We currently don't have that product, but here are others to consider:
How we picked theseA home loan, also known as a mortgage, is a type of loan that is designed to help individuals finance the purchase of a residential property. This can be their own home or an investment property.
It is a long-term loan provided by a financial institution, such as a bank or lender. The property is the security for the loan, and lenders require borrowers to save a deposit.
Want more details? Check out Finder's guide on how to buy a house.
Here's a breakdown of features and charges you should know about.
| Feature | What is it? | What you should know |
|---|---|---|
| Interest Rate | The percentage charged by the lender on the amount borrowed. | The higher the interest rate, the higher your repayments will be. |
| Comparison Rate | Designed to help borrowers understand the true cost of the home loan by considering both the interest rate and loan fees. | The comparison rate is based on an example calculation and is not an exact indication of a loan's costs to you. |
| p.a. | This abbreviation of "per annum" is used for home loan interest rates, because the annual (or yearly) value is shown. | While interest is expressed as an annual percentage, most borrowers make monthly or fortnightly repayments. |
| Offset Account | A transaction account linked to a home loan. The balance on the offset account is deducted from the amount owed when calculating interest. | The more money you put in an offset, the less interest your lender charges you. Your monthly repayments stay the same but you can repay the loan faster. |
| Redraw facility | Allows borrowers to access extra funds that they have voluntarily paid towards their mortgage (on top of usual repayments). | Any additional repayments you make will reduce the amount owing on your loan, so when you redraw from those funds the amount you owe will increase again. |
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 comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Finder Score is an easy, data-driven way to judge home loans at a glance. Our insights team compares more than 7,000 home loans across 120+ lenders to give each product a score out of 10 comparative to other products of its type.
This means we compare products against others of its type. For example, variable rate home loans against variable rate home loans, and investor home loans against investor home loans. In total, there are 12 different product groupings.
We filter the loans in our database for each category so that we're only looking at loans that work for the borrower type. So, if we're picking the best loan for first home buyers, we'll only look at lenders that lend to first home buyers and have a maximum LVR of 90%.
The final Finder Score takes into account the product's interest rate and its fees. The higher the score, the lower the cost compared to other products of its type.
Whether you're eyeing a reno or consolidating debt, here's what you need to know about home equity loans (without the financial fluff).
Think you need a 20% deposit to buy a home? Think again. We break down no deposit home loans: how they work, who offers them, and what to watch out for.
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Work out how much you need to earn to buy a house in any Australian suburb.
Learn more about the Help to Buy scheme and how it can help home buyers.
Our comprehensive guide to home loan statistics.
We compile the average home loan interest rates in the market and update them monthly.
Compare current bank interest rates for home loans, credit cards, personal loans, savings accounts and term deposits to find the best deal for you.
Construction loan comparison is as simple as finding out how much you can borrow, then reviewing some of the best construction loans on the market to find the right fit.
What is an offset account? It can save you thousands in interest and help you own your home sooner.
