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.

 

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.

What is a house deposit?

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.

How much do you need for a house deposit?

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.

Home loan deposit calculator

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 estimated value of the property you want to buy
  • Your current savings
  • Which state the property is located in
  • Whether you’re buying the property to live in or as an investor
  • Whether you’re a first home buyer and buying through a scheme
  • Whether the home is established or new
Let’s say for example you’re looking to buy a $650,000 established property in NSW, and have built up $80,000 in savings. After factoring in upfront costs, you’d have around $35,000 left for a deposit, which would give you an LVR of 95%.

If you wanted to have a lower LVR, then this house deposit calculator could help you figure out just how much more savings you need.
 

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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