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Home Loan Comparison

With rates rising, now is the time to compare home loans. It’s simple and quick, and you can find loans as low as 5.48% (comparison rate^ 6.24%).

Group Manager, Research & Ratings
Group Executive, Financial Services
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5.94% Glossary
5.95% Glossary
$2,978.50 Glossary
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6.04% Glossary
6.06% Glossary
$3,010.63 Glossary
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6.01% Glossary
6.14% Glossary
$3,000.97 Glossary
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5.99% Glossary
5.90% Glossary
$2,994.54 Glossary
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5.99% Glossary
6.06% Glossary
$2,994.54 Glossary
Suncorp Bank | Back To Basics | Special | Owner Occupied | LVR 70-80% | Variable
via a Canstar Certified Mortgage Broker
Suncorp Bank logo
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6.19% Glossary
6.20% Glossary
$3,059.11 Glossary
Teachers Mutual Bank | Your Way Plus Home Loan | Owner Occupied | LVR 60-80% | Variable
via a Canstar Certified Mortgage Broker
Teachers Mutual Bank logo
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6.39% Glossary
6.69% Glossary
$3,124.26 Glossary
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6.14% Glossary
6.16% Glossary
$3,042.91 Glossary
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6.14% Glossary
6.17% Glossary
$3,042.91 Glossary
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6.14% Glossary
6.17% Glossary
$3,042.91 Glossary
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6.15% Glossary
6.17% Glossary
$3,046.14 Glossary
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
6.19% Glossary
6.21% Glossary
$3,059.11 Glossary
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6.19% Glossary
6.21% Glossary
$3,059.11 Glossary
Cashback
Up to $2,000 when you refinance with a IMB home loan. 
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6.24% Glossary
6.35% Glossary
$3,075.34 Glossary
BOQ | Economy Home Loan | Special | Owner Occupied | LVR 70-80% | Variable
Cashback
Up to $2,000 when you refinance with a BOQ home loan. 
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via a Canstar Certified Mortgage Broker
BOQ logo
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6.23% Glossary
6.38% Glossary
$3,072.09 Glossary
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6.15% Glossary
6.40% Glossary
$3,046.14 Glossary
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6.15% Glossary
6.40% Glossary
$3,046.14 Glossary
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5.99% Glossary
6.51% Glossary
$2,994.54 Glossary
ANZ | Simplicity Plus | Special | Owner Occupied | LVR 70-80% | Variable
Cashback
Up to $2,000 when you refinance with an ANZ home loan. 
#
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via a Canstar Certified Mortgage Broker
ANZ logo
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6.64% Glossary
6.64% Glossary
$3,206.52 Glossary
Westpac | Flexi First Option Introductory Home Loan | Owner Occupied | LVR 70-80% | 2 Yr Intro | Variable
via a Canstar Certified Mortgage Broker
Westpac logo
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
6.54% Glossary
6.86% Glossary
$3,173.51 Glossary

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

 

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Home loan guides and resources

Canstar’s articles and guides can help you understand the steps involved in getting a home loan, whether you’re buying your first home or looking for a better deal on your current loan.

View all FAQs in the Home Loan Guide

Home loan tips from our experts

Effie Zahos, Canstar Ambassador & Money Expert Investsmart

Maximise your offset account

A simple way to save interest on your home loan is to make full use of your offset account by arranging for your salary to be paid straight into your offset account and using a credit card with interest-free days to pay for your expenses.

The idea is that you live off your credit card while keeping your pay in the offset account to work on reducing your interest bill. You then need to pay off your credit card in full before the end of the interest-free period. Take care not to overspend. It’s best to set your credit card limit close to what you estimate your monthly expenses are so that you don’t spend more than you earn.

Fixed versus variable

If you prefer a steady ship, a fixed-rate loan might be up your alley. The good news is, they’re more flexible than they used to be. Most let you make extra payments during the fixed term and even link an offset account to the home loan. You could even lock in a rate cheaper than the current variable rates and score some instant savings.

 

Terry Ryder, Managing Director Hotspotting.com.au

The dominant paradigm in real estate is changing, apartments are challenging

One of the dominant paradigms of Australian real estate is that houses provide better capital growth than apartments. The land content is deemed to be the key factor. But that dynamic is changing. Throughout 2023 more and more buyers opted for units and townhouses, for lifestyle, location and affordability. Down-sizers, first-home buyers, affordable lifestyle-seekers and migrants accustomed to apartment-style living are among the cohorts that have lifted demand in locations where units dominate the dwelling mix.

