Updated on 6 December, 2020

2020 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 rate home loans
Company Product Real Time Rating™ Go to site

Owner Occupier Loan Principal & Interest Variable Rate

Owner Occupier Loan Principal & Interest Variable Rate

4.48 / 5

Smart Home Loan

Smart Home Loan

4.56 / 5

Freedom Variable

Freedom Variable

4.84 / 5

Owner Occupied Home Loan

Owner Occupied Home Loan

4.78 / 5

Standard Variable Home Loan

Standard Variable Home Loan

4.78 / 5

Rate Lovers Variable Home Loan

Rate Lovers Variable Home Loan

4.72 / 5

Well Balanced

Well Balanced

4.70 / 5

Low Rate Home Loan

Low Rate Home Loan

4.65 / 5

Advantage - Essentials Home Loan

Advantage - Essentials Home Loan

4.62 / 5

Live-in Variable

Live-in Variable

4.56 / 5

No Regrets Home Loan

No Regrets Home Loan

4.51 / 5

Health, Wealth and Happiness Package

Health, Wealth and Happiness Package

4.51 / 5

Essential 100% Offset Variable

Essential 100% Offset Variable

4.47 / 5

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

Freedom Variable

Freedom Variable

4.85 / 5

Standard Variable Home Loan

Standard Variable Home Loan

4.79 / 5

Well Balanced

Well Balanced

4.71 / 5

Low Rate Home Loan

Low Rate Home Loan

4.67 / 5

Advantage - Essentials Home Loan

Advantage - Essentials Home Loan

4.63 / 5

Owner Occupied Home Loan

Owner Occupied Home Loan

4.60 / 5

Live-in Variable

Live-in Variable

4.56 / 5

Health, Wealth and Happiness Package

Health, Wealth and Happiness Package

4.55 / 5

No Regrets Home Loan

No Regrets Home Loan

4.52 / 5

Offset

Offset

4.51 / 5

Orange Advantage

Orange Advantage

4.48 / 5

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

Investor Loan

Investor Loan

3.95 / 5

Freedom Variable

Freedom Variable

4.54 / 5

Rate Slasher Variable Investment Loan

Rate Slasher Variable Investment Loan

4.42 / 5

Investment Variable Home Loan

Investment Variable Home Loan

4.42 / 5

Well Balanced

Well Balanced

4.37 / 5

Investment Property Home Loan

Investment Property Home Loan

4.32 / 5

Low Rate Home Loan

Low Rate Home Loan

4.26 / 5

Smart Investor Home Loan

Smart Investor Home Loan

4.07 / 5

Investment Variable

Investment Variable

4.06 / 5

Essential Investment 100% Offset Variable

Essential Investment 100% Offset Variable

4.03 / 5

Mortgage Breaker Investor Special (QLD only)

Mortgage Breaker Investor Special (QLD only)

3.93 / 5

Low Rate Essentials Home Loan

Low Rate Essentials Home Loan

3.86 / 5

See all categories

How RateCity works out the Gold Award

Over 4000 products 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 Leaderboard works

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. 

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

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.

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 is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

What is a valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.