Preparing financially
Comparing home loans
A practical process for shortlisting, comparing and getting a personalised quote from multiple lenders — not just accepting the first rate you're offered.
- Compare at least two or three lenders, not just your existing bank or the first offer.
- Comparison websites are a useful starting shortlist, not a final verdict — they may not cover every lender and can earn money from promoted listings.
- Line up interest rate, comparison rate, fees, loan term and features side by side.
- Get a written, personalised quote from shortlisted lenders — advertised rates aren't always the rate you're actually offered.
Compare at least two or three lenders
Comparing loans from at least two different lenders — not just accepting the first offer or your existing bank's rate — is standard, sensible practice (ASIC (Moneysmart), verified 29 Jul 2026). Comparison websites can be a useful starting point, but they are commercial businesses that may earn money through promoted listings and may not cover every lender in the market — treat their rankings as a starting shortlist, not a final verdict.
What to line up side by side
Interest rate — the headline rate advertised.
Comparison rate — rate plus most fees, as one figure.
Monthly repayment — the actual amount you'd pay each month.
Application fee — one-off cost to start the loan.
Ongoing fees — charged monthly or annually for administering the loan.
Loan term — how long the loan runs.
Features — offset, redraw, extra repayments, portability — and any fees attached to using them (ASIC (Moneysmart), verified 29 Jul 2026).
A worked comparison approach
A practical approach: shortlist two or three loans using a comparison site, filtering for the features you've decided you actually need (not everything on offer); use a mortgage calculator to compare the total cost of each shortlisted loan over your expected loan term at its current rate; then approach each shortlisted lender directly for a written, personalised quote before making a final decision — advertised rates aren't always the rate you're actually offered once your application is assessed.
Practical checklist
Before choosing a lender
- Shortlist two or three loans filtered by the features you actually need
- Compare total cost over your expected loan term, not just the headline rate
- Get a written, personalised quote from each shortlisted lender
- Check whether a mortgage broker could widen your comparison — see the brokers guide
Relevant Delora tool
Questions for a professional
- Is the rate you've quoted me the same as your advertised rate, or has it been adjusted for my application?
- What would the total cost of this loan be over its full term compared with my other shortlisted options?
- How often would you recommend I review whether this loan is still competitive?
Official resources
Sources and methodology
- Choosing a home loan — ASIC (Moneysmart) (retrieved 29 Jul 2026)
Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.