Best Home Loans

Between comparing lenders, home loan rates, and loan features, finding the right loan for you can be overwhelming. Whether you want to take out a mortgage, refinance your home loan, or get another housing-related loan, we’ll help you cut through the noise so that you can get the keys to your new pad. Continue reading...

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Based on 43,309 reviews
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Lendi

Looking for Home Loans?

4.7 

Compare home loan rates from 25+ lenders and see if you can save

Mortgage Domayne

Mortgage Domayne 🏆 2024

5.0  (728) Summary
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Rocky V.
Rocky V.
 
Loan Gallery Finance

Loan Gallery Finance 🏆 2024

5.0  (807) Summary
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Jovana
Jovana
 
Loan Studio

Loan Studio

4.9  (588) Summary
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S Mishra
S Mishra
 
Home Loan Experts

Home Loan Experts 🏆 2024

4.9  (1,794) Summary
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Gabriel C.
Gabriel C.QLD
 
Refinance and consolidateThe team at Home Loan Experts never disappoint. Fast punctual and willing to do the extra yards to settle. Show details
Professional Partners

Professional Partners

5.0  (243) Summary
Julian
JulianVIC
  Verified
Craig is the best broker I've ever usedCraig is the best broker I've used. He is always getting the best rates and works hard to ensure everything is perfect. I am extremely pleased to recommend Craig who is exceptional at what he does. Show details
Credit Hub Australia

Credit Hub Australia

5.0  (276) Summary
Anupal Singh
Anupal Singh
  Verified
AppreciationWe had great experience with credit hub team, Thanks a-lot to Rashpal Singh who managed things in a professional way and updated us about the process on time. He guided us properly and sorted out our queries. Show details ·  1
Aussie Home Loans

Aussie Home Loans 🏆 2024

4.8  (6,424) Summary
Jitendra Katariya
Jitendra KatariyaNSW2 posts
 
Excellent Customer ServiceDipal Patel was very proactive and adapt understanding of process and always available to answer our querry. Show details
Mortgage Broker Melbourne

Mortgage Broker Melbourne

4.9  (297) Summary
Jade B.
Jade B.VIC
 
ARG Finance

ARG Finance

5.0  (190) Summary
Dheeraj
DheerajNSW2 posts
 
Excellent and outstanding serviceExcellent service and Ginny was outstanding. Listened and understood what we are looking for and adviced the right product.
Thank you Arg and especially Ginny
Greenline Home Loans

Greenline Home Loans

5.0  (171) Summary
justmyview
justmyviewQLD9 posts
 
Loan Market

Loan Market

4.7  (1,007) Summary
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Sophie P.
Sophie P.NSW
 
UNO home loans

UNO home loans

4.8  (343) Summary
Alitreboy
Alitreboy12 posts
 
Unfriendly for hearing impairedNo email option for me to send, only contact them via phone call appt.
UNO home loans
UNO home loans   DM   
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The email address of each of our brokers is clearly visible on each brokers profile and our all brokers page external link  - We have previously helped people who are hearing impaired also.

Lendi

Lendi

4.7  (3,651) Summary
Davo
Davo2 posts
 
Restored faith in Lending IndustryThank you Leon Clark, you have made our refinance journey such a pleasure. Leon push through some hurdles for us going above and beyond. Excellent service from Leon and his team keeping us updated all the way. Will be recommending to anyone who asks. Show details
Future Assist Group of Companies

Future Assist Group of Companies 🏆 2024

4.7  (816) Summary
Phillip D.
Phillip D.WA
  Verified
Long term customerI have been using futureassist for advice for over 10 years now and always found them to be professional and details orientated. They have helped me grow my portfolio and adapt strategies with changing life priorities while always considering my risk profile. Show reply
Mel Finance Services

Mel Finance Services

5.0  (112) Summary
Nick M.
Nick M.VIC
 
Mortgage House

Mortgage House

4.6  (3,334) Summary
Abi T.
Abi T.
 
