Variable Rate Home Loan

6.44% p.a.
Variable Rate+
6.58% p.a.
Comparison Rate*
Offset
100% interest offset

Available for new owner occupied principal and interest loans with minimum 40% deposit and balances of $500,000 or more.

 

Features and benefits

Our variable rate home loan is packed with features to help you get the most out of your home loan.

Lock in your rate (or part of it)

Tossing up between a fixed rate or variable rate? Why not both? Enjoy the best of both worlds with the option to split your loan into a variable and fixed portion. You’ll get the security of a low fixed rate for a portion of your loan and all the benefits and flexibility of a variable rate for the other portion. It’s win win. Find out more with our split home loan calculator.

Discounts based off loan size and your deposit

We recognise and reward the value of our customers, with discounted variable rates based on the loan size and the loan-to-value ration (the size of your deposit).

Redraw your home loan or pay it off sooner

Made some extra repayments and want to access the cash? You can redraw on those funds from your variable rate home loan at any time with no extra charges (min redraw $100). Find out more about redraw facility.

Got some extra cash and want to pay down your loan sooner? Our variable rate home loan lets you make unlimited repayments off your loan. Find out more with our additional repayments calculator.

Astounding offset account

Our Reward Me Home Loan comes with a Home Loan Companion Account that we'll open for you. You can use this account to offset the interest you will pay when your fixed rate loan reverts to a variable rate loan, helping you pay off your loan sooner. Plus, the Companion Account will make it easier to make repayments and pay any fees and charges. Read more about our Home Loan Companion Account.

 

Ready for a home loan?    Enquire now   Call us on 13 81 51

Variable Rate Home Loan rates and fees

Our Reward Me Variable Rate Home Loan offers competitive Owner Occupied and Investment home loan rates.

  • Owner Occupied

    Total borrowings less than $500,000

    Interest rates shown are for total borrowings less than $500,000 on an owner occupied loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.44%
    6.58%
    60.01% to 80% 6.44%
    6.58%
    80.01% to 90% 6.94% 7.08%
    Over 90% 8.87% 9.01%
    INTEREST ONLY
    Less than or equal to 60% 7.19% 6.92%
    60.01% to 80% 7.19% 6.92%

    Total borrowings between $500,000 and $750,000

    Interest rates shown are for total borrowings between $500,000 and less than $750,000 on an owner occupied loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.44%
    6.58%
    60.01% to 80% 6.44%
    6.58%
    80.01% to 90% 6.94% 7.08%
    Over 90% 8.87% 9.01%
    INTEREST ONLY
    Less than or equal to 60% 7.19% 6.92%
    60.01% to 80% 7.19% 6.92%

    Total borrowings over $750,000

    Interest rates shown are for total borrowings over $750,000 on an owner occupied loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.44%
    6.58%
    60.01% to 80% 6.44%
    6.58%
    80.01% to 90% 6.94% 7.08%
    Over 90% 8.87% 9.01%
    INTEREST ONLY
    Less than or equal to 60% 7.19% 6.92%
    60.01% to 80% 7.19% 6.92%
  • Investment

    Total borrowings less than $500,000

    Interest rates shown are for total borrowings less than $500,000 on an investment loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.59% 6.73%
    60.01% to 80% 6.59% 6.73%
    80.01% to 90% 7.34% 7.48%
    INTEREST ONLY
    Less than or equal to 60% 6.79% 6.82%
    60.01% to 80% 6.79% 6.82%
    80.01% to 90% 7.34% 7.48%

    Total borrowings between $500,000 and $750,000

    Interest rates shown are for total borrowings between $500,000 and less than $750,000 on an investment loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.59% 6.73%
    60.01% to 80% 6.59% 6.73%
    80.01% to 90% 7.34% 7.48%
    INTEREST ONLY
    Less than or equal to 60% 6.79% 6.82%
    60.01% to 80% 6.79% 6.82%
    80.01% to 90% 7.34% 7.48%

    Total borrowings over $750,000

    Interest rates shown are for total borrowings over $750,000 on an investment loan with the Reward Me Variable Rate Home Loan.

    Loan to Value Ratio (LVR) Interest Rate (p.a.)+ Comparison Rate (p.a.)*
    PRINCIPAL & INTEREST
    Less than or equal to 60% 6.59% 6.73%
    60.01% to 80% 6.59% 6.73%
    80.01% to 90% 7.34% 7.48%
    INTEREST ONLY
    Less than or equal to 60% 6.79% 6.82%
    60.01% to 80% 6.79% 6.82%
    80.01% to 90% 7.34% 7.48%

Variable Rate Home Loan Fees

Key upfront fees
Application fee $300 - Payable for processing application of your loans. Charged at settlement.
Settlement fee $150 - Payable for completing settlement of your loans
Valuation fee

First Valuation – Free

Any further valuation will be charged for. The amount of the fee, will be the fee charged by the appointed Valuer and will vary depending on the location and value of the property.

Ongoing fees after settlement of your loan
Home loan fee $10 - Charged to each loan account on every repayment date (monthly).

For a full list of fees and charges that could apply refer to our Lending and Deposits Guide to Fees and Charges.

 

Ready to get started?    Enquire now   Call us on 13 81 51

 

fixed rate home loan

Looking for a fixed rate home loan?

For consistency and certainty with your repayments, see our fixed rate home loans. 

Learn more about our fixed rate home loan

compare home loans

Still unsure which home loan is for you?

We’ve laid things out clearly so you can easily compare both and rest assured you’re choosing the right home loan for you.  

Compare our home loans

 

Tools and support

 

Learn more about variable rate home loans

fixed or variable loan

Is a fixed or variable home loan best for rising rates?

Article

Learn more

redraw vs offset

Redraw vs Offset accounts: what’s the difference?

Article

Learn more

5 ways to prepare before your fixed rate home loan expires

Article

Learn more

Let’s chat

Enquire now

Let us know what time suits you and we'll give you a call.

You call us

Chat to us today about a Reward Me Home Loan please call us on 13 81 51.
We’re available Monday to Friday 8am – 5pm (AEST) excluding public holidays.

 

FAQs

Still have some questions on your variable rate home loan? Let’s see if we can answer them for you now.

  • Q. What is a variable rate home loan?

    A variable rate home loan is a home loan with an interest rate that may fluctuate, varying up and down over time. It means your home loan interest rate can rise or fall over the term of your loan

    If you choose a variable rate home loan, you may be able to take advantage of any interest rate reduction over your loan’s term. Conversely, if your home loan interest rate goes up during your loan term, you could subsequently pay a higher interest rate and regular repayment amounts than at the start of your loan term.

    This can make budgeting for your interest payments more difficult because you have to take into account potential rate rises during your loan term.

  • Q. How do variable interest rates work?

    A variable interest rate is a rate that could move up and down at any time. The variable interest rate a bank offers could be affected by a number of factors, including the official cash rate set by the Reserve Bank of Australia (RBA) as well as higher or lower funding costs for the lender.

    You can use a Mortgage Repayment Calculator to estimate repayments and interest charges over the life of a loan.

  • Q. Should I choose a variable or fixed rate?

    To fix or not to fix: that is the question. The decision can make a big difference to the life of your home loan. Find out more about whether a fixed rate home loan is right for you.

  • Q. Can I change my home loan from fixed to variable?

    You can switch from a fixed rate to a variable rate home loan during your fixed rate period. However, keep in mind that the break costs apply. Find out more about breaking a fixed rate home loan.

  •