Compare the top home loans^

Compare the top home loan options for your financial needs and budget. - Last updated on 15 Oct 2019

Compare top home loans

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  • HSBC : Home Value Loan

    3.17% p.a. Advertised Rate. 3.19% p.a. Comparison Rate*. Extra low interest rate for refinancers. No ongoing fees. Parents can sign as guarantor. Extra repayments + redraw services.
  • UBank : Owner Occupier Discounted Variable Rate

    3.09% p.a. Advertised Rate. 3.09% p.a. Comparison Rate*. Extra low interest rate for refinancers. No upfront or ongoing fees. Extra repayments + redraw services. Free redraw facility.
  • loans.com.au : Smart Home Loan

    2.88% p.a. Advertised Rate. 2.90% p.a. Comparison Rate*. Extra low interest rate for refinancers. No ongoing fees. Extra repayments + redraw services. Free redraw facility.
  • Well Home Loans : Well Balanced

    4.04% p.a. Advertised Rate. 4.08% p.a. Comparison Rate*. No ongoing fees. 100% full offset account. Extra repayments + redraw services. Free redraw facility.

Top home loans

With lots of lenders out there advertising their loans, it should be easy to find the best ones, shouldn’t it? In fact, there are several different things you’ll need to consider when trying to do so, and the top loans for somebody in your circumstances might not be the same as the top loans for somebody else. You’ll need to decide what type of loan is right for you and then work out which offers the best combination of low rates, low fees and useful features, giving you the deal you want.

Types of loan

As well as basic loans, there are several specialist types of loan on the market that might be better suited to your situation.

  • Low doc home loans – these loans are more flexible about documentation so they’re easier to get if your circumstances are unusual or you work as a freelancer.
  • Package home loans – these loans come in a bundle with other financial services such as bank accounts or credit cards, and can work out cheaper.
  • Bad credit home loans – believe it or not, it is possible to buy a home even if you have bad credit, using one of these specialist arrangements.
  • Loyalty discount home loans – some loans offer discounts and perks to borrowers who stick with the original provider instead of switching.
  • Loans for professionals – if you are a doctor, lawyer or similarly respected professional, you may be able to get a good value specialist loan.

 

Identifying the best loans

 

Once you settle on the type of loan you want, you’ll need to compare those offered by different providers. Use the comparison rate for an at-a-glance summation of rates and fees, and ask for the Key Facts sheet to help you weigh up the value of any additional features.

 

Rates

 

Variable rate loans generally offer cheaper rates than fixed rate loans, but they’re not as secure for the borrower, so they’re not the right choice for everybody. Bear in mind that if you agree to a long loan term in exchange for low rates, you could end up paying more overall even though your monthly payments will be lower.

 

Fees

 

There are many different types of fee attached to home loans, including a number of different start-up fees and monthly or annual fees. You will need to factor these in before you can get a clear picture of the real value of the loan.

 

Features

 

Often lenders try to attract borrowers by adding lots of special features, but smart borrowers only take on those they will actually use. This could be anything from a credit card to a facility for making early repayments free of charge.

 

Other considerations

 

When you’ve found a top home loan you like the look of, you’ll still have to see if you qualify for it. Ensure you have enough money for the deposit required and check that the terms and conditions are right for you. If you qualify easily, don’t just settle – haggle. In this situation it’s likely that several lenders would love to have your custom, so you’re in a strong bargaining position and may be able to secure an even better deal.

 


Sally is the Research Director for RateCity. Passionate about helping everyday Australians save money through smart budgeting and get access to affordable finance options without falling victim to marketing ploys, she's contributes to news outlets from Fairfax and News, and a regular commentator on television and radio about personal finance matters.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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