Updated on 25 February, 2021

2021 RateCity Home Loan Gold Awards Winners

Finding Australia's best Home Loans has just been made easier. Select a category below and discover the loans that have received a coveted RateCity Gold Award.

Best variable home loans
Company Product Real Time Rating™ Go to site

Super Saver

Super Saver

4.58 / 5

Standard Variable Home Loan

Standard Variable Home Loan

4.42 / 5

Freedom Variable

Freedom Variable

4.41 / 5

Well Balanced

Well Balanced

4.27 / 5

Star Essentials Home Loan

Star Essentials Home Loan

4.26 / 5

Live-in Variable (With Offset)

Live-in Variable (With Offset)

4.18 / 5

Yard Home Loan (Special)

Yard Home Loan (Special)

3.96 / 5

Smart Booster Home Loan Discounted Variable - 1yr

Smart Booster Home Loan Discounted Variable - 1yr

3.88 / 5

Advantage - Essentials Home Loan

Advantage - Essentials Home Loan

3.85 / 5

Discounted Variable Rate (Owner Occupied Principal & Interest)

Discounted Variable Rate (Owner Occupied Principal & Interest)

3.81 / 5

Basic Home Loan

Basic Home Loan

3.8 / 5

Basic Home Loan

Basic Home Loan

3.8 / 5

Real Deal Home Loan

Real Deal Home Loan

3.76 / 5

Best refinance home loans
Company Product Real Time Rating™ Go to site

Freedom Variable

Freedom Variable

4.81 / 5

Standard Variable Home Loan

Standard Variable Home Loan

4.65 / 5

Rate Cutter Home Loan

Rate Cutter Home Loan

4.63 / 5

Star Gold Home Loan

Star Gold Home Loan

4.58 / 5

Get More, Save More Freedom Variable Home Loan (Owner Occupied)

Get More, Save More Freedom Variable Home Loan (Owner Occupied)

4.32 / 5

Well Balanced

Well Balanced

4.27 / 5

Yard Home Loan (Special)

Yard Home Loan (Special)

4.2 / 5

Live-in Variable (With Offset)

Live-in Variable (With Offset)

4.18 / 5

Basic Home Loan

Basic Home Loan

3.98 / 5

Basic Home Loan

Basic Home Loan

3.98 / 5

Owner Occupier Accelerates - Celebrate (Principal and Interest)

Owner Occupier Accelerates - Celebrate (Principal and Interest)

3.96 / 5

Smart Booster Home Loan Discounted Variable - 1yr

Smart Booster Home Loan Discounted Variable - 1yr

3.88 / 5

Best variable home loans over $1 million
Company Product Real Time Rating™ Go to site

Standard Variable Home Loan

Standard Variable Home Loan

4.35 / 5

Freedom Variable

Freedom Variable

4.31 / 5

Advantage - Essentials Home Loan

Advantage - Essentials Home Loan

3.86 / 5

Live-in Variable (With Offset)

Live-in Variable (With Offset)

3.76 / 5

Owner Occupied Home Loan

Owner Occupied Home Loan

3.67 / 5

Orange Advantage

Orange Advantage

3.57 / 5

Real Deal Home Loan

Real Deal Home Loan

3.57 / 5

The Works Package OO Variable Special (2 year Intro)

The Works Package OO Variable Special (2 year Intro)

3.49 / 5

Home Loan Package

Home Loan Package

3.48 / 5

Reward Me Variable Rate Home Loan

Reward Me Variable Rate Home Loan

3.4 / 5

Premium Package Home Loan

Premium Package Home Loan

3.34 / 5

Complete Package Variable Owner Occupier

Complete Package Variable Owner Occupier

3.34 / 5

Best variable investor home loans
Company Product Real Time Rating™ Go to site

Investment Property Home Loan

Investment Property Home Loan

3.56 / 5

Rate Slasher Variable Investment Loan

Rate Slasher Variable Investment Loan

3.42 / 5

Investment Variable Home Loan

Investment Variable Home Loan

3.38 / 5

Freedom Variable

Freedom Variable

3.33 / 5

Discounted Variable Rate Home Loans

Discounted Variable Rate Home Loans

3.24 / 5

Smart Booster Investor Bundle Discount Variable - 1 Year (Principal and Interest)

