Advertiser disclosure
Learn more about home loans for Indigenous Australians
Indigenous Australians may be able to apply for extra support when applying for a home loan. Learn more about home loan programs for Indigenous Australians, and compare the interest rates, fees, features and benefits of home loans from across the Australian mortgage market.
Find and compare popular home loans
Product | Advertised Rate 2.09% Fixed - 3 years | Comparison Rate* 2.43% | Company Promoted ![]() | Repayment $1,285 monthly | Features Redraw facility Offset Account Borrow up to 70% Extra Repayments Interest Only Owner Occupied | Go to site | Owner occupiers with deposits of 30% or more can lock in a low fixed rate for three years, with no ongoing fees. | Winner of Best 3 year fixed pi, RateCity Gold Awards 2021 More details | Highlighted | |
Advertised Rate 2.34% Variable | Comparison Rate* 2.34% | Company Promoted ![]() | Repayment $1,322 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | With a discounted variable interest rate and no upfront or ongoing fees, you may be able to minimise the cost of your owner-occupied home loan. | Winner of Best variable, RateCity Gold Awards 2021 More details | |||
Advertised Rate 1.77% Variable | Comparison Rate* 1.83% | Company Promoted ![]() | Repayment $1,238 monthly | Features Redraw facility Offset Account Borrow up to 60% Extra Repayments Interest Only Owner Occupied | Go to site | If you have more than 40 per cent equity in your home, you could refinance to this low rate and also benefit from unlimited extra repayments and a redraw facility. | Winner of Best refinance home loan, RateCity Gold Awards 2021 More details | |||
Advertised Rate 2.54% Variable | Comparison Rate* 2.55% | Company Promoted ![]() | Repayment $1,352 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | Bundle your home loan and transaction account for discounts on rates, fees, and insurance offers. More details | ||||
Advertised Rate 2.09% Variable | Comparison Rate* 2.12% | Company ![]() | Repayment $1,285 monthly | Features Redraw facility Offset Account Borrow up to 70% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best refinance home loan, RateCity Gold Awards 2021 More details | ||||
Product | Advertised Rate 1.94% Fixed - 1 year | Comparison Rate* 2.18% | Company ![]() | Repayment $1,263 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Product | Advertised Rate 2.17% Variable | Comparison Rate* 2.20% | Company ![]() | Repayment $1,297 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best variable, Best refinance home loan, RateCity Gold Awards 2021 More details | |||
Advertised Rate 1.75% Fixed - 3 years | Comparison Rate* 2.22% | Company ![]() | Repayment $1,235 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.29% Variable | Comparison Rate* 2.23% | Company ![]() | Repayment $1,314 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Product | Advertised Rate 2.29% Variable | Comparison Rate* 2.36% | Company ![]() | Repayment $1,314 monthly | Features Redraw facility Offset Account Borrow up to 75% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Advertised Rate 2.84% Variable | Comparison Rate* 2.46% | Company ![]() | Repayment $710 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.48% Variable | Comparison Rate* 2.50% | Company ![]() | Repayment $1,343 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.49% Variable | Comparison Rate* 2.56% | Company ![]() | Repayment $1,344 monthly | Features Redraw facility Offset Account Borrow up to 75% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.64% Variable | Comparison Rate* 2.59% | Company ![]() | Repayment $1,367 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.09% Fixed - 3 years | Comparison Rate* 2.60% | Company ![]() | Repayment $1,285 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.59% Variable | Comparison Rate* 2.60% | Company ![]() | Repayment $1,359 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Product | Advertised Rate 1.99% Fixed - 3 years | Comparison Rate* 2.61% | Company ![]() | Repayment $1,270 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best 3 year fixed pi, RateCity Gold Awards 2021 More details | |||
Product | Advertised Rate 2.05% Fixed - 2 years | Comparison Rate* 2.65% | Company ![]() | Repayment $1,279 monthly | Features Redraw facility Offset Account Borrow up to 94.9999% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Product | Advertised Rate 2.84% Variable | Comparison Rate* 2.68% | Company ![]() | Repayment $710 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Advertised Rate 2.69% Variable | Comparison Rate* 2.69% | Company ![]() | Repayment $1,375 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details |
$1,122
Learn more about home loans
Learn with our guides
Find home loans from a wide range of Australian lenders that best suit your needs.
Home loans repayments
Calculate how much your loan repayments could be.
Talk to an expert
For discounts and special rates, speak to a broker today.
Latest news
Latest articles
Home loans for Indigenous Australians
If you’re an Indigenous Australian, you can apply for any loan that appeals to you. However, you may be eligible for extra support to help you buy the home you want.
You could get:
- a grant to help with your purchase;
- lower rates on loans, or;
- support to help you manage your finances and keep up with your monthly payments after buying a home.
