Variable rate home loan

A flexible loan with a variable interest rate, no minimum loan amount and a one-off establishment fee.
6.99
% p.a.
Interest rate
7.03
% p.a.
Comparison rate

T&Cs, fees, charges and lending criteria apply. Rates displayed above are available for new borrowings of $150,000 and over only, principal and interest, deposits 20% or more.

Features

$0 bank fees

Free multiple offset accounts

Fee free instant redraw within Online Banking

Unlimited extra repayments at no cost

Low establishment fee

Rates

Rate
% p.a.
Interest rate
Rate
% p.a.
Comparison rate
Apply if you

✓ Are at least 18 years of age

✓ Are a citizen or permanent resident of Australia

✓ Are currently in paid employment

✓ Have not been bankrupt

Whats next?

As your application progresses, you'll be kept up to date with email notifications and calls from your dedicated home loan specialist.

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Why us?

We're an award-winning customer-owned bank, putting people and community before profit.

Canstar outstanding value fixed home lender award 2024Rate city gold award 2024 Best Home Loan over $1m award badge

"Excellent customer service and very smooth transfer of mortgage from other bank to Qudos."

Excellent customer service and very easy to talk to and ask questions. Smooth process transferring mortgage over and fixing rate. Excellent response time - very quick and easy to get a hold of an actual person. Highly recommend.

5 stars

Bec, NSW
from ProductReview.com.au

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Variable Rate Home Loan FAQs

Got questions? We've got answers. View all our Home Loan FAQs here.

What is a variable rate home loan?

A variable rate home loan entails that the interest (interest rate) you pay on your home loan can fluctuate over time. Unlike a fixed-rate home loan, where the interest rate remains the same for a specific period of your loan, variable rate home loans in Australia are subject to changes based on market conditions and factors such as the Reserve Bank of Australia's (RBA) cash rate, lender policies, and economic influences.

Variable interest rates can increase or decrease during the term of the loan, which directly affects the amount of interest you pay on your mortgage. When the interest rate rises, your loan repayments may increase, while a decrease in the interest rate may result in lower repayments. This variability is what sets variable rate home loans apart from fixed-rate home loans, which provide stability in repayments for a set period but may not benefit from interest rate reductions.

What are the advantages of a variable rate home loan?

A variable rate home loan offers several advantages that can be beneficial to borrowers, including:

  • Potential interest rate savings: One of the primary advantages of a variable rate home loanis the potential for savings if interest rates decrease. When the interest rate drops, your loan repayments may decrease accordingly, which could allow you to pay off your mortgage faster or provide more disposable income.
  • Flexibility: Variable rate home loans offer greater flexibility compared to fixed-rate loans. You may be able to make extra repayments, increase your regular repayments, or even pay off your loan earlier without incurring significant penalties. This flexibility may help you manage your finances better and potentially save on interest over the life of the loan.
  • Offset accounts and features: Many variable rate home loans come with additional features such as offset accounts. You’ll usually incur a separate fee in having one. An offset account is a transaction account linked to your home loan, and the balance in the account is offset against your outstanding loan balance. This may reduce the amount of interest you pay on your loan.
  • Access to additional features: Variable rate home loans often provide access to features like redraw facilities, which allow you to withdraw extra repayments you've made. This can be useful if you need to access those funds for other purposes, such as home renovations or emergencies. Having a redraw facility may be subject to a fee.
  • Potential to pay off earlier: With a variable rate home loan, you typically have the option to make additional repayments or pay off your loan early without facing substantial penalties. This could help you save on interest and become mortgage-free sooner. Find out more about how this feature could improve your finances with our home loan extra repayment calculator.
  • Benefit from interest rate drops: If your lender reduces interest rates for your loan product, you have the potential to benefit from lower repayments. This means that variable interest rates could potentially free up more cash for your other financial goals or reduce financial strain during challenging times.

In any case, it’s important to compare various home loan options to ensure that you find the best variable interest rate for your individual circumstances and financial needs.  

For those considering a variable rate home loan for the first home, we recommend reading our comprehensive guide to buying your first home.

Is a variable rate home loan rate right for me?

