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Some of the best home loans for owner occupiers in January 2021

Some of the best home loans for owner occupiers in January 2021

Could 2021 be the year you buy your first home? Or are you overdue to refinance the mortgage on your home? In any case, you’ll want a home loan that suits your needs.

The recession in 2020 led to changes to Australia’s home loan markets, with many lenders slashing interest rates for new customers. To help you get a better idea of which of these home loan offers may best suit different financial situations, our Home Loan Leaderboards rank mortgages in different categories, based on their Real Time Ratings™.

(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 small deposit home loans

It’s not a secret that last year’s recession did a number on the finances of many Australians. Between job losses and slashed interest rates on savings accounts, it’s become harder for many Australians to save up a sizable deposit for a home loan. However, there are still mortgage offers available that let you buy with a deposit as small as 5 per cent, though you’ll still need to consider the cost of Lenders Mortgage Insurance (LMI).

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Best refinancing home loan

Banks and mortgage lenders slashed their mortgage rates over the course of 2020, but these low rates may not be easily accessible to all Australians. For example, while first home buyers may struggle to afford a deposit of 30 or 40 per cent of a property’s value to qualify for a low-rate home loan, existing owner occupiers who have had a chance to build up some equity in their properties may be in a position to refinance onto one of these deals.

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Best home loans for over $1 million

Recent CoreLogic figures show that property prices finished 2020 strong, and that this momentum could continue into 2021. While dwelling values in several capitals are yet to return to their peaks, to buy a home in some of these cities you may still need a mortgage for $1 million or more.

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Best packaged home loans

It’s important to remember that there’s much more to a home loan than just its interest rate. The right home loan features and benefits can make a big difference to your financial situation. Some mortgage lenders offer additional value by bundling other financial products and services with their home loans, allowing borrowers to benefit from discounted or waived fees, cashback and more.

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Best home loans from newer lenders

It’s also important to compare a range of different options before deciding on a home loan. While Australia’s big four banks offer several popular mortgages, there are also plenty of alternative options, including home loans from newer, smaller lenders, such as online-only neobanks.

Company
Interest Rate

1.89

% p.a

Variable

Comparison Rate*

1.89

% p.a

Repayment

$1,256

monthly

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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