The Indigenous Home Ownership Program
The Indigenous Home Ownership Program from Indigenous Business Australia is a scheme designed to help you buy an existing property or build a new one. You won’t need a big deposit to get a loan this way, and you can benefit from a low interest rate.
Lengthy loan terms are available to keep your monthly payments low, and in some case the loan term can be extended further to make it easier for you to manage. You could be eligible for extra help if you want to build on communal land.
Are you eligible for an IBA loan?
IBA loans are available to people with Aboriginal or Torres Strait Islander backgrounds.
You’ll have to be over 18 and earning enough income to meet the minimum payment threshold.
You’ll also need some savings so you can make a deposit, though you may be able to get some help with this.
How to apply for an IBA loan
You can download the forms you need to register interest in an IBA home loan from the IBA website. After you have returned them, you will have to wait in a queue until the IBA has enough funding free to assist you, at which point you will be invited to make a formal application.
In some cases, the IBA will be able to loan you all the money you need directly; in others it will lend you part of it and you can arrange to borrow the rest from another lender.
KeyStart Aboriginal Home Loans
Western Australians can take advantage of the KeyStart Aboriginal Home Loan scheme.
This offers you two options: you can buy your home in the usual way, or you can opt to share ownership with the Housing Authority.
Deposits can be as low as 2% and you can make additional repayments at no extra charge.
The right loan for you
Whether you choose to use the home loans for Indigenous Australians program or not, you will need to weigh up your priorities before deciding what is right for you.
Do you want low interest rates to help keep your payments manageable, low fees, or extra features such as the ability to pay back your loan early without penalty? Do you want a short loan term or a long one?
The clearer you can be about this when you start looking, the better your chance of getting your ideal home loan.
The following mortgage offers are not home loans specifically for Indigenous Australians. We’ve shown you these home loans to help you compare what’s available in the Australian mortgage market, and make a more informed financial decision.
Nick Bendel
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Today's top home loans
Frequently asked questions
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.
What are extra repayments?
Additional payments to your home loan above the minimum monthly instalments, which can help to reduce the loan’s term and remaining payable interest.
Monthly Repayment
Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.
Can I apply for an ANZ non-resident home loan?
You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:
- You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
- Your job is included in the Australian government’s Medium and Long Term Strategic Skills List.
However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.
Why should I get an ING home loan pre-approval?
When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you.
Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.
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.
Remaining loan term
The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.
How do I take out a low-deposit home loan?
If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.
Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.
Who has the best home loan?
Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.
To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you.
How do I refinance my home loan?
Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.
Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.
How much deposit do I need for a home loan from ANZ?
Like other mortgage lenders, ANZ often prefers a home loan deposit of 20 per cent or more of the property value when you’re applying for a home loan. It may be possible to get a home loan with a smaller deposit of 10 per cent or even 5 per cent, but there are a few reasons to consider saving a larger deposit if possible:
- A larger deposit tells a lender that you’re a great saver, which could help increase the chances of your home loan application getting approved.
- The more money you pay as a deposit, the less you’ll have to borrow in your home loan. This could mean paying off your loan sooner, and being charged less total interest.
- If your deposit is less than 20 per cent of the property value, you might incur additional costs, such as Lenders Mortgage Insurance (LMI).
How can I get ANZ home loan pre-approval?
Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget.
At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.
An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.
You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).
How can I get a home loan with bad credit?
If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.
One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.
Two points to bear in mind are:
- Many home loan lenders don’t provide bad credit mortgages
- Each lender has its own policies, and therefore favours different things
If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.
Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:
- You have a secure job
- You have a steady income
- You’ve been reducing your debts
- You’ve been increasing your savings
What is a low-deposit home loan?
A low-deposit home loan is a mortgage where you need to borrow more than 80 per cent of the purchase price – in other words, your deposit is less than 20 per cent of the purchase price.
For example, if you want to buy a $500,000 property, you’ll need a low-deposit home loan if your deposit is less than $100,000 and therefore you need to borrow more than $400,000.
As a general rule, you’ll need to pay LMI (lender’s mortgage insurance) if you take out a low-deposit home loan. You can use this LMI calculator to estimate your LMI payment.
How can I calculate interest on my home loan?
You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.
If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.
How can I pay off my home loan faster?
The quickest way to pay off your home loan is to make regular extra contributions in addition to your monthly repayments to pay down the principal as fast as possible. This in turn reduces the amount of interest paid overall and shortens the length of the loan.
Another option may be to increase the frequency of your payments to fortnightly or weekly, rather than monthly, which may then reduce the amount of interest you are charged, depending on how your lender calculates repayments.
What is a fixed home loan?
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
What are the responsibilities of a mortgage broker?
Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.
In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).
These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for, actually meet your needs, and don’t prove unnecessarily challenging for you.
Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.
Can you remove a cosigner from a home loan?
Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.
However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.
Savings over
Select a number of years to see how much money you can save with different home loans over time.
e.g. To see how much you could save in two years by switching mortgages, set the slider to 2.