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 I get a mortgage with a guarantor?

If you can’t quite manage to scrape together enough for a 20% deposit on the property you desire, another method of securing a home loan is by using a guarantor. This is where someone else (typically an immediate family member like a parent) has agreed to take responsibility for making repayments in the event that you can’t. They might also offer their own property as collateral.

This option can be useful for people who:

  • Have lower incomes
  • Are struggling to reach their deposit goal
  • Have bad credit histories
  • Have a shaky employment history

But not every loan with a guarantor will be approved. You’ll likely still need to have a decent history of savings while your guarantor(s) will likely need to have a stable income or a sizeable amount of equity in their own property.

Our guarantor home loan calculator can help you figure out if your guarantor will be enough.

Guarantor home loan calculator

Savings.com.au’s guarantor home loan calculator can help you work out whether you’re likely to be approved for a home loan with a guarantor or not. This calculator will factor in:

  • The size of your loan and deposit
  • How much equity your guarantors have in their property)

Not every lender will accept a borrower with a guarantor, while those that do will each have different criteria for who they’ll accept. So consider speaking to a lending specialist and read the terms and conditions of a loan before making a commitment.

 

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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