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The best home loan rates, so you have more money for avocado toast

We put 50+ home loans through the ringer every month so we can rank the best ones for you. You're welcome!

Our expert's top picks: Best home loans in October 2024

There isn't one best home loan on the market. And all home loans can't be compared equally. So our experts have chosen a top pick for each type of home loan offer that appeals to a wide variety of people in Australia.

Our picks for the best home loans for September:

These home loans have a Finder Score of at least 8/10 in each category.


Best home loan pick for refinancers

NRMA Insurance Variable Home Loan - (Owner Occupier, P&I)

NRMA Insurance Variable Home Loan

  • $0 Application
  • $0 Annual Fee
  • 5.98% Interest rate
  • 6.02% Comparison rate

Pros & cons

  • You can get a home loan with as little as a 10% deposit
  • You can choose to add a 100% offset account with this loan
  • This loan comes with an unlimited redraw facility
  • You can only get a home loan for properties within a capital city or major regional centre outside of Victoria
  • If you want branch access, this provider is online only
  • There’s a $10 a month fee for the offset account

Why we like it

  • NRMA Insurance offers home loans for all borrower types
  • There’s no charge if you want to redraw from your extra repayments
  • You can choose to have an offset account with this loan
  • This home loan has a Finder Score of 9.1.

    Best home loan pick for first home buyers

    Unloan Variable Home Loan - (Owner Occupier)

    Unloan Variable Home Loan

    • $0 Application
    • $0 Annual Fee
    • 5.99% Interest rate
    • 5.9% Comparison rate

    Pros & cons

    • A competitive variable rate home loan
    • Automatic interest rate discount
    • No lender fees
    • No offset account
    • You can’t borrow more than 80% of the property value, even with a first home buyer scheme
    • Unloan doesn’t offer fixed rates or interest only loans

    Why we like it

  • You can redraw from any extra repayments you make without paying any fees
  • There are also no other fees with this loan.
  • You receive an automatic rate discount for each year you hold the loan.
  • This home loan has a Finder Score of 9.1.

    Best home loan pick for investors

    Unloan Variable Home Loan - (Investor)

    Unloan Variable Home Loan

    • $0 Application
    • $0 Annual Fee
    • 6.29% Interest rate
    • 6.2% Comparison rate

    Pros & cons

    • A competitive variable rate home loan
    • Automatic interest rate discount
    • No lender fees
    • No offset account
    • You can’t borrow more than 80% of the property value, even with a first home buyer scheme
    • Unloan doesn’t offer fixed rates or interest only loans

    Why we like it

  • 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.
  • This home loan has a Finder Score of 9.1.

    Best home loan pick for cashback

    Newcastle Permanent Real Deal Home Loan - Special Offer 1 (Owner Occupier, P&I)

    Newcastle Permanent Real Deal Home Loan

    • $595 Application
    • $0 Annual Fee
    • 6.04% Interest rate
    • 6.08% Comparison rate

    Pros & cons

    • There are no ongoing fees.
    • This loan comes with a redraw facility for extra repayments.
    • You can split your home loan into multiple loan account.
    • A high application fee of $595.
    • There is no offset account attached to this loan.
    • Much higher interest rates for borrowers with LVRs of above 80%.

    Why we like it

  • Eligible borrowers can get up to $3,000 in cashback depending on the loan amount.
  • For loans of less than an 80% LVR, this special offer gives a discounted rate of 2.20%.
  • With Newcastle Permanent’s online application you can get started in as little as 15 minutes.
  • This home loan has a Finder Score of 9.

    Best home loan pick for redraw

    Unloan Variable Home Loan - (Owner Occupier)

    Unloan Variable Home Loan

    • $0 Application
    • $0 Annual Fee
    • 5.99% Interest rate
    • 5.9% Comparison rate

    Pros & cons

    • A competitive variable rate home loan
    • Automatic interest rate discount
    • No lender fees
    • No offset account
    • You can’t borrow more than 80% of the property value, even with a first home buyer scheme
    • Unloan doesn’t offer fixed rates or interest only loans

    Why we like it

  • You can redraw from any extra repayments you make without paying any fees
  • There are also no other fees with this loan.
  • You receive an automatic rate discount for each year you hold the loan.
  • This home loan has a Finder Score of 9.1.

    Best home loan pick for offset

    G&C Mutual Bank First Home Buyer - Special Offer (Owner Occupier, P&I)

    G&C Mutual Bank First Home Buyer

    • $0 Application
    • $0 Ongoing fee
    • 5.99% Interest rate
    • 6.02% Comparison rate

    Pros & cons

    • With LMI you can take out this loan with as little as a 5% deposit
    • There are no establishment or ongoing fees
    • You can make unlimited extra repayments and redraw the funds
    • This product is only available if you’re a first home buyer
    • If you’d prefer to deal with a lender in person, G&C Mutual Bank only has 6 service centres in NSW and 1 in Melbourne

    Why we like it

  • This loan comes with a 100% offset account
  • There are no pesky additional fees to worry about
  • G&C Mutual Bank was the winner of a Finder award in 2024
  • This home loan has a Finder Score of 9.1.

    Want to dive deeper? Compare over 400 home loans and find the right one for you

    Compare now

    Finding the best home loan for you

    Every month, our home loan experts take a look at the top scoring products in our Finder Score data to find the best home loan picks from our partner lenders.

    Our home loan picks showcase the best loans for:

    • First home buyers
    • Refinancers
    • Investors
    • Redraw
    • Offset accounts
    • Cashback offers

    What is Finder Score?

    The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

    To provide a Score, we compare like-for-like loans. So if you're trying to find the best home loan for you, you can see how each product stacks up against other home loans with the same borrower type, rate type and repayment type. In the case of fixed loans, we also split them up into short term and long term fixed rates.

    Read our full Finder Score methodology

    Why you can trust Finder's research

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

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

    1. 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.

    2. 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. Take a look at our full guide on home loan fees so you know what to watch out for.

    3. 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.

    Finder Awards 2023 Best Home Loan Awards winners for 2024

    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 2024 Finder Awards.

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

    Richard Whitten's headshot

    "For me, the best home loan needs to have an offset account along with a low interest rate. My home loan offset account is now my primary savings account. Instead of earning interest, I offset the interest my lender charges every day. This works for me because the rate on my home loan is higher than a savings account, and the debt is large. I'm saving thousands of dollars and will pay the loan off much faster this way."

    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 property 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 the best home loan for you? Talk to a mortgage 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.

    Your home loan questions answered

    Richard Whitten's headshot
    John Pidgeon's headshot
    To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by John Pidgeon, a member of Finder's Editorial Review Board.
    Rebecca Pike's headshot
    Written by

    Senior writer

    Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products. See full bio

    Rebecca's expertise
    Rebecca has written 194 Finder guides across topics including:
    • Home loans
    • Cost of living
    • Budgeting

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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 help you find the most competitive rates in the 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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