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June 2020’s best home loans from big banks and new lenders

June 2020’s best home loans from big banks and new lenders

Recent figures from the Australian Bureau of Statistics (ABS) have shown that while the number of new home loans has started to fall, refinancing is on the rise, putting pressure on Australia’s banks to remain competitive.

Some of the bigger banks have started slashing fixed and variable interest rates to some of the lowest seen on record. Their smaller competitors have followed suit, including new lenders in the banking space.

But it’s important to remember that a home loan is more than just its interest rate. Before you sign on the dotted line, you should know about what features and benefits your home loan offers. Your home loan’s flexibility can be just as valuable as the price you’ll pay in fees and interest charges.

Whether you’re looking to refinance your mortgage, or are looking to buy your first home, here are some of the top-rated home loans from RateCity’s Real Time Ratings in June 2020, based on both cost and flexibility:

(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 from large banks

Assumes a $400,000 mortgage for an owner-occupier, with a variable interest rate and a maximum LVR of 80%.

Company
Product

Basic Home Loan

Real Time Rating™

4.51

/ 5
Interest Rate

3.29

% p.a

Variable

Comparison Rate*

3.31

% p.a

Repayment

$1,468

monthly

Real Time Rating™

4.51

/ 5
Go to site

special

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

Home Value Loan (Owner Occupied, Principal & Interest)

Real Time Rating™

4.51

/ 5

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Interest Rate

3.27

% p.a

Variable

Comparison Rate*

3.28

% p.a

Repayment

$1,465

monthly

Real Time Rating™

4.51

/ 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

Extra Home Loan

Real Time Rating™

3.94

/ 5
Interest Rate

4.74

% p.a

Variable

Comparison Rate*

4.75

% p.a

Repayment

$1,709

monthly

Real Time Rating™

3.94

/ 5
Go to site

Cashback

$2,000 cashback when you switch your home loan to us. ~ Ends in 5 months
Company
Product

Base Variable Rate Home Loan

Real Time Rating™

3.99

/ 5
Interest Rate

3.94

% p.a

Variable

Comparison Rate*

3.98

% p.a

Repayment

$1,574

monthly

Real Time Rating™

3.99

/ 5
Go to site

Cashback

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

Read more...

Best home loans from new lenders

Assumes a $400,000 mortgage for an owner occupier with a variable interest rate.

Company
Product

Owner Occupier Accelerates - Liberate (Principal and Interest)

Real Time Rating™

4.16

/ 5
Interest Rate

3.89

% p.a

Variable

Comparison Rate*

3.84

% p.a

Repayment

$1,565

monthly

Real Time Rating™

4.16

/ 5
Go to site
Company
Product

Own Home Loan Variable

Real Time Rating™

4.13

/ 5
Interest Rate

3.99

% p.a

Variable

Comparison Rate*

4.25

% p.a

Repayment

$1,582

monthly

Real Time Rating™

4.13

/ 5
Go to site

Read more...

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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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