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.

 

Why compare home loans?

Home loans, for most people, will be the biggest expense they ever have. Homes cost hundreds of thousands of dollars, and a home loan can cost a couple of hundred thousand in interest costs on top of that, spread out over several decades.

That’s why picking a good home loan, one with a low rate, low fees and useful features, is a must if you want to not pay tens of thousands more than you need to.

Randomly picking a home loan is almost never a good idea. This page has a home loan comparison calculator, which will allow you to compare several different home loans so you can find the best one for you.

How to compare home loans

When comparing home loans, there are several key things you need to factor in:

  • The interest rate: A lower interest rate, as well as different kinds of interest rates (variable or fixed etc.), can result in thousands of dollars in savings
  • The repayment type: The two different repayment types (principal and interest or interest-only) can also change how much you pay in the short-term and overall.
  • The fees: A home loan with excessive upfront and ongoing fees can cost hundreds if not thousands more per year, compared to a loan that has few fees.

You might also prefer a home loan with extra features, such as an offset account, a redraw facility, a split-rate option and more.

A good mortgage comparison calculator can help you make a choice.

Home loan comparison calculator

If you’re looking to take out a home loan, then Savings.com.au’s home loan comparison calculator can help you find out which home loan might be the best one for you.

This mortgage comparison calculator lets you input the interest rate, fees and repayment frequencies for multiple different loans to show you how much more or less you could pay by choosing one loan over another.

Choosing a home loan is a big decision, and our loan comparison tool can help you make the right choice.

 

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): Credit Union Australia, 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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