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Best Home Loans

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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
2.59%
2.59%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
loans.com.au Smart Home Loan - (Owner Occupier, P&I)
2.63%
2.65%
$0
$0 p.a.
80%
Get a low variable interest rate and pay 0 application or ongoing fees with this convenient online lender.
Well Home Loans Balanced Variable - LVR 80% (Owner occupier, P&I)
2.47%
2.50%
$250
$0 p.a.
80%
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
3.11%
3.12%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.
Bankwest Complete Home Loan Package Variable - $200k+ LVR <=80% (Owner Occupier, P&I)
2.73%
3.18%
$0
$395 p.a.
80%
A low variable rate loan with a 100% offset account and package discounts.
ING Mortgage Simplifier Home Loan - $150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
2.78%
2.81%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.
State Custodians Low Rate Home Loan with Offset - LVR up to 80% (Owner Occupier, P&I)
2.65%
2.67%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
ING Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier with Orange Advantage)
2.09%
3.77%
$0
$299 p.a.
95%
Owner-occupiers can enjoy a discounted fixed rate, a rate lock feature and the ability to make additional repayments.
Heritage Bank Advantage Package - 1 Year Fixed (Owner Occupier, P&I) New Customers Only
2.59%
3.32%
$0
$350 p.a.
95%
Get a partial offset account and flexible repayments with this package loan.
State Custodians Low Rate LOC - LVR up to 60% (Owner Occupier, IO)
2.74%
2.76%
$0
$0 p.a.
60%
Withdraw up to 70% of your home equity with this competitive line of credit loan. This loan is not available for construction.
Well Home Loans Balanced Fixed Home Loan - 2 Year (Owner occupier, P&I)
2.19%
2.46%
$250
$0 p.a.
90%
Low fee fixed mortgage with optional 100% offset account.
Heritage Bank Discount Variable Home Loan - LVR <=80% (Owner Occupier, P&I) New Customers Only
2.78%
2.80%
$600
$0 p.a.
80%
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
Hume Bank Fixed Home Loan - 2 Year <70% LVR (Owner Occupier, P&I)
2.29%
4.06%
$600
$0 p.a.
70%
A competitive fixed rate loan for home buyers with a 30% deposit saved.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.90%
$395
$0 p.a.
80%
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
Macquarie Bank Offset Home Loan Package - LVR ≤ 80% (Owner Occupier, P&I)
2.89%
3.16%
$0
$248 p.a.
80%
Has a 100% offset account which helps you save on the amount of interest you pay on your mortgage.
State Custodians Low Rate Home Loan with Offset - LVR up to 60% (Owner Occupier, P&I)
2.49%
2.51%
$0
$0 p.a.
60%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Well Home Loans Balanced Variable - LVR 90% (Owner occupier, P&I)
2.67%
2.70%
$250
$0 p.a.
90%
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month.
Macquarie Bank Basic Fixed Home Loan - 3 Year Fixed Rate LVR ≤ 70% (Owner Occupier, P&I)
2.19%
2.60%
$0
$0 p.a.
70%
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit.
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier, P&I)
2.29%
3.12%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)
2.19%
3.54%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
loans.com.au Essentials - Variable (Owner Occupier, P&I)
2.79%
2.81%
$0
$0 p.a.
90%
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $1000000 from a convenient online lender.
UBank UHomeLoan Variable Rate - Discount Offer for Investor Variable P&I Rate
2.99%
2.99%
$0
$0 p.a.
80%
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
loans.com.au Smart Home Loan - (Investor, P&I)
2.94%
2.96%
$0
$0 p.a.
80%
A competitive variable investor rate for borrowers with 20% deposits. Low fees, redraw facilities and repayment flexibility.
UBank UHomeLoan - 3 Year Fixed Rate (Investor, P&I)
2.44%
3.30%
$395
$0 p.a.
80%
Pay no ongoing fees on this investment loan fixed for 3 years.
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* The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

What to look for in a home loan

There is no perfect home loan for all borrowers: a lot depends on your needs. But there are some key elements to the best home loans that everyone should consider:

  • Competitive interest rates
  • Low fees
  • Flexibility & features

Best home loans infographic

Competitive interest rates

The higher the interest rate, the more you end up paying. While it isn't the only factor to consider, many borrowers consider a competitive interest rate above else when judging the "best" loans. You also need to know about how different types of interest rates work.

