum 20% deposit required.

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Home loan rate change calculator quick links

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Rate change FAQs

Why do interest rates change?

Depending on how the economy is faring, the Reserve Bank of Australia might decide to raise or lower interest rates to steer things in a particular direction. For example, if the economy is underperforming, the RBA might lower interest rates to stimulate demand. If demand is too high, the RBA might raise interest rates to keep inflation in check.

How do banks set their home loan interest rates?

The cash rate serves as a benchmark for lenders’ mortgage rates, so if the cash rate goes up or down we can usually be confident that mortgage rates will move by the same amount. 

Mortgage rates are typically much higher than the cash rate. This markup ensures that lenders can cover operating costs (such as staff salaries, branch maintenance, marketing, and interest paid out to customers) while making a profit.

What does a rate change mean for my home loan?

If your lender decides to raise interest rates, expect your monthly repayments to increase. If you’re worried that your repayments will become unmanageable, it might be worth comparing other loan options from your lender, if not refinancing to a new one.

What does a rate change mean for the property market?

Rising interest rates are usually accompanied by a slowdown in the property market. That’s because as the cost of borrowing increases, taking out a loan to purchase a home becomes much less attractive for many.