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.

 

Buying a home can be expensive enough, and it can be even more expensive if you have to pay Lenders Mortgage Insurance (LMI). LMI is the insurance policy covering the lender against losses they may incur if the borrower defaults on the loan.

Lenders Mortgage Insurance is often charged on borrowers with a deposit of less than 20% of the property’s value, and can differ greatly in cost.

Using our LMI calculator, you can estimate how much you might have to pay.

How much is Lenders Mortgage Insurance

The upfront cost of LMI typically varies significantly, based on a number of factors, such as:

  • Whether you’re a first-time borrower or not
  • The state your property is in
  • Whether you’re an investor or owner-occupier
  • The size of the loan
  • Your loan-to-value ratio (LVR)
  • What your job is

LMI can easily cost thousands (sometimes tens of thousands) of dollars and can be paid either as a lump sum or as a part of your ongoing repayments. For example, borrowing $500,000 fora $550,000 property (90% LVR) could see you charged between $12,000 and $17,500 in LMI.

How to calculate LMI

If you do think you’re going to have to pay LMI, or just want to know how much you might have to pay just in case, you can easily use a Lenders Mortgage Insurance calculator to give you an estimate of what your costs might be.

Lenders Mortgage Insurance calculator

Savings.com.au’s Lenders Mortgage Insurance can allow you to do just that. By entering all the fields mentioned above, like your deposit size, the cost of the property, the state you’re buying in, and so forth, you can work out just how much you’re likely to have to pay in LMI, and you can work out from there if you want to proceed with your purchase.

 

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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