Australia

Finder Awards 2020 Best Low Deposit Home Loan (Owner-Occupier Variable)

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Best Low Deposit Home Loan (Owner-Occupier Variable)

P&N Bank & Home Loan Intro Rate

With a competitive rate and a maximum insured loan to value ratio of 95%, this loan is a good low deposit home loan. It also comes with few fees and a 100% offset account as well.

Finalists:

Methodology: Best Low Deposit Home Loan (Owner-Occupier Variable)

Here's how our expert analysts assessed the Best Low Deposit Home Loan (Owner-Occupier Variable) category to pick the 2020 winner.

Selection and scoring

Products were selected from the broader market that met these criteria:

Minimum loan amount $200,000 or below, maximum loan amount $500k or higher or blank
90%+ max insured loan-to-value ratio available
Variable
P&I
Interest rate between 2% and 5%

Scores were awarded out of 10 for each product metric, based on how each metric compares to the other products in a given category.

Scores for each metric were then weighted:

Interest rate: 70%
Total fees: 20% including application fees, service fees, settlement fees, valuation fees, legal fees, exit fees
Offset account: 10%

Tiebreakers were ranked by the lowest interest rate in Q4.

Availability criteria

Product must be available at the time of award announcement.
Products were analysed and compared to the market on the following dates:

1/9/19 (Q1)
1/12/19 (Q2)
29/2/20 (Q3)
32/5/20 (Q4)

Products must have been in the market for at least two of the four quarters, including the most recent quarter.
Quarters were weighted as follows unless otherwise stated (with Q4 being the most recent quarter):

Q4: 50% of final score
Q3: 25% of final score
Q2: 12.5% of final score
Q1: 12.5% of final score

For products only available in three quarters, the weighting is as follows: