While you should only pick a home loan that’s suitable for your unique circumstances, it can’t hurt to look at what’s popular with other people in the same boat. Listed below are the 10 most popular home loans for first home buyers on Canstar’s database, based on the number of “more details” product link clicks over January 1 to February 28 on Canstar’s comparison tables. Only clicks from users that selected ‘first home buyer’ as their loan purpose via the comparison selector were counted. Clicks on ‘sponsored’ product displays were excluded.
Please note that only products with an active “more details” link over the time frame had their clicks tracked.
Top 10 most popular home loans for first home buyers (on Canstar’s website)
The top 10 products displayed below are in no particular order.
- Bank Australia: Basic Home Loan
- Reduce Home Loans: Rate Buster 100% Offset Variable Home Loan
- ING: Orange Advantage Variable PI
- NAB: Base Variable Rate Home Loan
- HSBC: Fee Free Owner Occupier Home Loan
- Homestar Finance: Refinance Owner Occupied Special Home Loan
- IMB: Budget – Owner Occupied 90% Home Loan
- CUA: Fresh Start Basic & Advanced Variable Rate Home Loan
- Loans.com.au: Essentials Owner-Occupier Home Loan
- State Custodians: Low Rate Home Loan
The comparison tables below display snapshots of the current market offerings for these brands with links direct to the providers website. Please note that these results are based on principle & interest loans in NSW for a first home buyers with a loan amount of $350,000, and an LVR of 80%.
Compare Home Loans
Bank Australia: Basic Home Loan
The Bank Australia Basic Home Loan offers a competitive comparison rate* at the time of writing and has a range features, such as the ability to split or pause your repayments. Currently there is no establishment fee until the 31st of March 2018.
Reduce Home Loans: Rate Buster 100% Offset Variable Home Loan
The Reduce Home Loans ‘Rate Buster’ Home Loan has a 100% offset available with a Visa Debit Card. It also has very few fees and a $0 annual fee, establishment fee and settlement fee to top it all off.
ING: Orange Advantage Variable PI
ING’s Orange Advantage Home Loan features a 100% offset facility. While it does have a low annual fee, it does not have any monthly fees or split loan fees.
NAB: Base Variable Rate Home Loan
NAB’s base variable home loan has attractively low fees and a solid interest rate, but what has really seen its popularity skyrocket recently is NAB’s committment to providing 350,000 rewards points to any new customer that takes out an eligible NAB Home Loan and Banking Bundle by March 31, 2018. Conditions apply, see NAB’s website for more details.
HSBC: Fee Free Owner Occupier Home Loan
HSBC’s fee-free owner-occupier home loan has a competitive interest rate and a number of flexible extra features, such as no monthly fees, redraw and offset facilities, the ability to make extra repayments and more.
Homestar Finance: Owner-Occupied
The 3.54% interest rate (3.59% comparison rate*) of the HomeStar Finance Refinance Home Loan is, at the time of writing, the lowest comparison rate on this list. On top of this low rate, the Refinance Owner Occupied Special Home Loan also has no monthly or annual fees.
IMB: Budget – Owner Occupied 90% Home Loan
The Budget Home Loan from IMB has a life-of-loan discount off the standard variable interest rate. This low cost home loan also allows extra repayments, loan splitting and has a redraw facility via internet and mobile banking.