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The best home loans for July 2020

The best home loans for July 2020

It’s a new financial year – a time when many Australians re-assess their personal finances. The ongoing effects of the pandemic on our workplaces and economy has left many of us in a much different position to where we were at this time last year.

To help Australians from all walks of life compare home loan options in these tricky times, RateCity’s Real Time Ratings™ system looks at the cost and flexibility of different mortgages, and combines these scores to provide an indication of each option’s overall value.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Best home loans for over $1 million

Even with property prices forecast to fall as the year goes on, buying or refinancing a property in one of Australia’s capital cities can still easily require a million-dollar mortgage, such as one of these the top-rated home loans for July 2020:

Company
Product

Well Balanced

Real Time Rating™

3.45

/ 5

Winner of Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

2.60

% p.a

Variable

Comparison Rate*

2.63

% p.a

Repayment

$1,361

monthly

Real Time Rating™

3.45

/ 5
Go to site

Winner of Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Standard Variable Home Loan

Real Time Rating™

4.03

/ 5

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

2.54

% p.a

Variable

Comparison Rate*

2.54

% p.a

Repayment

$1,352

monthly

Real Time Rating™

4.03

/ 5
Go to site

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Freedom Variable

Real Time Rating™

2.55

/ 5
Interest Rate

2.99

% p.a

Variable

Comparison Rate*

3.10

% p.a

Repayment

$748

monthly

Real Time Rating™

2.55

/ 5
Go to site
Company
Product

First Home Loan

Real Time Rating™

1.86

/ 5
Interest Rate

3.69

% p.a

Variable

Comparison Rate*

3.73

% p.a

Repayment

$923

monthly

Real Time Rating™

1.86

/ 5
Go to site

Best home loans for small deposits

Saving up a home loan deposit was hard enough before the pandemic. Now, with many banks offering lower interest rates on savings accounts and term deposits, some borrowers may find it easier to save a smaller deposit and apply for a mortgage with the help of a guarantor, or by paying the extra cost of lenders’ mortgage insurance. Here are RateCity’s top-rated home loans for borrowers with 5 per cent deposits for July:

Company
Product

First Home Loan

Real Time Rating™

1.86

/ 5
Interest Rate

3.69

% p.a

Variable

Comparison Rate*

3.73

% p.a

Repayment

$923

monthly

Real Time Rating™

1.86

/ 5
Go to site
Company
Product

Essential Home Loan

Real Time Rating™

2.39

/ 5
Interest Rate

3.19

% p.a

Variable

Comparison Rate*

3.25

% p.a

Repayment

$1,452

monthly

Real Time Rating™

2.39

/ 5
Go to site

Best packaged home loans

If you’re ready to not only change home loans, but change banks altogether, here are the top five rated packaged home loans for July 2020, which come with bundled offers such as banks accounts or credit cards:

Company
Product

Offset Home Loan

Real Time Rating™

3.11

/ 5
Interest Rate

2.84

% p.a

Variable

Comparison Rate*

3.11

% p.a

Repayment

$1,398

monthly

Real Time Rating™

3.11

/ 5
Go to site

Best home loans from large banks

Australia’s biggest banks have recently been slashing fixed and variable interest rates on many home loans to compete for customers. Here are some of the top-rated home loans from large banks in July 2020:

Company
Product

Basic Home Loan

Real Time Rating™

2.97

/ 5
Interest Rate

2.89

% p.a

Variable

Comparison Rate*

2.91

% p.a

Repayment

$1,406

monthly

Real Time Rating™

2.97

/ 5
Go to site

special

Establishment fee waived on Basic Home Loans of $150k+
Company
Product

Extra Home Loan

Real Time Rating™

1.97

/ 5
Interest Rate

3.74

% p.a

Variable

Comparison Rate*

3.75

% p.a

Repayment

$1,541

monthly

Real Time Rating™

1.97

/ 5
Go to site

Cashback

$2,000 cashback when you switch your home loan to us. ~ Ends in 6 months
Company
Product

Home Value Loan (Owner Occupied, Principal & Interest)

Real Time Rating™

3.26

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

2.77

% p.a

Variable

Comparison Rate*

2.78

% p.a

Repayment

$1,387

monthly

Real Time Rating™

3.26

/ 5
Go to site

special

Get a low variable interest rate loan with no ongoing fees.

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Company
Product

Base Variable Rate Home Loan

Real Time Rating™

2.93

/ 5
Interest Rate

2.94

% p.a

Variable

Comparison Rate*

2.98

% p.a

Repayment

$1,413

monthly

Real Time Rating™

2.93

/ 5
Go to site

Cashback

$2,000 cashback when you refinance a loan of $250,000 or more

Best home loans from new lenders

Smaller banks, non-bank mortgage lenders and fintechs have also been busy in recent months, offering the big banks some serious competition. See what the newer lenders on RateCity have to offer by comparing these top-rated home loans:

Company
Product

Owner Occupier Accelerates - Liberate (Principal and Interest)

Real Time Rating™

3.33

/ 5
Interest Rate

2.74

% p.a

Variable

Comparison Rate*

2.69

% p.a

Repayment

$1,382

monthly

Real Time Rating™

3.33

/ 5
Go to site
Company
Product

Own Home Loan Variable

Real Time Rating™

2.62

/ 5
Interest Rate

2.99

% p.a

Variable

Comparison Rate*

3.27

% p.a

Repayment

$1,421

monthly

Real Time Rating™

2.62

/ 5
Go to site

Where can I find the best home loans every day?

One simple way to keep track of leading home loans is to keep an eye on RateCity’s Home Loan Leaderboards, which list the top-rated home loans in different categories every day, according to our Real Time Ratings™ system.

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This article was reviewed by Finance Writer Alison Cheung before it was published as part of RateCity's Fact Check process.

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