Prepare financially
Loan quote check
Jurisdiction: Australia-wide. The Reserve Bank’s averages for new housing loans across Australia, and the Key Facts Sheet and comparison rate rules in the National Consumer Credit Protection Act 2009, which apply in every state and territory.
A lender has quoted you a rate. Put it next to what new borrowers actually paid in August 2026 for a loan like yours, and see what the difference costs in interest. General information, not financial advice: Delora doesn’t name, rank or recommend any lender.
Check your quote
Against the August 2026 average
0.26 points above the average
Your quote of 6.49% against 6.23%, the average on new owner-occupier variable-rate loans funded in August 2026. On a $600,000 loan that is $102 a month more in repayments, and more interest: $1,562 in the first year, $7,829 over five years and $36,707 over the full 30 years.
- The RBA raised the cash rate target by 0.25 percentage points to 4.60% on 30 September 2026, after these figures (Reserve Bank of Australia, verified 22 Oct 2026). Rates on loans made since then may be higher than these averages.
Every average that matches your loan
| Average of new loans | Average | Your quote | Extra interest, first year |
|---|---|---|---|
| All new loans | 6.24% | 0.25 above | $1,502 |
| Variable rate (the headline) | 6.23% | 0.26 above | $1,562 |
| Principal and interest | 6.15% | 0.34 above | $2,042 |
| LVR under 81% | 6.22% | 0.27 above | $1,622 |
| $600,000 or less | 6.17% | 0.32 above | $1,922 |
How we got this
- The averages: the RBA’s Table F6, the average interest rate on new owner-occupier housing loans funded in August 2026, weighted by the value of each loan (Reserve Bank of Australia, verified 28 Oct 2026). Each is a separate average for one feature of a loan.
- For an interest-only loan the headline uses the interest-only average; otherwise it uses the average for the quote’s rate type (variable, or the fixed-term band).
- Repayments: principal and interest over 30 years, worked out monthly.
- Extra interest: the extra repayments over the period plus the extra still owed at its end, because a higher rate pays the loan down more slowly.
- Not included: fees, discounts that end, cashback, offset accounts and lenders mortgage insurance.
Assumptions and sources
- Sources
- Every average and rule links to where it comes from, with the date Delora last read it.
- What an average is
- What new borrowers paid on average, weighted by loan size. It mixes borrowers with different credit histories, deposits and incomes, so it isn’t an offer anyone can get: some borrowers paid less and some paid more.
- Timing
- The RBA publishes each month’s figures about five weeks after the month ends, and says they may be revised.
- Not included
- Fees, discounts that end, cashback, offset accounts and lenders mortgage insurance. The Key Facts Sheet shows the fees.
- General information, not financial advice
- It compares one number with a published average. It doesn’t name, rank or recommend any lender or loan, or say whether to take one.
- Privacy
- Nothing is uploaded or stored. The loan amount stays out of the page address unless you tick the box.
We could not work that out.
The numbers on this page have not changed. Try different numbers, or reload the page. The rates, thresholds and worked examples on this page do not need the calculator.
What new borrowers paid in August 2026
The average interest rate on new housing loans funded in the month, by each feature the RBA reports. Lenders with $6 billion or more of housing credit report them, which covers over 95% of all housing credit, and each average is weighted by the value of the loans (Reserve Bank of Australia, verified 28 Oct 2026).
These are the rates on loans funded in August 2026. The RBA raised the cash rate target to 4.60% on 30 September 2026 (Reserve Bank of Australia, verified 22 Oct 2026), after that month.
Source: Reserve Bank of Australia 2026, Statistical Table F6, Housing Lending Rates, compiled from data collected by APRA (© Australian Prudential Regulation Authority 2026, CC BY 4.0). Neither the RBA nor APRA endorses Delora or this tool.
Read the Key Facts Sheet before you compare
A quote in an email or on the phone is one number. The Key Facts Sheet is the document the law says a lender must let you have for a standard home loan, with the loan’s up-to-date details, so it is the one to compare.