Increasingly, we are seeing examples of locations where units have outperformed houses on annual price rises and/or on long-term capital growth.

The inner-city areas of our major cities and regional markets like the Gold Coast and the Sunshine Coast are all feeling their strengthening trend. You can find out more about the annual price growth in each of the nation’s major market jurisdictions in Canstar’s Rising Stars Report.

Latest in home loans

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Compare Home Loans

Canstar assesses over 3,000 mortgages from more than 80 providers across Australia, to help you compare home loans and find a home loan to suit your needs.

What is a home loan or mortgage?

A home loan or mortgage is a loan from a bank or other financial institution to buy, build, refinance, or renovate a residential property. In Australia, a home loan typically has a 25-year or 30-year loan term, is repaid via regular payments and accrues interest. Interest is what a lender charges to let you borrow money, written as a percentage of the home loan amount.

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What are the different types of home loans in Australia?

There are a number of different types of home loans or mortgages available in Australia, and the type best-suited to you will depend largely on your personal circumstances and preferences, including why you are taking out a home loan.

Here is an explanation of some of the most common types of home loans you are likely to encounter. A single loan can potentially be a combination of two or three of these, based on its interest rate type, repayment type and loan purpose.

Variable rate home loans

A variable home loan interest rate can fluctuate according to the lender’s wishes, although banks are often influenced by economic factors such as the official cash rate set by the Reserve Bank of Australia.

The rate can go up or down over time, varying your repayments. These loans generally allow for greater flexibility and more features than fixed rate loans, though their interest rates can sometimes be higher as well.

Fixed rate home loans

A fixed rate home loan allows a borrower to lock in an interest rate for a particular period of time, typically from one year up to five years. The interest rate that the borrower pays will remain the same for that amount of time, regardless of any rises or falls in the RBA cash rate or the lender’s variable rates.

The home loan rate will then normally revert to variable, unless the lender and borrower agree to roll it over for another fixed term.

Split rate home loans

A split home loan refers to when a customer pays a fixed rate on part of their home loan and a variable rate on the rest of it.

Principal and interest home loans

If a loan has principal and interest repayments, this means the borrower has to pay back the loan amount alongside the interest throughout the life of the loan.

Interest-only home loans

An alternative to principal and interest, an interest-only home loan is where the borrower only has to pay back the interest on the loan for the first few years, before the loan reverts to principal and interest repayments.

This may suit some borrowers as it can lead to lower repayments in the short-term, but interest-only loans tend to work out more expensive in the long run.

Owner-occupier home loans

These are home loans where the borrower intends to live in the property rather than renting it out to make money. Interest rates on these mortgages tend to be slightly cheaper than on investor loans.

Owner-occupier loans can be further broken down based on the borrower’s intentions, including whether they are taking out the loan to buy their first home, to buy another home, to build a home on vacant land or to refinance an existing home loan.

These differences can affect the products or rates you can access in some cases. For example, you may be eligible for certain discounts or special offers if you are a first home buyer.

Investor home loans

These are loans for property investors who plan to rent or sell the property they’re buying for a profit rather than living in it.

Both owner-occupier and investor home loans can be fixed, variable or split, and may offer principal and interest or interest-only repayments, depending on the specific lender and loan.

Compare home loans for investment properties

Regardless of which type of home loan you choose, it’s important to bear in mind that a home loan is almost always secured against your property, so if you are unable to continue paying the loan, the lender may ultimately be able to evict you from the property and sell it to settle the debt.

If you have another person act as a guarantor for your home loan, that person may also have to pay back the debt if you can’t meet your repayments. 

Why should I compare home loans?

With thousands of home loans on the market in Australia, the amount of choice available to you could seem overwhelming. Whether you are a first home buyer, looking for find a loan that’s suitable for you, or a refinancer, looking for a cheaper rate than the one you’re currently on, comparing home loans can allow you to find a loan that fits your needs and circumstances, and save hundreds if not thousands in fees and interest rates over the course of the loan.

