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Some of the best owner occupier home loans for February 2021

Some of the best owner occupier home loans for February 2021

With Australia’s cash rate predicted to sit on hold at just 0.10 per cent for at least the next few years, RateCity analysis indicates that we may be looking at the bottom of the cycle when it comes to home loan interest rates.

If you’re planning to buy your first home, refinance your current home, or purchase a new home, it’s important to compare home loans before taking the plunge. One quick and simple way to get an idea of which home loans are among the top performers in different categories are to check RateCity’s Home Loan Leaderboards, which rank the top home loans based on their Real Time Ratings™.

There is no single best home loan as everyone’s needs are different. 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.

Some of the best home loans for refinancing

There are many different reasons to consider refinancing your home loan, from getting a lower interest rate and cheaper fees, to accessing mortgage features and benefits that better suit your needs, and much more. If you’ve managed to build up some equity in your current property (such as if property values in your area have risen), you may find that you’re eligible for certain low-rate home loans with low Loan to Value Ratio (LVR) prerequisites.

Company
Product

Star Gold Home Loan

Real Time Rating™

4.84

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

1.79

% p.a

Variable

Comparison Rate*

1.84

% p.a

Repayment

$1,241

monthly

Real Time Rating™

4.84

/ 5
Go to site

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Company
Product

Freedom Variable

Real Time Rating™

4.23

/ 5
Interest Rate

2.09

% p.a

Variable

Comparison Rate*

2.13

% p.a

Repayment

$1,285

monthly

Real Time Rating™

4.23

/ 5
Go to site
Company
Product

Dream Value Home Loan

Real Time Rating™

3.68

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.58

% p.a

Repayment

$1,299

monthly

Real Time Rating™

3.68

/ 5
Go to site

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Company
Product

Standard Variable Home Loan

Real Time Rating™

4.87

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

1.79

% p.a

Variable

Comparison Rate*

1.79

% p.a

Repayment

$1,241

monthly

Real Time Rating™

4.87

/ 5
Go to site

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Some of the best home loans for over $1 million

While average unit prices are understood to have fallen in recent months, average house prices increased over that same time, especially in the regions. Low overseas migration and a general shift toward working from home thanks to COVID-19 are believed to be responsible for these value movements.

Wherever you’re buying, if you need to borrow a million dollars or more to do so (not uncommon in our capital cities), there are mortgage options available to you.

Company
Product

Live-in Variable (With Offset)

Real Time Rating™

3.89

/ 5

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

Interest Rate

2.14

% p.a

Variable

Comparison Rate*

2.15

% p.a

Repayment

$1,292

monthly

Real Time Rating™

3.89

/ 5
Go to site

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

Company
Product

Standard Variable Home Loan

Real Time Rating™

4.85

/ 5

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

Interest Rate

1.87

% p.a

Variable

Comparison Rate*

1.87

% p.a

Repayment

$1,253

monthly

Real Time Rating™

4.85

/ 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™

3.98

/ 5

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

Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.23

% p.a

Repayment

$1,299

monthly

Real Time Rating™

3.98

/ 5
Go to site

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

Company
Product

Momentum Home Loan

Real Time Rating™

3.57

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

2.44

% p.a

Variable

Comparison Rate*

2.46

% p.a

Repayment

$1,337

monthly

Real Time Rating™

3.57

/ 5
Go to site

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Some of the best packaged home loans

A lot of Australians limit their home loan comparisons to just looking at interest rates. Some of us may also look at a home loan’s fees and other features to get an idea of its overall value.

However, some mortgage lenders can bundle their home loans with bank accounts, credit cards and more, sometimes with a discounted fee for the entire package. Depending on your financial situation, this could offer you even more value.

Company
Product

Dream Value Home Loan

Real Time Rating™

3.68

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.58

% p.a

Repayment

$1,299

monthly

Real Time Rating™

3.68

/ 5
Go to site

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Company
Product

Home Loan Package

Real Time Rating™

3.05

/ 5
Interest Rate

2.44

% p.a

Variable

Comparison Rate*

2.88

% p.a

Repayment

$1,337

monthly

Real Time Rating™

3.05

/ 5
Go to site

special

$5,000 First Home Buyers Grant on eligible loans

Some of the best home loans from new lenders

While Australia’s biggest, oldest banks offer well-established home loan deals, there are plenty of smaller, newer mortgage lenders challenging them. While not every loan from a new lender will be right for your financial situation, you may be surprised by what they can offer.

Company
Product

Owner Occupier Accelerates - Celebrate (Principal and Interest)

Real Time Rating™

3.93

/ 5
Interest Rate

2.14

% p.a

Variable

Comparison Rate*

2.14

% p.a

Repayment

$1,292

monthly

Real Time Rating™

3.93

/ 5
Go to site
Company
Product

Neat Home Loan

Real Time Rating™

4.14

/ 5
Interest Rate

1.89

% p.a

Variable

Comparison Rate*

1.90

% p.a

Repayment

$1,256

monthly

Real Time Rating™

4.14

/ 5
Go to site
Company
Product

Savvy First Home Buyer Loan

Real Time Rating™

2.98

/ 5
Interest Rate

2.42

% p.a

Variable

Comparison Rate*

3.22

% p.a

Repayment

$1,334

monthly

Real Time Rating™

2.98

/ 5
Go to site
Company
Product

First Home Loan

Real Time Rating™

1.86

/ 5
Interest Rate

2.99

% p.a

Variable

Comparison Rate*

3.04

% p.a

Repayment

$748

monthly

Real Time Rating™

1.86

/ 5
Go to site

Some of the best home loans for a small deposit

For many Australians, even if you could afford a home loan’s repayments, the upfront costs may seem like an insurmountable obstacle. While not every upfront cost will apply to every borrower (for example, the NSW government is looking at swapping upfront stamp duty for an ongoing property tax), saving a 20 per cent deposit on a property is a stumbling block for many.