- Under the National Consumer Credit Protection Act 2009 (s133AA and s133AC), a lender whose website can be used to apply or enquire about a standard home loan (a standard-form loan to buy residential property, or to refinance one) must let a consumer use that website to generate a Key Facts Sheet for the loan, with up-to-date information, in a form that can be printed. (Federal Register of Legislation, verified 28 Oct 2026)
- If a consumer asks a lender (other than through its website) for a Key Facts Sheet for one of its standard home loans and gives their name and contact details, the lender must provide a Key Facts Sheet containing up-to-date information for that loan (National Consumer Credit Protection Act 2009, s133AD). (Federal Register of Legislation, verified 28 Oct 2026)
The comparison rate
- The National Credit Code's comparison rate is meant to help consumers identify the true cost of credit: it reflects the total cost of credit arising from interest charges and other prescribed credit fees and charges, and an advertisement that states an annual percentage rate must also state the comparison rate (National Credit Code s157 and s160). (Federal Register of Legislation, verified 28 Oct 2026)
- A comparison rate in an advertisement must carry a warning about its accuracy, which may be given with the basis it was worked out on: that the comparison rate is accurate only for the specified amount of credit and specified term (National Credit Code s163). (Federal Register of Legislation, verified 28 Oct 2026)
- A home loan comparison rate is a single figure representing the cost of the loan, combining the interest rate and most fees, intended to let borrowers compare the true cost of loans with different rate/fee combinations. Key features to compare: interest rate, comparison rate, monthly repayment, application (establishment) fee, ongoing fees, loan term, and loan features such as offset, redraw or line of credit (and their own fees). (ASIC (Moneysmart), verified 29 Jul 2026)
The averages on this page are interest rates, so compare them with the interest rate on your quote, not the comparison rate. Use the comparison rate to compare two loans with each other.
What to ask about a quote
- Is this rate a discount on a standard rate, and does the discount last for the whole loan?
- Does the rate depend on a package with an annual fee, or on an offset account or credit card?
- Which fees are in the comparison rate, and which come on top?
- For a fixed rate: what happens when the fixed term ends, and what would it cost to leave the loan early?
- For interest only: what will the repayment be when the interest-only period ends?
- For a broker: are they licensed? Before using a mortgage broker, make sure they have a licence to give credit (loan) advice or are a representative of a licensee, by searching the Credit Licensee and Credit Representative lists on ASIC's Professional Registers Search. Mortgage brokers must act in your best interests when suggesting a loan. (ASIC (Moneysmart), verified 22 Oct 2026)
Frequently asked
Does this tell me whether to take the loan?
No. It puts your quoted rate next to what new borrowers paid on average in the latest month the Reserve Bank has published, and works out what the difference costs in interest. A rate is one part of a loan: fees, features and how the lender treats you count too. It doesn’t name or rank lenders.
Why is the average not the rate I can get?
It is an average across many borrowers, weighted by loan size, with different credit histories, deposits and incomes. Some paid less and some paid more. It is a reference point for a conversation with a lender, not an offer.
Why are there five averages and not one?
The Reserve Bank publishes the average for each feature of a loan separately: all new loans, by rate type, by repayment type, by loan-to-value ratio and by loan size. It doesn’t publish one for a loan with all of those features at once, so the check shows each one that matches yours.
Should I type the comparison rate?
No. Type the interest rate. The averages here are interest rates; a comparison rate adds most fees, so it is usually higher and would make the gap look bigger than it is.
How current are the figures?
Each month’s figures are published about five weeks after the month ends. If the cash rate has moved since, the check says so, because rates on newer loans may have moved too.
Is anything I enter saved?
No. Nothing is uploaded or stored. The rate and loan features stay in the page address so you can share the result; the loan amount is only added to it if you tick the box.
Sources and methodology
- Statistical Table F6, Housing Lending Rates (Excel workbook) | RBA — Reserve Bank of Australia (retrieved 28 Oct 2026). Licence: RBA Financial Data terms (commercial use with attribution, no implied endorsement); compiled from APRA data, CC BY 4.0
- Cash Rate Target | RBA — Reserve Bank of Australia (retrieved 22 Oct 2026). Licence: CC BY 4.0
- Choosing a home loan | Moneysmart.gov.au — ASIC (Moneysmart) (retrieved 22 Oct 2026). Reuse terms: see the publisher's site
- Save for a house deposit | Moneysmart.gov.au — ASIC (Moneysmart) (retrieved 22 Oct 2026). Reuse terms: see the publisher's site
- Using a mortgage broker | Moneysmart.gov.au — ASIC (Moneysmart) (retrieved 22 Oct 2026). Reuse terms: see the publisher's site
- National Consumer Credit Protection Act 2009, Compilation No. 52 (1 July 2026), Volume 1 — Federal Register of Legislation (retrieved 28 Oct 2026). Licence: CC BY 4.0
- National Consumer Credit Protection Act 2009, Compilation No. 52 (1 July 2026), Volume 2 (Schedule 1, National Credit Code) — Federal Register of Legislation (retrieved 28 Oct 2026). Licence: CC BY 4.0
- Choosing a home loan — ASIC (Moneysmart) (retrieved 29 Jul 2026). Reuse terms: see the publisher's site
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.
Evidence record