How to Secure the Best Mortgage Rates
“Best deal” isn’t just the lowest advertised rate – it’s the right combination of rate, fees, features, and flexibility for your situation. Here’s how to actually find it.
Compare the comparison rate, not just the headline rate
The advertised rate is often an introductory or “honeymoon” rate that expires after 1–2 years. The comparison rate folds in most standard fees to show a more realistic annual cost – always check both before assuming a rate is genuinely competitive. Please note – comparison rate in itself is of not much use as it’s for a certain loan over a certain fixed term. You will most likely not remain with that lender for entire life of the loan. So, take it with a pinch of salt.
Know your full borrowing picture before you shop
Get a clear read on your income, expenses, existing debt, and credit score before comparing lenders. Different lenders assess these differently – one bank’s servicing calculator might approve you for $250,000 more (or less) than another’s for the exact same numbers.
Look past the best mortgage interest rate at these features
- Offset account – reduces the interest you pay by offsetting your loan balance against savings sitting in a linked account
- Redraw facility – lets you access extra repayments you’ve made if you need the cash later
- Extra repayments allowed – some fixed loans cap how much extra you can pay without a penalty
- Exit fees / discharge fees – relevant if you might refinance again down the track
A slightly higher rate with an offset account can genuinely save more than a rock-bottom rate with none, depending on your savings behaviour.
Negotiate – lenders expect it
Banks routinely offer rate discounts to borrowers who ask, especially those refinancing from a competitor or with a strong deposit. Having a competing offer in hand (or a broker who can show one) is the single most effective negotiating tool.
Use a broker to widen the comparison
A mortgage broker compares dozens of lenders at once, including ones you may not have considered, and can identify where you’ll get approved on the best terms – not just the best advertised rate. This typically costs you nothing, since brokers are paid by the lender.
Ready to compare your options properly?
Book a call and we’ll run a real comparison across the market for your situation – no guesswork, no analogies required.