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Best home loan rates: Compare rates and offers

Every month we analyse over 50 mortgages from 20+ lenders to find our best home loan picks.

Our expert's top picks: Best home loans in December 2023

Need more options? Compare some of the market's best home loan rates

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest10% min. depositOwner-occupierOffset account
Interest Rate
5.97%
Comparison Rate
6.12%
Fees
Application: $250
Ongoing: $10 per month
Monthly Payment
$2,992
Go to siteMore Info
Principal & Interest20% min. depositInvestmentRefinance
Interest Rate
6.04%
Comparison Rate
5.95%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to siteMore Info
Principal & Interest10% min. depositOwner-occupier
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to siteMore Info
Principal & Interest50% min. depositOwner-occupierOffset account
Interest Rate
5.99%
Comparison Rate
6.03%
Fees
Application: $600
Ongoing: $395 p.a.
Monthly Payment
$2,998
Go to siteMore Info
Principal & Interest40% min. depositOwner-occupier
Interest Rate
6.24%
Comparison Rate
6.26%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,079
Go to siteMore Info
Principal & Interest20% min. depositOwner-occupierRefinance
Interest Rate
5.74%
Comparison Rate
5.65%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,918
Go to siteMore Info
Principal & Interest10% min. depositOwner-occupierOffset account
Interest Rate
6.15%
Comparison Rate
6.15%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,050
Go to siteMore Info
Principal & Interest30% min. depositOwner-occupierOffset account
Interest Rate
5.98%
Comparison Rate
5.98%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,995
Go to siteMore Info
Principal & Interest5% min. depositOwner-occupierOffset account
Interest Rate
6.04%
Comparison Rate
6.07%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to siteMore Info
Principal & InterestOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
6.23%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to siteMore Info
Principal & InterestOwner-occupierOffset account
Interest Rate
6.24%
Comparison Rate
6.28%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$3,079
Go to siteMore Info
Principal & Interest20% min. depositInvestment
Interest Rate
6.54%
Comparison Rate
6.57%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,177
Go to siteMore Info
Principal & Interest 5Y Fixed5% min. depositOwner-occupier
Interest Rate
6.39%
Comparison Rate
6.93%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,128
More Info
Principal & Interest5% min. depositOwner-occupierOffset accountSpecial Offer
Interest Rate
6.19%
Comparison Rate
6.22%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to siteMore Info
Finder AwardPrincipal & Interest10% min. depositOwner-occupier
Interest Rate
5.94%
Comparison Rate
5.95%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,982
Go to siteMore Info
Principal & Interest40% min. depositOwner-occupierOffset accountSpecial Offer
Interest Rate
6.19%
Comparison Rate
6.22%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to siteMore Info
Finder AwardPrincipal & Interest40% min. depositOwner-occupierOffset account
Interest Rate
6.24%
Comparison Rate
6.49%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,079
Go to siteMore Info
Principal & Interest 4Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.59%
Comparison Rate
6.39%
Fees
Application: $498
Ongoing: $0 p.a.
Monthly Payment
$3,193
More Info
Principal & Interest 3Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.29%
Comparison Rate
6.99%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$3,095
More Info
Principal & Interest 4Y Fixed5% min. depositInvestment
Interest Rate
6.59%
Comparison Rate
6.46%
Fees
Application: $499
Ongoing: $0 p.a.
Monthly Payment
$3,193
More Info
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Finding the best home loan for you

Every month, our home loan experts analyse over 50 home loan rates from our database to find our best home loan picks. We only select home loans that are suitable for a typical borrower, so we don't include loans that require enormous deposits or have extra eligibility requirements.

We then rank these loans, with a scoring system that awards a higher score for loans with the lowest rates and fewest fees.

All our picks are from lenders with whom Finder has a commercial partnership. The best home loan looks a little different for every borrower, and our picks may not be the best option for your situation.

Why you can trust Finder's research

Rates
100+ rates compared
Expert
Analysis from the experts
Calendar
Picks updated monthly

Read our in-depth methodology

Best home loan pick for refinancers

Bendigo Bank Express Variable Home Loan

3 things we like about Bendigo

  • You can take out multiple offset accounts to cut back on the interest you pay.
  • You can make additional repayments to pay off your loan faster, or access those repayments with free redraw.
  • This is an online home loan, meaning application is fast and simple.