In addition to saving money, comparing home loans can also help you find the best home loan that meets your needs and requirements. For example, if you want a home loan that will allow you to make additional repayments in order to pay down the balance faster, or even an interest only home loan that could help you save on repayments in the short term, then comparing home loans can help you find just the kind of loan you need.

How to compare home loans

Canstar currently compares more than 3,000 home loans, providing home buyers with confidence when they compare mortgages and interest rates.

Use our home loan comparison selector by adding information that applies to you, and then hitting the “compare” button. You will be presented with a list of products, which will typically be ordered according to their Canstar Star Rating, or their applicable comparison rate.

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To help you make a decision about what may be the best mortgage for your needs, you can change the order of the results by adjusting the settings at the top of the table, and change what you see in the table via the filter function.

When it comes to comparing home loans, the interest rate is an important consideration and can make a significant difference in the total cost of any loan. However, there are a number of other factors you may also want to consider. These factors include:

Compare home loan rates

Home loan interest rates can vary significantly between home loan providers. Home loans are a long-term debt, and even small differences in interest rates can make a big difference to the total amount you will pay on your loan over its lifetime. So, combining the best mortgage rate you can find with low fees and quality features can be important when looking for the best home loan rates.

You can use our Home Loan Calculator to help you work out what your interest rate could cost you, both in monthly repayments and over the life of the loan.

Looking for the cheapest or lowest home loan rate?

Whether you’re buying a new home, building or refinancing, you may be tempted to sign up for the cheapest home loan you can find. It’s worth keeping in mind that going with the lowest interest rate won’t necessarily mean you’re getting the cheapest home loan deal or the best home loan rates in the long run. Upfront and ongoing fees can cancel out some of the money you’d save in interest, while the features you get with the loan may boost the value you’re getting overall. For example, a home loan with a slightly higher interest rate but which allows you to make extra repayments and offset interest might better suit the needs of some homeowners and help them get ahead faster than the ‘cheapest’ advertised home loan rate.

About our home loan experts


Steve Mickenbecker, Group Executive Financial Services 

Steve Mickenbecker

Bachelor of Economics, University of Queensland; Master of Business Administration (MBA), University of Melbourne

Steve Mickenbecker is in Canstar’s Group Executive Team, bringing more than 30 years of experience in the Australian financial services industry. As a financial commentator for Canstar, Steve enjoys sharing his expertise across topics such as home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and more.

Steve regularly speaks with leading media outlets across Australia. He is often featured on the morning TV programs Sunrise and the Today Show and leading evening TV news programs and channels including Seven News (7NEWS), Nine News (9News), SBS and The Project. He also provides regular commentary to publications such as the Australian Financial Review, Banking Day, Business Insider, The Courier-Mail, The Daily Mail, The Daily Telegraph, The Herald Sun, Mamamia, news.com.au, The Sydney Morning Herald, The Age, The Australian, The New Daily and Yahoo Finance.

Steve brings more than a decade of experience at Canstar, with his earlier responsibilities including managing operations and developing the future direction for the business, as well as leading the ratings, PR and editorial teams in providing valuable financial insights and commentary. Today, Steve continues to support the design of Canstar’s financial expert ratings and the group’s strategy development.

Steve started his finance career with National Australia Bank (NAB), gaining more than 20 years of experience across business disciplines including branch management, corporate advisory, strategy, credit, regional and district management. He was also a head of business. During his tenure at NAB, Steve undertook various strategic projects, working with consultants such as  McKinsey and Corporate Value Associates. Steve has also worked for Suncorp in Group Strategy, as well as in leadership roles specialising in small business and customer segmentation.

During his professional career, Steve has worked through stagflation, interest rates at 18% and the recession “we had to have”. The digital revolution has opened up a brave new world for fintech to play in, and Steve anticipates that it will be better for customers – as well as more exciting for providers – in the future.

 Follow Steve on LinkedIn


Josh Sale, Home Loans Ratings Manager

Joshua Sale, Ratings ManagerAs Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Home Loan Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right home loan for them.

Josh is passionate about helping consumers get hands-on with their home loans, always reminding home buyers that finding the right loan can be as important for your finances as negotiating a fair property purchase price. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine, discussing topics including home loan equity and wider finance trends.