Determining if a variable rate home loan is right for you requires careful consideration of your financial circumstances, goals, and risk tolerance. Here are some factors to consider when deciding if home loan variable rates are better suited to your needs:

  • Financial Stability: Assess your financial stability and ability to manage potential fluctuations in loan repayments. If you have a stable income and are confident in your ability to handle potential interest rate increases, a variable rate home loan may be suitable. However, if you have a tight budget or prefer more predictable repayments, a fixed-rate home loan might be a better option. Refinancing your home loan to a variable rate may offer benefits such as potential interest rate savings or access to additional features.
  • Risk Tolerance: Consider your tolerance for risk. Variable rate home loans can change over time, which means your repayments may increase if interest rates rise. If you prefer a level of certainty and want to protect against potential rate hikes, a fixed-rate loan might be a better fit.
  • Market Conditions: Stay informed about current economic trends and interest rate forecasts. If interest rates are expected to remain relatively stable or are forecasted to decrease, a variable rate home loan may be more appealing. However, if interest rates are predicted to rise, you may want to consider a fixed-rate loan to secure a consistent repayment amount.
  • Financial Goals: Consider your long-term financial goals. If you plan to make extra repayments, pay off your loan sooner, or take advantage of offset accounts or other features, a variable rate home loan can provide the flexibility to achieve these goals. On the other hand, if you prefer a set repayment plan without the need for additional features, a fixed-rate loan may be more suitable.

Read our ‘Should I fix my home loan’ blog to learn more about whether a fixed rate or variable rate home loan aligns better with your financial goals

Can I switch from a variable rate home loan to a fixed rate?

Yes, lenders generally allow borrowers to switch from a variable rate home loan to a fixed rate. However, it's important to note that specific terms, conditions, and fees may apply.

For Qudos Bank customers, contact us directly to discuss the details and requirements of switching your loan from a variable rate to a fixed rate.

Can I make extra repayments on a variable rate home loan?

Yes, typically, variable rate home loans allow you to make extra repayments. Making extra repayments may be an effective strategy to reduce the outstanding balance of your loan faster and potentially save on interest charges over the loan term.

However, it's important to review the specific terms and conditions of your variable rate home loan, as some loans may have limits on the amount or frequency of extra repayments or may charge fees for certain types of additional payments.  

How do I apply for a variable rate home loan?

We will accept applications by telephone, online or in person at one of our branches. Our Home Loan Application Checklist and Guide can help you through every step of the process.

For more information view our Home Loan Application Process Page.

How long will it take for my variable rate home loan application to be approved?

Once you've submitted your application and supporting information to us conditional approval is usually obtained within 48 hours, subject to satisfactory credit checks and verification of financial and property information. Our Lending Specialists can provide more information about approving your loan.

Can I split my home loan between variable and fixed rate products?

Yes, it’s generally possible to split your home loan between variable and fixed rate products. Loan splitting allows you to divide your loan amount into different portions, each with its own interest rate and repayment structure. By splitting your loan, you can have part of it on a variable rate and another part on a fixed rate, giving you the benefits of both types of loans.

It's important to note that specific terms and conditions, as well as any associated fees, may apply when splitting your loan between variable and fixed rate products. Contact Qudos Bank directly to discuss the options available to you and understand the details of loan splitting for your specific circumstances.

What is home loan redraw facility?

A redraw facility allows you to take back the extra payments you have made on your loan account. For example, your minimum monthly loan repayments are $3,000. If you pay $3,200 each month for a period of 6 months, you'll have paid an additional $1,200 on top of your minimum repayments. The redraw facility allows you to access that extra $1,200 if required. A fee for a redraw facility may apply.

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Important Information

Approved applicants only. Normal lending criteria, terms and conditions and fees and charges apply.

Lenders mortgage insurance is required for home loans over 80% LVR and is subject to approval.

For interest only loans, only monthly repayment option available. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

You should read and consider the relevant terms and conditions (available on request) and our Financial Services Guide before deciding whether to obtain any of our financial products or services. Target Market Determination available here.

Canstar Outstanding Value – Home Lender – 2024 awarded for Outstanding Value across all P&I owner occupier profiles

Standard variable interest rate which your account will revert to after the introductory offer.

Intro variable rate applies to all transactions (including purchases, cash advances and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable interest rate.

Annual fee charged upon account opening and annually thereafter.

Interest free days on purchases only apply if your account is paid in full by the due date each month. Excludes cash advances and BPAY transactions. Payment must be received by Qudos Bank by close of business.

Intro rate applies to all transactions (including purchases, cash advances and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable interest rate.

Current standard variable interest rate is 12.84% p.a. for Visa Lifestyle, 16.35% p.a. for Visa Lifestyle Plus and 19.49% p.a. for Visa Platinum Credit Cards.

