Home loan comparison

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

 

Can you buy a house without a deposit?

Generally speaking, it’s very difficult to buy a house with no deposit, at least not with any traditional lender. Lenders might make case-by-case exceptions based on income or a person’s repayment history but as a general rule, 100% home loans don’t exist, and you will normally need a deposit of at least 5%.

Some exceptions to allowing a 100% LVR (0% deposit) include:

  • Having continuous employment of three years or more
  • Having a minimum salary of $150,000 per year for singles or $180,000 for couples
  • A clean credit history
  • Having a guarantor
Even with the above, there’s no guarantee of approval and lenders often charge much higher interest rates on no-deposit home loans than other home loans, so you’re still encouraged to have a deposit.

No deposit home loan calculator

If you’re thinking of buying a home with a 0% deposit, then use our no deposit home loan calculator to:

  • Find out if you may be eligible
  • Discover how much equity you may be able to use from your existing property or your guarantor’s property
You should really think hard before taking out a no deposit home loan, since they not only tend to charge higher interest rates, but you’re also paying interest on the entirety of the purchase price, which will make the loan vastly more expensive overall.

 

Home loan news


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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