Great service!!A friend recommended Mittal from MortgageHouse, and I couldn't be happier with the experience. Mittal handled my SMSF loan with exceptional transparency and trustworthiness. His professionalism and clear communication left a lasting impression. Without a doubt, I’d rate him five stars! Show details ·  1
Well Home Loans

Well Home Loans

4.8  (203) Summary
Brian
BrianNSW4 posts
 
ChampionsI switched from ANZ to Well and they are the best for home loans. Show details
Investors Mortgage

Investors Mortgage

4.9  (102) Summary
Gaurav M.
Gaurav M.
 
What If We Finance

What If We Finance

5.0  (84) Summary
BXC
BXC
 
Very satisfied with Spiro and the teamSpiro and the team have been super helpful and responsive every step of the way. Couldn't be any happier with the service and will highly recommend to anyone else! Show details
OzBroker+

OzBroker+

5.0  (84) Summary
Rob
Rob
 
Great serviceThank's to Victor and the team, they were very help. Show details
Connected Finance

Connected Finance

5.0  (78) Summary
Rob
Rob2 posts
 
Homestar Finance

Homestar Finance

4.5  (968) Summary
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Laura B.
Laura B.NSW
  Fair Incentive
The Perth Mortgage Specialist

The Perth Mortgage Specialist

5.0  (77) Summary
Liam H.
Liam H.
 
Excellent mortgage broker servicesMichael and Sue have given me the best experience I could possibly ask for in sorting out my home loan for my house and land as a first home buyer. They are both extremely responsive, thorough and friendly people to liaise with. I’m really grateful I’ve had them by my side for the finance part of my building journey. Thanks very much team!! Show details
Community First Bank

Community First Bank

4.5  (708) Summary
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Pixma MG5660
Pixma MG5660NSW2 posts
 
Happy deals issues happillyHappy is very competent and friendly, My needs regarding to my account was sorted out in a short time.
Refinancer

Refinancer

5.0  (68) Summary
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sonu g.
sonu g.QLD
 
RefinancerGreat Experience with Haydn & His Team member Kyle. Great Communication & Timely Response. Very professional. Definitely Recommend them Show details
Mobile Mortgage Advice

Mobile Mortgage Advice

5.0  (59) Summary
Blur Abdulla
Blur Abdulla
 
I highly recommend Nathan for loan applications. His work is excellent, ensuring my friends receive top-notch service"Nathan's expertise as a mortgage broker shone through in his diligent collection of necessary documents and seamless communication with both the agent and the bank. His transparency throughout the entire process was greatly appreciated. I'm truly grateful for his invaluable assistance." Show details
Mortgage Ezy

Mortgage Ezy

4.4  (700) Summary
James Y.
James Y.
  Fair Incentive
A pleasant experience, great customer serviceA pleasant experience every time I speak to the customer service rep. Very friendly and helpful, they listen to every word and helped me process my request extremely efficiently, highly recommend their services. Show details
Queensland Country Bank Home Loans

Queensland Country Bank Home Loans

4.8  (86) Summary
Neil
Neil
 
Refinance home loanRefinanced from another bank as I was very dissatisfied with interest rates and service. QCB has been very helpful during all stages of the loan transition. And feedback from staff when you have a question, issue or require assistance has been terrific. Very happy Show details ·  1
Mortgage Corp

Mortgage Corp

4.9  (61) Summary
Francisco
Francisco
 
Great serviceI secured a really good mortgage thanks to Mortgage Corp. They were always professional and explained all the steps of the process. Definitely recommend them. Renee and Jocelyne were a pleasure to work with Show details
National Pacific Finance

National Pacific Finance

5.0  (52) Summary
Josue L.
Josue L.2 posts
 
Experience @ NPFMay I thank NPF for its services,specially savita Bijlani and Sai for all progress payments..
Savita has been more than a broker,she's an Angel ,we've known her for 7 years and have done few financial changes,always there to listen and assist to the best of her ability..Thanks again @NPF ..
From the L'etang
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Lendi

Looking for Home Loans?

4.7 

Compare home loan rates from 25+ lenders and see if you can save

A man at a desk handing over a house key to someone filling out paperwork. There's also a model of a house on the desk.

Types of loan providers

Banks

The Big Four banks - that is, Commonwealth Bank, NAB, Westpac, and ANZ - dominate the home loan market. There are also plenty of smaller, more local banks (think banks like Bendigo Bank and ING) that offer a variety of home loans - so do some international banks that operate in Australia.