Smart Booster Investor Bundle Discount Variable - 1 Year (Principal and Interest)

3.23 / 5

Well Balanced

Well Balanced

3.04 / 5

Investment Variable

Investment Variable

2.94 / 5

Straightforward Investment Loan

Straightforward Investment Loan

2.93 / 5

Better Investment Loan

Better Investment Loan

2.91 / 5

Discounted Variable Rate (Investor Principal & Interest)

Discounted Variable Rate (Investor Principal & Interest)

2.82 / 5

No Regrets Investment Loan

No Regrets Investment Loan

2.8 / 5

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How RateCity works out the Gold Award

Over 5000 products and variations were analysed and compared from a variety of lenders and providers, and only the top ten percent were deemed winners.

RateCity has been comparing financial products for more than 13 years, and this has enabled us to develop the market-leading Real Time Ratings™ system, the cornerstone of our awards.

RateCity’s Real Time Ratings™ gives every home loan in our database a score out of five, based on factors such as rate, fees, features, and flexibility.

Read More
How are Real Time Ratings™ calculated

How RateCity Leaderboards work

We’ve built these leaderboards to help you quickly see what are the top banking products in each of the key categories.

How RateCity works out the Gold Award winners

RateCity has been comparing financial products for more than 13 years, and this has enabled us to develop the market-leading Real Time Ratings™ system, the cornerstone of our awards.

RateCity’s Real Time Ratings™ gives every home loan in our database a score out of five, based on factors such as rate, fees, features, and flexibility. Importantly, these ratings are run every day to capture product changes including rate cuts and specials, factors that are often missed by ratings and awards systems calculated at one or two points in time.  

The RateCity Gold Award winners are then determined by averaging the daily Real Time Ratings™ scores over a six month period to identify the most consistent top performers in each category. We recognise that there is no 'one size fits all’ home loan, which is why we have divided up the awards into 13 different categories to help consumers in their decision-making process.

There some genuinely great products and lenders in the market, but we can't give every player a prize. Lenders need to do serious work to help customers and provide the best products in Australia. RateCity's Gold Awards highlight the best home loans and lenders doing just that, and help you make your decision that much easier. 

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

How does Real Time Ratings work?

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.

What is Real Time Ratings?

Real Time RatingsTM ranks home loans according to cost and flexibility. This allows you to compare products using a simple score out of five.

Our world-first system analyses almost 4,000 mortgages based on your individual requirements. Best of all, the results are generated in real time, so if a lender has just hiked its interest rates or introduced extra fees, our system has factored this in.

Why was Real Time Ratings developed?

Real Time RatingsTM was developed to save people time and money. A home loan is one of the biggest financial decisions you will ever make – and one of the most complicated. Real Time RatingsTM is designed to help you find the right loan. Until now, there has been no place borrowers can benchmark the latest rates and offers when they hit the market. Rates change all the time now and new offers hit the market almost daily, we saw the need for a way to compare these new deals against the rest of the market and make a more informed decision.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What's wrong with traditional ratings systems?

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

What's the difference between Real Time Ratings and comparison rates?

A comparison rate calculates the cost of a $150,000 loan over 25 years. While a comparison rate is a good industry benchmark, it doesn’t consider your specific lending requirements.

Real Time RatingsTM factors in essential information like your loan size, your loan-to-value ratio (LVR), whether you want an offset account and whether you are an investor or an owner-occupier.

What are the NAB term deposit interest rates for businesses?

If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.

NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually. 