When it comes to Josh’s own property journey, the home loans expert once bought two houses in the same transaction when he ensured the cubby house his daughter loved was listed on the purchase contract for his new home. You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.

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Got questions? We have answers...

Please note that these are a general explanation of the meaning of terms used in relation to home loans or mortgages.

The wording of loan terms and conditions may use different phrases or terms, and you should read the terms and conditions of the relevant loan to understand the features and cost of that loan. You cannot rely on these terms to be part of any loan you may take out.

Refer to the lender’s Key Facts Sheet, Target Market Determination and other applicable product documentation, and see Canstar’s Financial Services and Credit Guide (FSCG).

 

How to get a home loan?

Generally speaking, the process of getting a home loan involves comparing your options, working out how much you can afford to borrow for the property you want to buy, and then applying for a specific home loan – either directly to the lender of your choice or indirectly, via a mortgage broker.

If the lender approves your application and agrees to lend you the money you requested, it will offer this money to you in the form of a home loan.

You will then need to pay back the loan over time, in line with the lender’s terms and conditions.

How much can I borrow for a home loan?

The amount of money you are able to borrow for a home loan will depend on your personal financial circumstances, as well as the loan provider you choose and its lending policies.

You may be able to borrow more or less money depending on the lender’s assessment of your circumstances, which could include your credit score.

How much deposit do I need for a home loan?

As a general rule of thumb, it is often worth saving up a deposit of at least 20% of the value of the property you want to buy.

Lenders may also refer to this as a maximum loan-to-value ratio (LVR) of 80%, with your deposit being the other 20%.

The reason this number is important is that borrowers with smaller deposits often have to pay for lenders mortgage insurance (LMI), which we explain in more detail below.

Another advantage of saving up as big a deposit as you can is that it can reduce the total cost of your home loan, as interest is only charged on the money you borrow.

That said, there are some ways you may be able to reduce the amount of LMI you need to pay or avoid paying it altogether, even if you have a small deposit.

One example of this is the Federal Government’s First Home Guarantee scheme, which allows eligible participants to take out a loan with as little as a 5% deposit, without needing to pay LMI.

How do I calculate home loan interest?

When you’re comparing home loans, you will usually see products advertised with an interest rate and a comparison rate, each expressed as a percentage of the loan amount.

The interest rate is the proportion of the outstanding home loan amount that you have to pay in interest each year.

A common practice is for lenders to spread out the interest you pay throughout the full term of the loan.

Bear in mind that these advertised interest rates generally don’t include any fees and charges on the loan.

A comparison rate (explained in more detail below) is a government-mandated interest rate designed to give borrowers a fuller picture of the costs of a home loan, as it includes the effect of many of these fees and charges.

Canstar offers a mortgage repayment calculator that lets you estimate how much interest you might have to pay on a home loan, based on the amount you borrow and your interest rate.

Bear in mind that this calculator doesn’t include the effects of any upfront or ongoing fees, and for simplicity’s sake it assumes your interest rate remains the same throughout the loan.

What is a comparison rate?

A comparison rate is an interest rate figure designed to represent the total annual cost of the loan, including its annual interest rate and most ongoing and upfront fees and charges.

Under the law and on the Canstar website, all comparison rates for home loans in Australia are based on a $150,000 loan over 25 years.

What is the difference between a home loan and a mortgage?

The term ‘home loan’ refers to the money that someone borrows in order to purchase a property. The term ‘mortgage’, on the other hand, refers specifically to an agreement between a borrower and a lender, in which a property is used as security for a loan.

Simply put, a mortgage exists in order to protect a lender from default. If a borrower (mortgagor) falls behind in their home loan repayments, their lender (mortgagee) has the right to sell the property on which the loan is secured in order to recoup the balance of the loan.

How to refinance a home loan?

The process for refinancing a home loan is similar in many ways to applying for any other home loan.

Borrowers still have the choice of which home loan to apply for, and you don’t necessarily have to stick with the same lender who gave you your original loan.

In fact, a number of lenders offer incentives to people who refinance from a different bank.

Bear in mind, though, that these incentives aren’t the only factor to consider, and that you may have to pay certain application or switching fees if you do choose to change lenders.

Should I fix my home loan?

The decision of whether or not to fix your home loan is a personal one, and should be considered carefully in light of your financial needs.