Pros
Have extensive customer service teams.
Have branches and ATMs that you can visit.
Offer plenty of loan options.
Can be easier to access, particularly if you stick with the same bank that you already hold an account with.
Can do online banking and use mobile apps to track your loan.
Cons
Usually don’t offer the lowest rates (although they’re still low enough to remain competitive).
Service is often slower and less personalised, as they’re such big institutions.
Overheads may be more expensive, meaning higher fees.

Non-bank lenders

Non-bank lenders are those which don’t hold a banking license - they’re not a bank, a building society, or a credit union. These lenders still have to follow the same laws, rules and regulations as banks, so they’re still as safe to use as traditional banks.

Online lenders - such as Lendi, Athena Home Loans, and Tic:Toc Home Loans - fall into this category, and are on the rise thanks to the convenience and competitive rates they offer.

Pros
Often more likely to offer lower set-up and ongoing fees, as they have less bells and whistles than banks.
Have more competitive interest rates.
Often offer more personalised customer service.
Usually more likely to be able to service higher-risk borrowers.
Shorter turnaround times, as they’re less bureaucratic than banks.
Convenient, as you can often do the whole home loan process online.
Cons
May service less areas than traditional banks.
Can be more vulnerable to economic conditions, such as financial crises.
Offer a smaller variety of products, so you may not find something that suits your needs.
Limited physical presence and branches means it may be difficult to get face-to-face help.
Can be difficult for people who aren’t tech-literate to do the whole home loan process online.

Is it worth getting a mortgage broker?

If you’re having difficulty comparing loans and lenders, then a mortgage broker may be able to help you find the right loan for you. This is a licensed professional who brings borrowers and lenders together, and helps you apply for the loan and assist you throughout the process through to settlement.

Often home loan brokers are paid commission by lenders, so you don’t have to pay for their services. They may however be offered incentives by a lender to offer you certain loans, which could influence which loans they recommend to you.

What to consider when you compare home loans

Eligibility

Different lenders have different eligibility criteria for taking out a home loan, so ensure that you check the requirements of each lender you’re considering so that you don’t waste your time with a lengthy application process.

Depending on your situation, you may also be eligible for a government incentive, such as the First Home Owner Grant - this grant requires that you move into your new home within 12 months, and live in it for at least 6 months.

Loan purpose

You should ensure that the type of loan you’re taking out is the right option for your loan purpose, depending on whether you’re a first-time home buyer, refinancing your mortgage, buying an investment property, looking for a construction loan, or something else.

A construction loan, for example, differs from a regular home loan in that it progressively lets you access money as you complete different phases of your home’s construction.

Loan repayment type

There are 2 ways to repay your loan: with principle and interest repayments, or with interest-only repayments.

Principal and interest repayments

Most Australians get this type of loan. With this loan, you make regular repayments on the principal (the amount borrowed), and you pay interest on that amount. These generally have a lower interest rate than interest-only loans, and you’ll usually own your home sooner.

Interest-only repayments

For interest-only home loans, you only make repayments on the interest on the amount borrowed for an initial period of time. Because you’re not making repayments on the principal, your debt doesn’t reduce.

While your mortgage repayments might be lower during the interest-only period, they’ll increase after that, so you have to ensure that you can afford this.

Initial deposit amount

When you take out a loan, you’ll have to make a home loan deposit, which is usually at least 10 to 20% of the purchase price.

While most lenders require a deposit of 20%, some will allow low deposit home loans, but you’ll likely have to pay Lender’s Mortgage Insurance (LMI) - this protects the lender against any losses in the event that you’re unable to repay your loan.

However, first home buyers may be able to buy a property with as little as a 5% deposit home loan without forking out for LMI under the Australian Government’s First Home Loan Deposit Scheme.

A higher deposit means you borrow less (as you have a lower loan amount) and pay less interest over the life of the loan. You might also be able to score better home loan interest rate deals that can mean even more savings in your pocket.

Interest rate and type

It’s recommended to aim for the lowest possible interest rate on your loan, as even small differences between these mortgage rates can wind up saving you thousands over the loan.

