Cheap home loans
If you’re looking for a cheap home loan, you can compare options at Canstar, to help you choose the right one for you.The table below shows home loans on our database, sorted by lowest interest rate for a first-time buyer.
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The initial results in the table above are sorted by Interest rate (Low-High) , then Star Rating (High-Low) , then Comparison rate^ (Low-High) . Additional filters may have been applied, see top of table for details.
About cheap home loans
Whether you’re in the market for your first home, next home, refinancing your existing loan or looking to buy an investment property for your financial future, getting a cheap home loan could appeal. So, how can you save money on your home loan interest rate?
When seeking out a cheap home loan, you may have questions, such as what lenders offer the best deals, what features to look for, and even whether it’s better to go for a fixed or variable rate loan, or a combination of the two.
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 in the long run. Steve Mickenbecker, Group Executive Financial Services, says that upfront and ongoing fees may risk cancelling 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. It’s a good idea to weigh up all the options.
Frequently Asked Questions about cheap home loans
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Canstar Star Ratings and Awards
Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.
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About the authors
Alasdair Duncan, Senior Finance Journalist
Joshua Sale, Group Manager, Research & Ratings
As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Home Loans Star Ratings and Awards and the Home Loan Refinance 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 Review, news.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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Important information
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.