Compare home loans so you save on your mortgage repayments.
Top home loans are ones that offer you value in terms of great features, a suitable term and other add-ons that are not found in ordinary mortgages. Unfortunately, because every borrower is different, what's a top home loan for one person might not represent good value for another, so there's no specific home loan which can be considered to be the best compared to all others. This is why it's important to compare all the home loans you're interested in to find out what features, fees and interest rates appeal most to you.
Compare the top home loans*
Best Home Loans
Investment Property Home Loans
Variable Rate Home Loans
Fixed Rate Home Loans
How to compare home loans
- Extra repayments. Most loans will allow you to make additional repayments so you can pay it off sooner. Most fixed rate loans will have fees for making additional repayments or a cap on how many extra repayments you can make in a year during the fixed period. Variable home loans usually allow you to make unlimited extra repayments, so pick a loan that gives you the freedom you want to make repayments according to your present and future financial situation.
- Interest rates. Whether you go for a fixed rate or variable rate home loan, be sure to keenly compare the rates on different products, as even a small difference could translate into thousands of dollars in savings over the course of the loan.
- 100% offset account. Among the major features that a variable rate home loan can have, an offset account is one that allows you to link a transaction account to the loan. Your balance can then be used to offset your principal loan amount, enabling you to get a lower interest rate without having to make additional repayments.
- Redraw facility. A redraw facility can be a great feature on your home loan as it allows you to access the additional repayments already made on the mortgage should you need them.
- Fees. Compare the upfront and ongoing fees of any loan you're interested in. This includes the application fee, settlement fee and valuation fees charged by the lender, as well as any monthly account fees or annual fees. Also look into whether or not the loan has any fees for features you may use such as redraws or offset accounts.
FAQ about top* home loans
What's a top home loan?
This is a loan with features such as an offset account, lowered interest rates and additional repayments. However, what could be a top loan for you may not be what another customer would want, so what a top home loan is is mostly subjective.
Should I go for a fixed or variable rate home loan?
That will depend on your financial situation and prevailing interest rates. Talking to a mortgage broker about your finances and predicted mortgage rates can help you choose the best type of home loan for you.