Rates checked 25 September 2026. Type in your lender and your rate. You’ll see what that lender gives brand-new customers today, a grade from A to F, what the gap costs you a year, your deposit band, and a letter to send your bank. Free, no sign-up, no bank login.
What is a good home loan interest rate right now?
As at 25 September 2026, the lowest advertised owner-occupier variable rate across the 10 lenders we track is 5.89% (Bendigo Bank). The big four banks' lowest advertised owner-occupier variable rates sit between 6.04% and 6.54%. If you're paying more than the top of that range on a standard loan with a deposit of 20% or more, you have a case.
Is 6% a good mortgage rate? For an owner-occupier paying principal and interest with a 20% deposit, it's close to the big four's new-customer rates but above the lowest in the market. The honest answer depends on what your own lender is offering new customers for the same loan today, and that's what the grade above shows you.
How the grade works
We compare the rate you're paying with two things: what your own lender advertises to a brand-new customer today for the same type of loan and the same deposit band, and the lowest rate any lender in our list is advertising for that loan. The grade is based on the gap between your rate and your lender's new-customer rate. A means you're on it. F means you're more than 0.80 of a percentage point above it.
The rates come straight from each bank's published product data, the same information they have to publish under Australia's open banking rules, and they're refreshed every week. Alt doc and low doc loans are graded against alt doc lenders only, because those loans are priced differently and a bank rate would be the wrong comparison.
The loyalty tax: why your bank charges you more than new customers
Banks price for the customers they're trying to win. The advertised rate is for new business. Existing customers keep whatever rate they were put on, and the gap grows every time the bank sharpens its new-customer offer without touching the back book. The ACCC's home loan price inquiry found people with a 3 to 5 year old loan were paying about 0.58 of a percentage point more than new customers, and people with a loan over 10 years old about 1.04 points more. On a $600,000 loan that's roughly $3,500 to $6,200 a year for doing nothing different.
Why your deposit band (LVR) changes your rate
Lenders price by how much of the property you owe. Under 60% is the cheapest band, then 60 to 70, 70 to 80, 80 to 90, and over 90. The 80% line matters most, because above it most lenders charge more and lenders' mortgage insurance usually applies. If you're just above a line, a lump sum or a higher valuation can move you down a band, and the tool shows you what that's worth. New to the term? Our guide explains what LVR means.
Self-employed? Low doc and alt doc home loan rates are graded separately
If you proved your income with an accountant's letter, BAS statements or bank statements rather than payslips and tax returns, you're on an alt doc loan. Those are priced higher across the board, so we grade you against other alt doc lenders, not against a bank's payslip customers. Many people who started on an alt doc loan have since gone back to PAYG work or now have two years of tax returns, and they could refinance to a standard bank rate. If that's you, answer "no" to "still self-employed" and the tool will say so. More in our low doc home loan guide.
What to do with your grade
A: nothing. You're already on the new-customer rate. Check again after the next RBA decision.
B or C: send the letter. Most lenders have a retention team whose job is to keep you. A written request with their own advertised rate in it is hard to refuse.
D or F: send the letter, then get someone to run the numbers on switching. Our mortgage switching calculator shows what moving costs, the comparison rate calculator shows the true cost of a new loan's fees, and a broker can tell you in one call whether the saving is real after costs.
"Banks reprice for new customers every week and quietly leave existing customers where they were. Most people have never once asked for the new-customer rate. The letter does the asking for you."
Mansour Soltani, Head of Research, OurTop10
Home loan health check: common questions
Does asking my bank for a lower rate hurt my credit score?
No. A rate review on an existing loan isn't a credit application. Refinancing to a new lender is, and that shows as one enquiry.
How often do banks change their rates?
Variable rates move with the cash rate and with the bank's own pricing decisions, which can happen any week. We refresh the advertised rates every seven days and show the date on your result.
What if the bank says no?
Ask for the reason in writing. If it's a "no" with nothing behind it, you're in refinance territory, and the letter you sent becomes useful evidence with a new lender that you've done your homework. Our mortgage discharge guide covers what leaving involves.
Is the fixed rate comparison fair?
We compare your fixed rate with the lender's current advertised fixed rate for the same term. That tells you what a new customer would get today, not what you should have got when you fixed. It's most useful in the last few months before your fixed period ends. If you're weighing up your next move, read fixed vs variable home loans.
Where do the rates come from?
From each lender's own published product data under the Consumer Data Right, plus broker rate cards for the alt doc lenders that don't publish feeds. No comparison sites, no lender payments.
Rates checked 25 September 2026 from each lender's published product data or rate card. General information only, not credit advice, and it doesn't consider your circumstances. Your lender may offer a rate different from its advertised rate. Graded loans are stored anonymously to build a public index; uploaded statements are deleted within 24 hours. More tools: all OurTop10 calculators.