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 43,287 reviews
Lendi

Looking for Home Loans?

4.6 from 3,462 reviews

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

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Loan Gallery Finance

Loan Gallery Finance 🏆 2024

5.0  (782) Summary
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Alireza
AlirezaWestern AustraliaPerth, Western Australia4 posts
  Verified
Mortgage Domayne

Mortgage Domayne 🏆 2024

5.0  (641) Summary
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SUK PING I.
SUK PING I.
 
Best experience everJason is a fantastic broker who was able to maximise my borrowing capacity that other brokers were not able to get for my scenario. Highly recommend this firm and especially for Jason. Show details
Loan Studio

Loan Studio

4.9  (574) Summary
Mel
MelVICGreater Melbourne (Outer), VIC3 posts
 
The best in the businessThis is the 2nd time we have used loan studio. Bill and his team are highly knowledgeable in the home loan market. They’ve taken the stress out of getting the very best home loan for our family. Very responsive and reliable highly recommend loan studio to anyone. Show details
Home Loan Experts

Home Loan Experts 🏆 2024

4.8  (1,654) Summary
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Bill A.
Bill A.2 posts
 
Awesome Team!Would not go with anyone else. Communication, productivity and prompt. They went in and fought for a better rate and a better product without question or hesitation. Show details
Professional Partners

Professional Partners

5.0  (243) Summary
Julian
JulianVICGreater Melbourne (Inner), VIC
  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
Aussie Home Loans

Aussie Home Loans 🏆 2024

4.8  (6,209) Summary
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Peter Bivolcheff
Peter BivolcheffVICGreater Melbourne (Inner), VIC
 
Headaque freeGetting a loan with Aussie was so easy and prompt, I thought it would of been time consuming and draining Robin George at Aussie taralgon made it so simple and headaque free..... I recommend Robin to any first time buyers, ten out of ten to Robin at Aussie taralgon country Victoria..... Show details
Credit Hub Australia

Credit Hub Australia

5.0  (262) Summary
Zahid M.
Zahid M.
  Verified
Mortgage Broker Melbourne

Mortgage Broker Melbourne

4.9  (291) Summary
Marie A
Marie A
 
Great broker!Excellent service Ed Burke and Stephanie. Couldn't have done it without your expert and honest advice. Thanks for your help and support Show reply
ARG Finance

ARG Finance

5.0  (182) Summary
Jay
JayVICGreater Melbourne (Outer), VIC
 
Car loanLook no further if you want hassle free financial advice.thanks especially to mr gagan for your smooth transaction at very competitive interest.lowest in the market and better than dealerships.
Would come back again for next one Show details
Domain Home Loans

Domain Home Loans

4.8  (1,275) Summary
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Somya singh
Somya singhACTCanberra 2600, ACT2 posts
 
Greenline Home Loans

Greenline Home Loans

5.0  (171) Summary
Daniel
DanielNarellan2 posts
 
Loan Market

Loan Market

4.7  (1,000) Summary
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Graham Mckenna
Graham MckennaVICGreater Melbourne (Outer), VIC
 
The greatestAbsolutely amazing.i I’ve used think company for many years with different house loans and they have always kept me updating and going above and beyond to find the loan for me. Thanks heaps Chris and Ryan for looking after us. Show details
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   
More

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

4.6  (3,464) Summary
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Tania Moorcroft
Tania MoorcroftNSWSydney, NSW
 
Very pleasedWe have 3 separate home loans and were hesitant about changing lenders because we thought it would be to complicated. Leon Clark from lendi was amazing, he answered all our questions and help every step of the way with the loan process. I will be referring him to family members to do the same, very very helpful….thanks Leon Show details ·  1
Future Assist Group of Companies

Future Assist Group of Companies 🏆 2024

4.7  (806) Summary
Lauren Hehir
Lauren HehirNSWIllawarra, NSW2 posts
  Verified
Mortgage House

Mortgage House

4.6  (3,288) Summary
Tj S.
Tj S.2 posts
 
Mel Finance Services

Mel Finance Services

5.0  (107) Summary
Sandeep S.
Sandeep S.
 
Absolute gem!I can’t begin to describe how thankful I am of Lumbini, managed to walk us through the process without a single hiccup, easy to talk to, answered questions that I hadn’t even thought of. Made this whole process so much easier. Couldn’t thank you enough. Show details
Well Home Loans

Well Home Loans

4.8  (200) Summary
Gerry
GerryWAPerth, WA
 
Great experience and fantastic communicationAlways available to answer questions / help with the process
Nothing was ever a problem
Great communication Show details
Investors Mortgage

Investors Mortgage

4.9  (96) Summary
Jeevan Pinto
Jeevan PintoVICCentral Highlands and Goldfields, VIC
 
OzBroker+

OzBroker+

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

What If We Finance

5.0  (79) Summary
Sachith N.
Sachith N.
 
Homestar Finance

Homestar Finance

4.5  (951) Summary
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Michael T.
Michael T.QLDSouth East Queensland, QLD
  Fair Incentive
Connected Finance

Connected Finance

5.0  (71) Summary
Lauren B.
Lauren B.NSWMid North Coast, NSW
 
Perfect service receivedWe are beyond thankful to the team at Connected Finance. George managed our loan approval with his team seamless, minimal stress and with the utmost respect and understanding for our situation. We are beyond able to recommend his team to anyone seeking finance or loan assistance. Thankyou again to the team. Show details
The Perth Mortgage Specialist

The Perth Mortgage Specialist

5.0  (76) Summary
Karina
Karina
 
Community First Bank

Community First Bank

4.4  (608) Summary
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Karlene
KarleneNSWSydney Surrounds, NSW
 
Excellent customer serviceI would just like to give a huge shout out to Helen B from the Erina office. Right from the first meeting to today she has been very informative and patient with us which i personally find very comforting to understanding the "banking" world. We most definitely will be coming to see her with any future needs Show details
Refinancer

Refinancer

5.0  (60) Summary
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Manveer G.
Manveer G.VICGreater Melbourne (Outer), VIC
 
Excellent Service!!I couldn't recommend Patrick Stewart and Christine enough!! They helped me consolidate my loans with ease!! There was always constant updates on the process and it was seamless!! Thank you both for all your hard work!! Cheers Manny and Faaz
Mortgage Ezy

Mortgage Ezy

4.4  (688) Summary
macavoy
macavoyWAPerth, WA8 posts
 
Mobile Mortgage Advice

Mobile Mortgage Advice

5.0  (57) Summary
Jerry G.
Jerry G.SAMetropolitan Adelaide, SA
 
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
Lendi

Looking for Home Loans?

4.6 from 3,462 reviews

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

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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 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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