| 5.99 | % p.a. |
| 5.90 | % p.a. |
| 6.04 | % p.a. |
| 6.06 | % p.a. |
| 6.29 | % p.a. |
| 6.20 | % p.a. |
There isn't one best home loan on the market. And all home loans can't be compared equally. So our experts have chosen a top pick for each type of home loan offer that appeals to a wide variety of people in Australia.
These home loans have a Finder Score of at least 8/10 in each category.
Pros & cons
Why we like it
Pros & cons
Why we like it
Pros & cons
Why we like it
Newcastle Permanent Premium Plus Package Fixed Rate - 2 Year Fixed Special (Owner Occupier, P&I)
Pros & cons Why we like it
Newcastle Permanent Premium Plus Package Fixed Rate
This loan has a very low rate for 2 years. And it offers a very generous cashback for refinancers.
This home loan has a Finder Score of 9.
Pros & cons
Why we like it
Pros & cons
Why we like it
Every month, our home loan experts take a look at the top scoring products in our Finder Score data to find the best home loan picks from our partner lenders.
Our home loan picks showcase the best loans for:
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're trying to find the best home loan for you, you can see how each product stacks up against other home loans with the same borrower type, rate type and repayment type. In the case of fixed loans, we also split them up into short term and long term fixed rates.
Read our full Finder Score methodology
There are 3 things every borrower needs to look at when hunting for the perfect home loan:
The interest rate determines your borrowing costs. The lower the rate, the less interest you pay each month.
Let's say your loan amount is $500,000 with a 30-year loan term. Here's how different rates change the repayments.
| Interest rate | Monthly repayment |
|---|---|
| 5.75% | $2,918 |
| 6.00% | $2,998 |
| 6.25% | $3,079 |
| 6.50% | $3,161 |
| 6.75% | $3,243 |
| 7.00% | $3,327 |
| 7.25% | $3,411 |
The best home loan will always have a low interest rate compared to most loans on the market.
Look for a loan that doesn't charge many fees. Ongoing annual fees can cost hundreds of dollars and one-off application or settlement fees can costs hundreds more.
While a low rate is more important, don't forget to add up the cost of fees. Take a look at our full guide on home loan fees so you know what to watch out for.
Home loans with added features can offer you more flexibility in how you repay and manage your loan:
Best Home Loan Awards winners for 2024Every year Finder runs awards to find the best home loans from the previous 12 months. These are the loans which came out on top in the 2024 Finder Awards.
Check out the full awards page to learn more about how we chose the winners.
"For me, the best home loan needs to have an offset account along with a low interest rate. My home loan offset account is now my primary savings account. Instead of earning interest, I offset the interest my lender charges every day. This works for me because the rate on my home loan is higher than a savings account, and the debt is large. I'm saving thousands of dollars and will pay the loan off much faster this way."
Want to know what people actually feel about their home loan provider? Each year, thousands of Australians rate brands they've used as part of Finder's Customer Satisfaction Awards program. Aussies rate brands within a product category across a range of metrics, including 'value for money' and 'customer service'. Here are the results:
| Lender | Overall satisfaction | Trustworthy/reliable |
|---|---|---|
 | ★★★★★ 4.23/5 | 91.5% |
 | ★★★★★ 4.17/5 | 92.5% |
 | ★★★★★ 4.16/5 | 94% |
 | ★★★★★ 4.09/5 | 92% |
 | ★★★★★ 3.97/5 | 92.5% |
Low rates and fees always matter. But every borrower's needs are slightly different. The best home loan for each borrower depends on their short- and long-term plans.
Here are some examples of specific borrowers with very different needs.
A property investor with a mortgage on the family homePlenty of property investors haven't paid their own home loans off yet. For this type of borrower, one approach could be as follows:
This is just one approach for a property investor to take. In a complex scenario like this, getting personal advice from a mortgage broker and an accountant is a really good idea.
A cautious homebuyer with plenty of extra money in savingsLet's say you have a 20% deposit and you're looking for a home loan. Obviously, the best loan for you has a low interest rate. But let's say you also have a lot of extra money sitting in your bank account earning very little interest.