For example, if you think variable interest rates will rise in the near future, getting a good deal on a fixed rate could be one way to lock in a rate you’re happy with for a few years, so the best home loan for you might be a fixed rate.

On the other hand, ASIC’s Moneysmart notes that fixed rate home loans often have fewer features than variable ones, and locking in now could mean you miss out on some savings if variable rates fall during your fixed term.

If you’re unsure, taking out a split loan could be one option to consider, though some lenders may charge a fee for this.

How long does home loan approval take?

The length of time it takes for a lender to approve or reject your home loan application may vary, depending on factors such as the particular lender you choose and your financial situation.

In some cases, obtaining home loan pre-approval or conditional approval beforehand may speed up the time it takes your chosen lender to assess your formal application.

What is home loan pre-approval?

Home loan pre-approval, also known as conditional approval, is an initial approval process where a bank provides a borrower with an estimate of how much they could borrow, based on information they have provided to the bank.

Pre-approval does not necessarily mean the bank will approve the borrower’s formal home loan application, but it can nonetheless give a borrower more confidence in working out how much they can realistically afford to spend on a property.

What is lenders mortgage insurance (LMI)?

Lenders mortgage insurance is a type of insurance that a lender takes out to protect itself in case of default from the borrower, but which the borrower must pay for.

It usually applies to home loans with a high LVR (more than 80%), or in other words when the borrower has a deposit of less than 20% of the property’s value.

What is LVR (loan-to-value ratio)?

The loan-to-value ratio (LVR) of a home loan is the amount you are borrowing under it, as a proportion of the lender’s valuation of the property you’re buying.

For example, a bank may approve your loan for 80% of the property value – an LVR of 80% – in which case you would need to pay the remaining 20% as your deposit. Many lenders’ best mortgage rates are reserved for borrowers with a low LVR.

What is a credit rating (credit score)?

A credit rating or credit score is an assessment of the creditworthiness of an individual borrower, based on their borrowing and repayment history (as shown on their credit report).

Lenders consider your credit rating when deciding whether or not to give you a loan, how much to lend you, and what interest rate you will pay.

What is equity?

Equity is the difference between the value of your property and the outstanding balance of the loan that was used to fund it. For example, if an owner has purchased a house valued at $400,000 and has paid the loan down by $100,000, the owner has equity in the property of $100,000.

Equity can potentially be negative, if your property’s value falls below the balance of your mortgage.

Some property investors may use their positive equity in properties they already own to help them access additional investment home loans.

What is the First Home Owner Grant (FHOG)?

The First Home Owner Grant (FHOG) is a government grant given to first home buyers.

What is the First Home Loan Deposit Scheme?

The First Home Guarantee (FHBG), formerly known as the First Home Loan Deposit Scheme (FHLDS), is an Australian Government program aimed at helping eligible home buyers get a leg up onto the property ladder for the first time.

The scheme allows up to 35,000 low- and middle-income earners a year to secure a partially government-guaranteed loan with a deposit of as little as 5% of a property’s value, without needing to pay for Lender’s Mortgage Insurance (LMI).

The first round of the scheme opened on 1 January 2020, and the most recent update came into effect on 1 July 2023. There are currently 35,000 paces available each year across the scheme.

In addition to this, there are 5,000 places available annually under the Family Home Guarantee scheme and 10,000 places per year under the Regional Home Guarantee scheme.

What is a home loan guarantor?

If someone “goes guarantor” on your loan, it means that they are promising (“guaranteeing”) that they will be liable for the loan if repayments are not made.

The guarantor must also be able to demonstrate their own capacity to repay your loan.

How does negative gearing work?

Negative gearing is when the income (such as rent) that an investor makes from an investment property is less than the interest and fees on the home loan and the maintenance costs for that property. Negative gearing is currently available as a tax deduction against that investor’s income.

What is a mortgage offset account?

A mortgage or home loan offset account is a savings account linked to your home loan to reduce the interest charged on the loan. The money (or credit) in your account is offset daily against your loan balance, which reduces the daily mortgage interest charges.

What is a redraw facility?

A home loan redraw facility is a feature that enables the borrower to withdraw funds they have already paid.

Usually, this is conditional based on if they are far enough ahead on their loan repayments. This is not available on all loans.

