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 are genuine savings?
’Genuine savings’ is what lenders use to describe savings you’ve built up yourself over a period of around three to six months and haven’t been earned through one-offs like work bonuses, selling a household item, inheritance or gifts from family.
‘Genuine’ savings are things like:
- Savings held for three months or more
- Term deposits with terms lasting more than three months
- Funds salary sacrificed under the First Home Super Saver Scheme
- Shares or managed funds you’ve held for at least three months
- Equity in your current property
The bigger the deposit, the less genuine savings you’ll generally need, but you should still try to have some. Lenders look to genuine savings to see how responsible you are with money. Someone who has genuinely saved over the months and years is more likely to get approval compared to someone who can’t save but received a small fortune through winning at the pokies, for example.
Genuine savings calculator
Our genuine savings calculator is designed to help you work out whether your savings are considered to be ‘genuine savings’, and whether a lender is likely to accept you or not based on your deposit size and savings habits.
Although every lender has its own genuine savings
requirements, you can get a rough idea of whether your
savings qualifies by entering the following information:
- The price of the property
- The loan amount
- How much savings you’ve held for more than three months
- Other savings you’ve held for less than three months (e.g. recent gifts/inheritance, sales of assets, tax refunds, bonuses, grants)
- If you own a property, the property’s value and loan balance
Remember though, each lender will do a thorough dive into your finances during your application, so this calculator is no guarantee of approval or rejection.
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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.