What else to consider

  • This loan is only available to borrowers in a capital city or major regional centre.
  • If you are purchasing a home, it must be an already established property.
  • There is a monthly fee of $10.

Best home loan pick for first home buyers

Greater Bank Great Rate Discount Variable Home Loan - Up to 110% LVR

3 things we like about this loan

  • This loan is available with a 110% LVR for first home buyers.
  • There are no fees that come with this loan.
  • You can make extra repayments and take advantage of the redraw facility.

What else to consider

  • To take advantage of the full 110% LVR you need a family guarantor.
  • This loan does not come with the option for an offset account.
  • You can only take out this product if you are in NSW, QLD or the ACT.

Best home loan pick for investors

Unloan Variable Home Loan - (Investor)

Unloan logo

3 things we like about Unloan

  • There are no fees to pay with this loan.
  • You receive an automatic rate discount for each year you hold the loan.
  • You can make extra repayments and redraw from the extra cash if you need to.

What else to consider

  • This loan is only available to refinancers.
  • You can't take out an offset account with this loan.
  • Although it's backed by Commonwealth Bank, Unloan is online only. This means there are no branches and everything is handled online or over the phone.

Why you can trust our research

300+
loans assessed
100+
providers analysed
80+
hours of research

Finder Awards 2023 Best Home Loan Awards winners for 2023

Every year Finder runs awards to find the best home loans from the previous 12 months. These are the loans which came out on top in the 2023 Finder Awards.

Check out the full awards page to learn more about how we chose the winners.

How do I get the best deal on a home loan?

There are 3 things every borrower needs to look at when hunting for the perfect home loan:

  1. Finder a lower rate
  2. Avoid big fees
  3. Get mortgage features you need

Find a lower rate

The interest rate determines your borrowing costs. The lower the rate, the less interest you pay each month.

Let's say your loan amount is $500,000 with a 30-year loan term. Here's how different rates change the repayments.

Interest rateMonthly repayment
5.75%$2,918
6.00%$2,998
6.25%$3,079
6.50%$3,161
6.75%$3,243
7.00%$3,327
7.25%$3,411

The best home loan will always have a low interest rate compared to most loans on the market.

Avoid big fees

Look for a loan that doesn't charge many fees. Ongoing annual fees can cost hundreds of dollars and one-off application or settlement fees can costs hundreds more.

While a low rate is more important, don't forget to add up the cost of fees.

Get mortgage features you need

Home loans with added features can offer you more flexibility in how you repay and manage your loan:

  • Offset accounts can help you cut down your interest repayments.
  • Redraw facilities let you take out extra money you've paid into your mortgage to use in emergencies.
  • Loan portability lets you move your home loan from one property to another without refinancing.

Why the best home loan is different for every borrower

Low rates and fees always matter. But every borrower's needs are slightly different. The best home loan for each borrower depends on their short- and long-term plans.

Here are some examples of specific borrowers with very different needs.

Icon of a man.A property investor with a mortgage on the family home

Plenty of investors haven't paid their own home loans off yet. For this type of borrower, one approach could be as follows:

  1. Make sure your owner-occupier loan has a low interest rate. Focus on repaying this debt as fast as possible. The interest you pay on your home loan is not tax deductible. But it is on your investment loan.
  2. Choose interest-only repayments on your investment loan. This allows you to minimise your investment loan repayments while focusing on your own home loan first. This makes sense because the interest is tax deductible too.

This is just one approach for a property investor to take. In a complex scenario like this, getting personal advice from a mortgage broker and an accountant is a really good idea.

Money.A cautious homebuyer with plenty of extra money in savings

Let's say you have a 20% deposit and you're looking for a home loan. Obviously, the best loan for you has a low interest rate. But let's say you also have a lot of extra money sitting in your bank account earning very little interest.

Assuming you don't want to invest this money and want access to it in an emergency. In this scenario the best home loan for you will come with a 100% offset account.

The offset account means you can park your savings in the home loan. By saving the money there, you're cutting down the amount of interest your lender charges you.

