Mortgage rate tracker for Australian home loans
Ratey helps you keep an eye on your home loan rate after the first comparison. Add your property and mortgage details to see your saved rate alongside available comparisons from the lender panel. Tracked mortgages are scheduled for fresh comparisons roughly monthly. Use a difference as a reason to review your loan, then confirm eligibility, fees and terms with the lender before treating an advertised rate as an available saving.
By Ratey · General information for Australian borrowers.
Illustrative review: notice a difference, then price the move
Suppose you save a $500,000 mortgage at 6.20% and a later panel comparison shows a potentially relevant 5.90% rate. The difference is 0.30 percentage points. A simple opening-balance calculation is $1,500 a year, before balance changes, fees or eligibility conditions. These are invented example rates, not current offers.
If switching requires $2,000 of costs, the rate gap alone does not answer whether to move. Obtain the actual quote, keep the remaining term consistent and compare interest plus fees over your expected holding period. Your current lender may also respond with a different offer.
Ratey’s role is to make the review opportunity visible and keep the saved mortgage available for the next check. The lender decides what it will offer you.
From a saved mortgage to the next rate check
Start with your current balance, interest rate and loan details. Ratey uses the saved information to show your mortgage and compare available panel results. The loan view includes a Check rates action so you can request a comparison from the dashboard.
Scheduled checking revisits mortgages whose last comparison is more than 30 days old. It is designed for an ongoing monthly review, not a live feed of every lender change. The date of the latest successful check matters when you use a result.
Your saved rate also needs to be right. If the lender changes your rate or you change loan type, review the mortgage details so the comparison starts from the correct position.
What the comparison helps you notice
The useful first question is whether your current loan deserves a closer look. A lower panel rate may give you a concrete prompt to contact your existing lender or collect an alternative quote. Ratey’s result does not reserve an offer or establish your eligibility.
The panel does not represent every home loan in Australia. Offers may depend on balance, LVR, occupancy, repayment type and other conditions. Compare an equivalent loan, then check offset access, ongoing fees and any switching costs.
Moneysmart’s switching guide recommends considering the costs of moving and the new loan term. Use Ratey’s refinance calculator for a separate interest-and-fee scenario once you have actual quotes.
Turn a rate difference into a short review
Open your latest statement and check the rate, remaining term and balance against the saved details. Look at when the comparison was checked. If a result looks relevant, note the loan type and conditions before asking the lender about it.
Then ask your current lender for its available rate and fees. If you obtain a better offer, compare the full cost over the period you expect to keep the loan. Record the final decision in your own notes and update the saved rate if your lender changes it.
This page demonstrates ongoing monitoring. For help preparing the actual conversation, use the home-loan review page and its request builder.
Your next-step checklist
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Common questions
Does Ratey check rates every day for my loan?
The scheduled process runs daily, but individual mortgages become due for a fresh comparison after more than 30 days. The intended frequency per tracked mortgage is roughly monthly.
Does Ratey compare every lender?
No. Comparisons cover the available lender panel. Confirm the product conditions and look at other options where relevant.
Does Ratey automatically read my current bank rate?
The comparison uses your saved mortgage details. Keep those details current and check them against your lender’s statement.
Sources and assumptions
These primary sources support the explanations above. Examples use invented figures to show the calculation or decision; they are not available loan offers. Check your lender’s terms for your circumstances.
Calculations are estimates and do not establish borrowing eligibility. Read the calculation methodology.
Keep your mortgage ready for review
Add your mortgage to Ratey and use ongoing comparisons to spot when a closer review may be useful.