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Updated on 28 November, 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

See all categories

How RateCity works out the Gold Award

Over 5,700 products and variations were analysed and compared from a variety of lenders and providers, and only the top ten percent were deemed winners.

The RateCity Home Loan awards celebrate lenders who consistently offer competitive mortgages to Australian consumers.

The awards are based on our market-leading Real Time Ratings™ system which gives every mortgage in our database a score out of five, based on cost and flexibility.

Importantly, these scores are calculated every day, capturing product changes as they happen – a factor that is missed by some awards programs.

Methodology for Home Loans 2021 Gold Awards
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 do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

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.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.