If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.

Can I get a NAB first home loan?

The First Home Loan Deposit Scheme of NAB helps first home buyers purchase a property sooner by reducing the upfront costs required. This scheme is offered based on a Government-backed initiative, with10,000 available places announced in October 2020.

Suppose your application for the NAB first home buyer loan is successful. In that case, you’ll only need to pay a low deposit, between 5 and 20 per cent of the property value and won’t be asked to pay lender's mortgage insurance (LMI). You’ll also receive a limited guarantee from the Australian government to purchase the property.

If you’re applying for the NAB first home buyer home loan as an individual, you need to have earned less than $125,000 in the last financial year. Couples applying for the NAB first home loan need to have earned less than $200,000 to be eligible. To be considered a couple, you need to be married or in a de facto relationship. A parent and child, siblings or friends are not considered a couple when applying for a NAB first home loan.

The NAB First Home Loan Deposit Scheme is currently offered only to purchase a brand new property, rather than an established property.

Does UBank offer home loan pre-approvals?

If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe. 

UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes. 

The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days. 

Where can I get all the information about an ANZ first home buyer’s loan?

As a first home buyer, you may require help and hand-holding, and as such ANZ has the buying your first home section on its website full of important information. ANZ also has a form in this section you can fill out to get a free consultation from an ANZ First Home Coach and create your own plan for buying your first home. This coach will help you understand where your current income is being spent and plan for your home loan repayments. You’ll get a clear picture of the costs involved in purchasing a property and how to budget or save for these costs. The coach will help you understand different deposit options and manage your accounts to enhance your savings.

There are three types of ANZ first home loans - Standard Variable, Fixed, and Equity Manager. The features, interest rates, and terms for each are different, and you can compare them here.

When they apply for an ANZ home loan, first home buyers can also get guidance on applying for the First Home Owner Grant (FHOG). This is a one-off government grant that may be available to you when you’re buying your first home. The eligibility criteria for FHOG differs between the different states and territories, which is why it’s helpful to have expert advice when applying.

Does Westpac offer loan maternity leave options?

Having a baby or planning for one can bring about a lot of changes in your life, including to the hip pocket. You may need to re-do the budget to make sure you can afford the upcoming expenses, especially if one partner is taking parental leave to look after the little one. 

Some families find it difficult to meet their home loan repayment obligations during this period. Flexible options, such as the Westpac home loan maternity leave offerings, have been put together to help reduce the pressure of repayments during parental leave.

Westpac offers a couple of choices, depending on your circumstances:

  • Parental Leave Mortgage Repayment Reduction: You could get your home loan repayments reduced for up to 12 months for home loans with a term longer than a year. 
  • Mortgage Repayment Pause: You can pause repayments while on maternity leave, provided you’ve made additional repayments earlier.

When applying for a home loan while pregnant, Westpac has said it will recognise paid maternity leave and back-to-work salaries. All you need is a letter from your employer verifying your return-to-work date and the nature of your employment. Your partner’s income, government entitlements, savings and investments will may help your application.

What is the average length of a home loan?

Most Aussie lenders offer home loans with a 30-year term, meaning that you should pay back the full loan amount and the interest you owe on the amount in 30 years. 

However, home loans can also have a shorter or longer term. They may be as low as ten years or up to 45 years, depending on the product and lender. 

It’s worth remembering that a longer loan term usually means you’ll end up paying a lot more interest in total, but your scheduled repayments may be more manageable. In contrast, you could opt for a shorter loan term if you are comfortable making large repayments in exchange for paying less interest over the term of the loan.

How do I get a Suncorp home loan pre-approval?

Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.

You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.

Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.

How do you qualify for a CBA home loan with casual employment?

Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.

Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like. 

Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.

Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.

How do I get a pre-approved home loan with Aussie?

Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home. 

It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.

Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses.  It’s worth remembering that a pre-approved loan is usually valid for a few months.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.