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.
Product Features
Monthly repayments: $1,476
Advertised
Rate (p.a.)
Comparison
Rate (p.a.)
Product Features
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.
Before you move into that new home, you’ll need to pay a
deposit for it. And that deposit can be very expensive, often
$100,000 plus.
Our home loan deposit calculator can help you work out how
much you’ll need, and what you can afford.
A house deposit is the initial down payment made to the seller
of the house before you take out a home loan. This is the first
portion of the property that you pay for, and you gradually pay
for the rest as you pay off your home loan.
Deposits are important lenders because they provide a buffer
against potential losses should the borrower default on the
loan. Lenders can also look at the size of the deposit to assess
your reliability as a borrower. Someone who can afford to save
a large amount for a deposit is also more likely to be able to
afford to keep meeting their repayments.
That’s where the loan-to-value ratio (LVR) comes into it.
In a lot of cases, you can take out a home loan with a deposit
as small as 5% of the property's value. A 5% deposit means
you still have to borrow 95% of the home’s value from the
lender, meaning you have an LVR of 95%.
In order to avoid the expensive Lenders Mortgage Insurance
(LMI), you’ll typically require a deposit of at least 20%, or an
80% LVR. This can be quite a lot of money. On a $500,000
home, a 20% deposit is $100,000 in savings.
You’ll also need to factor in the other upfront costs associated
with purchasing property, like conveyancing fees, stamp duty
costs, bank fees and more. Together these can easily cost
$10,000+ at a conservative estimate, which is why it can be
useful to use a house deposit calculator to find out how much
you’ll need in savings.
A home loan deposit calculator, such as the one on our website, can work out how much of your existing savings can be put towards a home of a certain value after all the upfront costs have been considered.
Savings.com.au’s house deposit calculator lets you input the following bits of info to find out the kind of deposit you’d need to have: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:
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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