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.

 

What is a credit score?

Your credit score, or credit rating, is a numerical representation of your trustworthiness as a borrower. Lenders use it to determine:

  • How much they’re willing to lend you for a home
  • What interest rate to charge you
  • Whether you can afford to meet your repayments
  • Whether you should be approved or rejected for a car loan, personal loan or credit card
  • What your credit limit should be on a credit card
Good credit behaviour, like consistently meeting repayments, paying bills on time and not borrowing beyond your limits is likely to have a positive effect on a credit score, while consistently missing repayments or defaulting on loans could have negative effects on it.

For help working out how strong your credit score might be, use our credit score calculator.

Credit score calculator

Although this won’t give you an exact credit score (you should use credit agencies like Equifax or Experian for that) our credit score estimator tool can give you a rough idea of what your credit rating might be based on the following information:

  • How many credit enquiries are on your credit file from the past 6 months
  • The length of your credit history
  • Your average monthly credit usage
  • Your credit limit
  • Your age range
  • Whether you’ve had any missed or late payments in the past 2 years
  • How long you’ve been in your current job for
  • How long you’ve lived at your current address

While each lender can assess applicants differently, this will hopefully give you a good idea as to what band your credit score is likely to fall into:

  • Excellent: 800-1,000
  • Very good: 700-799
  • Good: 625-699
  • Fair: 550-624
  • Below average: 0-549

 

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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.