When taking out a home loan, you can choose between a fixed rate or a variable rate.

Fixed home loan rates

Fixed rate home loans have an interest rate that stays the same for a set period of time (for example, 5 years). The interest rate then turns into a variable rate.

Pros
Budgeting and planning for your loan is easier and more accurate as you know how much your repayments will be.
Have fewer loan features, which could mean you pay less.
Cons
If interest rates go down, you won’t reap the benefits of a fixed interest rate.
If you want to change loans down the track, you may be charged a break fee.

Variable home loan rates

A variable interest rate in a housing loan can fluctuate depending on changes in the market.

Pros
Can give you more flexibility as they have more loan features.
If you find a better deal elsewhere, it’s often easier to switch.
Cons
Budgeting is more difficult, as your repayment amounts can fluctuate.
Having more loan features can cost more.

If you’re not leaning towards either of these, you can also get a partially-fixed rate, or a split loan. This means that part of your loan (you can decide how to split it) has a fixed rate and the remainder has a variable rate.

Budget better by knowing your monthly repayment

Your monthly repayment is a figure that represents how much you have to pay each month on a loan. This helps you know exactly what you’re signing up for, so you’re not stretched too thin, or conversely, not paying less than what you can afford.

If it suits you better, you can also calculate your weekly or fortnightly repayment.

Loan features

Some loans have extra features that can give you greater flexibility in how you access and use them. However, these features usually come at a higher cost, so you should weigh up your options to see if you’ll use them in a way that makes the higher price worth it.

  • Offset account: This is a transaction account that’s linked to your home loan. The balance of this account can be offset against what you owe on your home loan.
  • Extra repayments: A loan that lets you make extra repayments lets you pay off your loan faster, saving you in paying interest. Most variable rate loans allow this, while some fixed rate loans limit how much extra you can repay.
  • Redraw facility: This lets you withdraw any extra payments you’ve made on your loan, which can be useful for emergencies. Your lender may charge a redraw fee or restrict how much money you can redraw.
  • Portability: With a portable home loan, you can sell your home and purchase a new one with the same home loan, without needing to refinance.
  • Line of credit: A line of credit home loan lets you borrow some of the built-up equity in your home. You can withdraw up to a certain amount (the credit limit) determined by your lender.

Loan term

The loan term refers to the length of time you have to pay off your loan. A typical loan term is 30 years, although depending on your situation, you can also find terms ranging from around 20 to 40 years.

It’s generally recommended to get the shortest loan term that you can afford - you’ll have to make higher home loan repayments, but you’ll pay less interest, saving you more in the long run.

Fees

You should read the fine print to figure out all the fees associated with your home loan, so you’re not surprised with a large sum down the track. Usually you’ll have to pay an application fee (also called an establishment, up-front, or set-up fee), which is a one-off payment that you pay when starting your loan.

You’ll probably also have to pay ongoing fees, such as service fees that are charged periodically (usually monthly or yearly) to a lender for administering your loan.

Find the comparison rate to know exactly what you’re paying

The comparison rate of a loan is the sum that indicates the cost of the loan, including the interest rate and most fees. This includes all upfront and ongoing costs, so you’ll get a good idea of how much you’ll be forking out over your loan.

If you’re tossing up between a few different loans, this figure can help make choosing between your options easier.

Comparing loan providers

When comparing providers, you should also look into the following:

  • The application process. The application process should be relatively simple, and should suit your needs. For example, if you need to organise a loan quickly, then you may want to opt for an online lender who can offer faster results.
  • The transparency of the lender. A lender should be upfront with you with all information relating to your loan, whether it’s positive or negative.
  • The lender’s customer service. Your home loan doesn’t end after you’ve finished your application, which is why timely, helpful customer service is important to make things as easy as they possibly can be for you.

Reading online reviews can help you determine the overall experience and quality of care a lender can give you, as well give you an indication of how straightforward the application process is.

The bottom line

You should be realistic about how much you can borrow. Take into account rising interest rates that could mean increased loan repayments for you - giving yourself a bit of breathing room, and considering how your personal and financial circumstances could change should help you find a loan that’s right for you.

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