Intro rate applies to all transactions (including purchases, cash advances and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable interest rate.

Current standard variable interest rate is 12.84% p.a.

Construction period is up to the date the final progress payment is made or 12 months from the date we first advance money to you, whichever is earliest.

Product deposit requirements vary, split options must meet the highest minimum deposit amount.

Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions and Credit Card Terms and Conditions. You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qudos Bank Qantas Points Banking products and is a credit provider and credit licensee under National Consumer Credit laws.

Access the 24/7 Visa Premium Concierge service in Australia on 1800 639 607. For country contact numbers, terms and conditions and more information, click here.

AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued a group policy to Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305, (Qudos Bank), which allows eligible Qudos Bank account holders and cardholders to claim under the group policy as a third party beneficiary by reason of the statutory operation of Section 48 of the Insurance Contracts Act 1984 (Cth). The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the Complimentary Travel Insurance Policy Information Booklet: Effective 22 May 2024 which may be amended from time to time. An excess may be deducted from any benefit paid. Qudos Bank does not guarantee this insurance.

A maximum amount of $150,000 applies for vehicles up to 3 years old and $75,000 for vehicles between 3 and 5 years old.

Eligible purchases do not include cash advances, ATO payments, Bpay, interest, balance transfers, fees and charges or traveller's cheques and foreign currencies - these do not earn Qantas Points. For the full list of exclusions, please refer to the Credit Card Terms and Conditions. Qantas Points can be earned on a maximum of $200,000 of eligible purchases per customer for each 12 month period, commencing from the date your account is opened and each account anniversary thereafter (Eligible Transaction Cap), regardless of the number of Qudos Bank Platinum Credit Cards held by you.

Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions and Credit Card Terms and Conditions. You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qudos Bank Qantas Points Banking products and is a credit provider and credit licensee under National Consumer Credit laws.

Selected Qantas products and services are the following items purchased directly from Qantas: Qantas passenger flights (with a QF flight number) Qantas Frequent Flyer and Qantas Club membership joining and annual fees. Excludes Jetstar, Qantas Holidays, Qantas branded non-airfare products and any Qantas products and services not purchased directly from Qantas, purchases from Qantas Freight, Qantas Holidays, Qantas Business Travel, Jetset Travel world channels, Qantas Staff Travel, the Jetstar Group of companies or goods or services supplied by QFF Program partners.

Eligible purchases do not include cash advances, ATO payments, Bpay, interest, balance transfers, fees and charges or traveller's cheques and foreign currencies - these do not earn Qantas Points. For the full list of exclusions, please refer to the Credit Card Terms and Conditions. Qantas Points can be earned on a maximum of $200,000 of eligible purchases per customer for each 12 month period, commencing from the date your account is opened and each account anniversary thereafter (Eligible Transaction Cap), regardless of the number of Qudos Bank Platinum Credit Cards held by you.

Qantas Points accrue in accordance with and subject to the Visa Platinum Rewards Program Terms and Conditions (contained in the Credit Card Terms and Conditions). You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee  is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qantas Points Banking Products and is a credit provider and credit licensee under National Consumer Credit laws.

AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued a group policy to Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305, (Qudos Bank), which allows eligible Qudos Bank account holders and cardholders to claim under the group policy as a third party beneficiary by reason of the statutory operation of Section 48 of the Insurance Contracts Act 1984 (Cth). The eligibility criteria, terms, conditions, limits and exclusions of the group policy are set out in the Complimentary Travel Insurance Policy Information Booklet: Effective 22 May 2024 which may be amended from time to time. An excess may be deducted from any benefit paid. Qudos Bank does not guarantee this insurance. Any advice has been prepared without taking into account your objectives, financial situation or needs.  You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice.

Access the 24/7 Visa Premium Concierge service in Australia on 1800 639 607. For country contact numbers and more information, click here.

Intro rate applies to all transactions (including purchases, cash advances and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable rate

Current standard variable interest rate is 19.49% p.a.

Annual fee charged upon account opening and annually thereafter.

Up to 55 days interest free on purchases only applies if your account is paid in full by the due date each month. Excludes cash advances and BPAY transactions. Payment must be received by Qudos Bank by close of business.

Intro rate applies to all transactions (including purchases, cash advances and balance transfers) for the first five months from the first date your account is approved and then reverts to the standard variable interest rate.