Clock You've signed a contract to buy and you're running out of time

If settlement day is fast approaching and you haven't got a home loan approved, the best home loan is the one that a lender will approve quickly.

This could mean a few things. You might abandon the hunt for a better deal and just talk to your own bank. Or you might try an online lender with a fast approval process.

Need more help finding a good loan? Talk to a broker

Mortgage brokers are professionals who have access to a panel of lenders. They can find you a product that matches your financial needs and also help with your application.

Talk to a qualified mortgage broker today.

Compare more home loan options here

Why you can trust Finder's home loan experts

free
We're free
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
expert advice
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Your home loan questions answered

More guides on Finder

Find the right home loan now

Ask an Expert

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116 Responses

    Default Gravatar
    FrederickNovember 17, 2022

    What is the best home loan rate for refinancing a $1.1m loan?

      AvatarFinder
      RebeccaNovember 22, 2022Finder

      Hi Frederick,

      The best home loan interest rate can vary depending on borrower circumstances and what you’re looking for in a home loan.

      You can use our comparison tool to helpΒ you find the most competitive rates in theΒ market. Consider your borrowing needs and shop around to look for loans with low fees and other loan features you might need.

      You can also look into speaking with a mortgage broker to assist you in finding the loan that best fits your interest-rate needs and financial situation.

      All the best,
      Rebecca

    Default Gravatar
    SueMarch 4, 2020

    I have a home loan for my current property around 300k. If i rent out that home rental income enough for pay capital& interest. If i want to buy another property, is it for borrowing power calculation is it total income alone
    Used or bank use only % of my current income?

      Default Gravatar
      NikkiMarch 5, 2020

      Hi Sue,

      If the property has tenants and regular income the lender will probably take it into consideration when looking at borrowing power, but it’s worth checking with a lender before applying with them. Some lenders may only take 80% of your rental income as part of your borrowing power.

      Best,
      Nikki

    Default Gravatar
    angelesApril 24, 2019

    hi,im looking for a low deposit home loan asap

      AvatarFinder
      JohnApril 25, 2019Finder

      Hi Angeles,

      If you are looking for low deposit home loan providers, look at the “Max LVR” portion of the comparison table we are on. The higher the Max LVR, the lower your deposit would be. An example is: For a Max LVR of 80%, you provide 20% deposit on it. Hope this helps!

      Cheers,
      Reggie

    Default Gravatar
    MarkJuly 1, 2018

    I am 20 yrs old trying to go for my first house I work full time and I don’t have too much saved up yet in my opinion so where do I get started?

      AvatarFinder
      JoshuaJuly 1, 2018Finder

      Hi Mark,

      As a general rule, you need to save at least 10% of the property value. This can give a 5% buffer (for a maximum 95% LVR loan) to pay costs such as stamp duty and LMI onto the principal of the loan.

      Ensure that there is a high likelihood that you’ll qualify for a home loan before you apply. The way the credit system works, each application for credit is recorded against your name. Multiple entries in a short space will more than likely lead to rejection. Other factors that lenders may consider to assess your eligibility are your income, assets, liabilities, employment and credit history.

      Moreover, you mentioned that you are a first-time homebuyer. In this case, you may want to read our guide about the First Home Owners Grant.”

      Finally, if you want to know more about the things you need in a loan when buying your first home.

      Cheers,
      Joshua

    Default Gravatar
    HelenNovember 23, 2017

    I am 48. Never had a loan for anything as I believe you don’t get unless you have. I am entitled to the first home owners grant. Currently I’m on a sickness benefit but looking for work down the track. I’ve been looking at rentals but if I can buy my own home rather than pay someone elses off I don’t see why not to go for it. Where do I stand ?

      AvatarFinder
      JudithNovember 24, 2017Finder

      Hi Helen,

      Thanks for reaching out to us. I hope all is well with you today.

      At the moment, we do not have a specific list of home loan lenders that accept sickness benefits as your main source of income. Finding a lender may require you to do some research or you may contact a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Once you’ve found a lender who is willing to help, you may proceed with the regular application process. Please note that you will need to provide extra information about your income.

      Before applying, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

      I hope this helps.

      Cheers,
      Judith

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