Some lenders offer mortgage deals that only require a deposit of 10 or 5 per cent, though the smaller the deposit, the more you may need to pay in lenders mortgage insurance (LMI). Be sure to check your calculations and consider seeking financial advice before applying.

Company
Product

Momentum Home Loan

Real Time Rating™

3.57

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

2.44

% p.a

Variable

Comparison Rate*

2.46

% p.a

Repayment

$1,337

monthly

Real Time Rating™

3.57

/ 5
Go to site

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Company
Product

Basic Variable Rate (Flexi First Option) Home Loan

Real Time Rating™

3.43

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

2.59

% p.a

Variable

Comparison Rate*

2.53

% p.a

Repayment

$1,359

monthly

Real Time Rating™

3.43

/ 5
Go to site

Cashback

Refinance and get $3,000 cashback for new Owner Occupier and Investment Loans on LVR up to 80% and min $250k loan. ~ Ends in 8 days

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Company
Product

Freedom Variable

Real Time Rating™

2.07

/ 5
Interest Rate

3.49

% p.a

Variable

Comparison Rate*

3.52

% p.a

Repayment

$1,500

monthly

Real Time Rating™

2.07

/ 5
Go to site
Company
Product

Bare Essentials (Principal and Interest)

Real Time Rating™

2.69

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

2.59

% p.a

Variable

Comparison Rate*

2.68

% p.a

Repayment

$1,359

monthly

Real Time Rating™

2.69

/ 5
Go to site

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Some of the best fixed rate home loans

A lot of the lowest rates on the market at present are fixed rates, allowing you to lock in a low rate for up to five years. If you can afford the repayments, and you like the look of a home loan’s features and benefits, you could consider one of the top-rated fixed rate home loans. Just keep in mind that many fixed rate loans are less flexible than other options, and that if you choose to refinance your loan during the fixed period, you could be hit with significant break fees.

Some of the best 3-year fixed home loans

Company
Product

Live-in Fixed

Real Time Rating™

1.44

/ 5

Winner of Best 3 Year Fixed Pi Home Loan, RateCity Gold Awards 2022

Interest Rate

4.66

% p.a

Fixed - 3 years

Comparison Rate*

2.78

% p.a

Repayment

$1,695

monthly

Real Time Rating™

1.44

/ 5
Go to site

Winner of Best 3 Year Fixed Pi Home Loan, RateCity Gold Awards 2022

Company
Product

Freedom Fixed

Real Time Rating™

1.69

/ 5
Interest Rate

6.29

% p.a

Fixed - 3 years

Comparison Rate*

3.01

% p.a

Repayment

$1,986

monthly

Real Time Rating™

1.69

/ 5
Go to site

Some of the best 4-year fixed home loans

Company
Product

Complete Home Loan Fixed

Real Time Rating™

1.92

/ 5
Interest Rate

4.99

% p.a

Fixed - 4 years

Comparison Rate*

3.44

% p.a

Repayment

$1,752

monthly

Real Time Rating™

1.92

/ 5
Go to site
Company
Product

Advantage Package

Real Time Rating™

1.84

/ 5
Interest Rate

4.44

% p.a

Fixed - 4 years

Comparison Rate*

3.99

% p.a

Repayment

$1,657

monthly

Real Time Rating™

1.84

/ 5
Go to site

Cashback

Receive $4000 in cashback when you refinance
Company
Product

Advantage Package

Real Time Rating™

1.84

/ 5
Interest Rate

4.54

% p.a

Fixed - 4 years

Comparison Rate*

4.25

% p.a

Repayment

$1,674

monthly

Real Time Rating™

1.84

/ 5
Go to site

Cashback

Receive $4000 in cashback when you refinance
Company
Product

Premier Advantage Package

Real Time Rating™

1.80

/ 5
Interest Rate

4.49

% p.a

Fixed - 4 years

Comparison Rate*

4.10

% p.a

Repayment

$1,666

monthly

Real Time Rating™

1.80

/ 5
Go to site

Cashback

Refinance and get $3,000 cashback for new Owner Occupier and Investment Loans on LVR up to 80% and min $250k loan. ~ Ends in 8 days
Company
Product

Fixed Rate Home Loan (with Advantage Package)

Real Time Rating™

1.74

/ 5
Interest Rate

4.44

% p.a

Fixed - 4 years

Comparison Rate*

3.99

% p.a

Repayment

$1,657

monthly

Real Time Rating™

1.74

/ 5
Go to site

Cashback

Receive $4000 in cashback when you refinance

Some of the best 5-year fixed home loans

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

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