Current standard variable interest rate is 16.35% p.a.


If you would like to request a larger amount, please call us on 1300 747 747.

A maximum amount of $150,000 applies for vehicles up to 3 years old and $75,000 for vehicles between 3 and 5 years old.

Rate applies to term deposits account opened during the term of your Qantas Points Home Loan. Special terms of 3, 6, 9 and 12 months are available and are upon request.

Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions and Credit Card Terms and Conditions. You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qudos Bank Qantas Points Banking products and is a credit provider and credit licensee under National Consumer Credit laws.

Mortgage insurance is required for home loans over 80% and is subject to approval.

An establishment fee of $600 applies to this loan.

Waived annually whilst signed up to the Value Package. Only available for one Visa Platinum Credit Card per Value Package.

Repayment Holidays are not available on interest only loans. Applications are subject to Qudos Bank’s approval.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. An unsecured loan of $10,000 with a term of 3 years, or a secured loan of $30,000 with a term of 5 years (as applicable) and a monthly repayment frequency have been used to calculate the comparison rate for all personal loans.

Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions. You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qantas Points Banking products and is a credit provider and credit licensee under National Consumer Credit laws.

Qantas Points accrue on balances up to $1,000,000 in accordance with and subject to the Qantas Points Banking Terms and Conditions. You must be a member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer Membership number to us to earn and redeem Qantas Points. The joining fee is waived for Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qantas Points Banking Products and is a credit provider and credit licensee under National Consumer Credit laws.

Bonus Rate applied if no withdrawals are made during the month.

WARNING: The comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rates assume a loan of $150,000 for 25 years. For fixed rate loans, the comparison rate is based on the initial fixed rate period, reverting to the current interest rate applicable to a new principal and interest Low Cost Home Loan with a deposit or equity of 20% or more, for the relevant purpose (ie. owner-occupied or investment). For fixed interest only loans, the interest only period is equal to the fixed period.

Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for new borrowings of $150,000 and over only. Minimum deposit or equity of 10% is required. Fixed rate may change prior to funding. On expiration of the fixed rate period, the interest rate will revert to a new principal and interest Low Cost Home Loan with a deposit or equity of 20% of more, for the relevant purpose (ie. owner-occupied or investment).

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Our comparison rate assumes a loan of $150,000 for 25 years. The comparison rate is based on a 12 months interest only period, reverting to the interest rate applicable to a new principal and interest Low Cost Home Loan with a deposit or equity of 20% or more for the relevant purpose (ie. owner-occupied or investment).

Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for new borrowings of $150,000 and over only. Minimum deposit or equity of 10% is required. After completion of construction, your interest rate will revert to the current interest rate applicable to a new principal and interest Low Cost Home Loan with a deposit or equity of 20% or more, for the relevant purpose (ie. owner-occupied or investment).

Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for new borrowings of $150,000 and over only. Minimum deposit or equity of 5% is required. For interest only loans, the rate shown is the rate that applies during the interest only period of your loan. At the end of the interest only period, the interest rate will revert to the variable interest rate applicable to a new principal and interest Standard Variable Home Loan with a deposit or equity of 20% or more, for the relevant purpose (ie. owner-occupied or investment). Interest only available for 1 to 5 years and are subject to approval.

Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for new borrowings of $150,000 and over only. Minimum deposit or equity of 10% is required. For interest only loans, the rate shown is the rate that applies during the interest only period of your loan. At the end of the interest only period, the interest rate will revert to the variable interest rate applicable to a new principal and interest home loan for the relevant variable home loan product, and for the relevant purpose (ie. owner-occupied or investment) with a deposit or equity of 20% or more. Interest only available for 1 to 5 years and are subject to approval.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Our comparison rate assumes a loan of $150,000 for 25 years. For interest only loans, the comparison rate is based on a 5-year interest only period, reverting to the interest rate applicable to a principal and interest loan with a deposit or equity of 20% or more for the relevant purpose (ie. owner-occupied or investment).

Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for new borrowings of $150,000 and over only. Minimum deposit or equity of 20% is required. For interest only loans, the rate shown is the rate that applies during the interest only period of your loan. At the end of the interest only period, the interest rate will revert to the variable interest rate applicable to a new principal and interest No Frills Home Loan for the relevant purpose (ie. owner-occupied or investment) with a deposit or equity of 20% or more. Interest only terms available for 1 to 5 years and are subject to approval.