Assuming you don't want to invest this money and want access to it in an emergency. In this scenario the best home loan for you will come with a 100% offset account.
The offset account means you can park your savings in the home loan. By saving the money there, you're cutting down the amount of interest your lender charges you.
You've signed a contract to buy and you're running out of timeIf settlement day is fast approaching and you haven't got a home loan approved, the best home loan is the one that a lender will approve quickly.
This could mean a few things. You might abandon the hunt for a better deal and just talk to your own bank. Or you might try an online lender with a fast approval process.
Mortgage brokers are professionals who have access to a panel of lenders. They can find you a product that matches your financial needs and also help with your application.
Talk to a qualified mortgage broker today.
How much does the average Australian home buyer need to save for a house deposit?
Work out how much you need to earn to buy a house in any Australian suburb.
Your guide to home loan LVRs and how you can determine your loan to value ratio.
Mortgage stress refers to when a homeowner is paying over 30% of their income towards repayments on their home loan.
Repay your loan faster and save thousands by finding a lender that will reduce your LMI. To find the right home loan for you, compare different loans today.
Loan portability allows you to transfer home loan accounts, from your current home to a new property, without refinancing.
You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.
Lender's mortgage insurance is the upfront charge that you pay when you borrow over 80% of your property's purchase price.
Find a great deal on a variable interest rate home loan from lenders large and small. Start comparing and saving today.
Do lenders policies change regularly?
Which lenders lend against Centrelink payments and which payments?
Are there government regulations about lending against Centrelink income?
Hi George,
Thanks for your question.
Lending policies tend to change according to national legislation and regulations. The Australian Prudential Regulation Authority website is a good source of this information and to stay updated.
Please see Centrelink loan options for a list of lenders that lend against Centrelink payments. The type of payments that they lend against will most often depend on their policy and the nature of the payments. You can find a list of them on the same page.
In terms of government regulations, pensions are usually regarded as income in the same way as wages and salary. However, the lender has a duty to ensure that the loan is serviceable by the borrower and therefore, generally can’t be the main source of income.
Cheers,
Shirley
With loans.com.au….. I need to put $90,000 of my savings into their account to benefit the offset facility as well as my monthly wages….. Q. HOW SAFE & SECURE is all y money there??? Eg, especially online fraud activity (from their end) etc etc???
Hi Chris,
Thanks for your question.
The loans.com.au customer care team will be able to discuss this matter to you as we do not have the authority to disclose any information such as this in a public forum.
loans.com.au currently uses an OpenSSL encryption standard that features a full strength general purpose cryptography library.
Cheers,
Shirley
hi
I started new job a month ago and its casual basis, how long my job would be to qualify for home loan ? I heard some banks requires minimum 3 months job profile, but I don’t know which ones ..
Can you please let me know banks which requires minimum 3 moths or less job for home loan.
thanks.
Hi Anand,
Thanks for your question.
For this enquiry, it’s advisable that you get in touch with a mortgage broker instead. They will be able to search their database for lenders that can lend to those who have been working for less than three months.
Cheers,
Shirley
I need to reduce my current interest rate with NAB for the two Variable Rate Loans is 5.28%.
What are my options? I heard on TV today that Heritage Bank is offering the rate of 4.39%. Bank of Qld is currently offering me 4.87%.
I would like to find out from you, a list of such options together with fees required initially for a change-over to another institution. And, will NAB charge me a Penalty Fee for switching to another financial institution?
Philomena.
Hi Philomena,
Thanks for your question.
Just wanted to let you know that I’ve emailed you a response instead.
Cheers,
Shirley
hi,
does my employment status affect the application of a home loan? as per my employment contract i work part time (30 hrs permanent/week) . in fact i work fulltime.i am new to home loan & procedures . anyone can help me to know the procedures & processes in home buying & home loan ?
Hi Shinto,
Thanks for your question.
Your employment is one of the considerations for your home loan application. Your lender will also look at things such as in your income, credit history, personal and financial situation.
A mortgage broker can help you regarding the procedures and processes in buying a home loan.
Cheers,
Shirley