Rate typesDetails
Fixed Rate
  • The interest rate is locked for a set period, usually 1, 3 or 5 years.
  • Fixed rate loans offer stability and certainty, but if interest rates fall you won't benefit from a lower rate.
Standard Variable Rate
  • The interest rate can change at any time, often due to decisions by the Reserve Bank, regulators or market conditions.
  • Rates may go up but they may also go down, saving you money.
Ongoing Discount Rate
  • Some lenders offer discounted interest rates for limited periods.
  • Loans packaged with credit cards or other accounts often come with built-in discounts but also have fees.

The type of interest rate that's best for you will depend on your circumstances. Fixed interest rates offer more stability while variable rate loans can get cheaper if interest rates go down.

Low fees

Home loans can take decades to pay off. This means costly ongoing fees can add up to many thousands of dollars over the life of a loan. Different fees to watch out for include:

  • Application fees (these are one-off fees)
  • Valuation fees
  • Discharge fees
  • Settlement fees
  • Lender's legal fees
  • Redraw fees

Flexibility and features

Home loans with added features can offer borrowers more flexibility in how they manage their loan, make their payments or use their credit. Some of the flexible options available to borrowers are:

  • Additional or extra repayments. Put extra amounts towards your loan and pay it off faster.
  • Redraw facility. Access extra repayments you made on your loan whenever you need the money.
  • Offset accounts. A transaction account which reduces the interest you pay when funds are deposited into it.
  • Portability. Keep your home loan when moving to a new property, saving on entry and exit fees.
  • Family guarantee. Get a home with your family's assistance even without an adequate deposit.
  • Sign-up bonuses. Get a helping hand from your lender with a cash bonus or fee waiver on your home loan.
  • Professional package. Get a rate discount in exchange for bringing your other banking products over to your lender.
  • Split facility. Split your loan into fixed and variable portions to get the benefits of both.

Video: How to compare home loans in 3 minutes

What's the best home loan for me?

The "best" home loan is a very individual proposition. To decide what the best home loan for you might be, you need to consider your individual circumstances. Some things to take into account might be:

  • What are your current financial needs? What sort of repayment options can you afford right now? Your interest rate and your loan term will impact your monthly repayments.
  • What are your future financial needs? A home loan lasts a long time. To find a home loan that grows with you, you’ll need to think about your needs and wants for now and the future. For young professionals for example, a no-frills home loan with a fixed interest rate could help you get used to repayments. When the fixed rate period ends, you have the ability to refinance to a more flexible home loan as you become a parent or have bigger, financial goals.
  • What's the purpose of the loan? Whether you are buying a property as an investment or as your own home can affect grants you are eligible for, and how you manage your repayments and interest at tax time. There can also be some small differences between home loans and residential investment loans so make sure you are comparing the right type of loan where your needs are being met.
    • What to look for in a home loan, according to Australian homeowners

      In a finder survey conducted in November 2017, 1,286 Australian homeowners were asked the following question: "Aside from the interest rate, which features are most important when selecting a home loan?" The results were as follows:

      AnswerPercentage of respondents
      Fees36%
      Ability to make extra repayments28%
      Offset account18%
      Redraw facility13%
      Loan portability5%

      According to these responses, Australian homeowners are more concerned about fees (and avoiding them) than anything else. But these responses, while interesting, matter less than your own specific needs. And this can depend on your particular situation.

      How to find the best mortgage for every borrower

      The most appropriate home loan for someone in their 50s who already owns property may look very different to a couple in their 20s buying their first home. Self-employed borrowers will also have different needs than people who are looking to buy a home with a very small deposit.

      We've outlined some common scenarios for different mortgage borrowers below, with links to helpful guides and specialised home loan products.

      Find the right mortgage with help from a mortgage broker

      Finding the best home loan can take a lot of time and energy. Why not get a mortgage broker to do the hard work for you? Mortgage brokers are home loan professionals who compare loans from a wide panel of lenders and can save you time and energy.

      Find a mortgage broker and get your home loan journey started

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