  • After almost two years of rate rises, the Reserve Bank of Australia (RBA) held the cash rate steady at 4.35% this February. Economists at Australia’s big four banks predict that the cash rate may stay at this point, now that the RBA’s goal of slowing inflation appears to be within reach
  • The RBA board formerly met on the first Tuesday of each month other than January, but has cut its meeting schedule to eight per year, with meetings to run over two days – this means the RBA’s next cash rate announcement will take place on Tuesday March 19
  • Economists predict that the board is very likely to hold the cash rate steady at this next meeting and throughout the middle of 2024, with cuts expected by the end of the year
  • When the RBA raises the cash rate, banks and lenders tend to raise their home loan variable rates; this means that if the predictions hold and the RBA begins to cut the cash rate at the end of the year, we may potentially see this reflected in some home loan rate cuts from banks and lenders
  • Canstar finance expert Steve Mickenbecker says that many Aussie borrowers appear to be sticking with home loans that they haven’t reviewed in years, and that over the life of a loan, a high interest rate could see you paying away close to $100,000 more than necessary in interest
  • “The Reserve Bank’s lenders’ interest rate data shows many existing borrowers are settling for higher interest rates and underpins the importance of showing your loan some love every so often and making sure it’s still the best option that’s going to see you pay your loan off sooner rather than later,” said Mickenbecker

Below is a list of the winning home loan providers from Canstar’s 2024 Outstanding Value – Home Lender Award:

  • Australian Mutual Bank
  • BankVic
  • Bendigo Bank
  • Community First Bank
  • Easy Street
  • Hume Bank
  • Pacific Mortgage Group
  • Qudos Bank
  • Tiimely Home

Canstar’s Home Loan Star Ratings and Awards compare pricing and features across home loan products and providers on our database. Browse the categories below to find out which products received a 5-Star Rating and who Canstar’s latest Award-winning home loan providers are.

The ‘best’ home loan rate is a subjective concept, and will ultimately depend on your individual needs and circumstances. For example, if you are looking to refinance, then the best home loan may be one with a rate lower than you’re currently paying; if you are a first home buyer and are keen to pay your property off as soon as possible, then the ‘best’ loan may be one that allows you to make additional repayments, or one with an offset account, that you can use for everyday banking while lowering the balance of your home loan. Comparing home loans or speaking to a qualified mortgage broker can be ways to help find the best home loan rate for you in your particular situation.

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Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

Home loan Star Ratings are updated monthly. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing 80% of the total loan amount but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.

On some Home Loan products, you can choose to be referred to a mortgage broker who has been certified by Canstar according to our certification process. Mortgage brokers may not be able to offer loans from every provider. The loans included in the table are loans that Canstar Certified Mortgage Brokers can discuss with you, if you choose to do so. There may be more suitable loans for your personal circumstances.

If a broker successfully completes the Canstar certification process, they may pay Canstar a fee to use the official Canstar Certified Mortgage Broker badge. Canstar may earn a fee from the Canstar Certified Mortgage Broker, or the broker group they are affiliated with, if you settle a Home Loan via a Canstar Certified Mortgage Broker after being referred to the broker by Canstar.  Fees payable may vary depending on the home loan product and product provider.

Not all mortgage brokers available in the market have undertaken the certification process.  Canstar has invited a limited number of brokers to undertake the process, and only those brokers who have successfully completed the certification process are entitled to use the logo and wording “Canstar Certified Mortgage Broker”. Being certified as a Canstar Certified Mortgage Broker is not a representation that the holder’s mortgage broking services are superior to all other brokers who do not hold the certification.

Canstar Certified Mortgage Brokers are independent contractors, operate under their own Australian Credit Licence, or as Credit Representatives under an Australian Credit Licence, and are not Canstar’s agent or representative. They are not Home Loan product providers, but they can make recommendations to you about Home Loan products that may suit your needs. The broker may require you to enter into an agreement with them in relation to the services they can provide.  Canstar will have no knowledge of or input into the advice and product recommendations you receive from a Canstar Certified Mortgage Broker.

If you choose to be referred to a Canstar Certified Mortgage Broker, you will be taken to have accepted Canstar’s Terms of Use.

Your use of the Canstar Group’s Mortgage Broker Referral tool does not mean that you will be eligible to be approved for any particular home loan.