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Who Offers What Features For Home Loans?

Australians know what they want from a home loan – but where to look? Find the features you need with CANSTAR’s expert analysis and star ratings.

We know that Aussies are looking for a great deal on their home loan, with more than 100,000 people comparing home loans on our comparison pages in the past 6 months alone. But that means more than just a low interest rate – there are many other features that could make your loan work for you, not against you.

Most popular home loan features in Australia

Thanks to our extensive research, we know that the most popular features Australians are looking for in a home loan have changed since our last home loans star ratings in September 2016:

Feature People searching for this in 2017 People searching for this in 2016
Offset account 36% 34%
Additional repayments allowed 21% 21%
Redraw facility 18% 18%
Lump sum repayments allowed 10% 7%
Split loan option 4% 5%
Loan pre-approval option 4% 3%
Interest Only loan repayment option 3% 9%
Source: CANSTAR Home Loans Database.

2017 column shows visitors comparing home loans on the Canstar website from 11 September 2016 to 11 March 2017.

2016 column shows visitors comparing home loans on the Canstar website from 11 March 2016 to 11 September 2016.

As you can see, offset accounts and redraw facilities remain among the most popular features. We explain the difference between the two – and the pros and cons of each – in our ‘Offset Or Redraw?’ article.

 

Use our Extra Repayments Calculator to find out how the additional repayments feature could help you:

Home Loan Extra Repayments Calculator - CANSTAR

Similarly, the ability to make lump sum repayments can make a large impact on the cost of your loan. Use our Lump Sum Repayment Calculator to find out how:

Lump Sum Repayment Calculator - CANSTAR

As for those considering a split loan option, this number has stayed relatively stable. A split loan option means part of your loan balance is charged at a variable interest rate, and part is charged at a fixed interest rate – so you’re hedging your bets as to whether rates move or not.

Use our Split Loan Calculator to find out how this feature could help you:

Split Loan Calculator - CANSTAR

Getting home loan pre-approval is fairly essential in today’s fast-moving market, so we’re not shocked that Australian customers are keen to get this feature. Find out how to apply for pre-approval, and be sure to compare lenders before applying for home loan pre-approval with one:

Compare Home Loans

Don’t settle for a loan that works against your budget. Compare loans to find the features that could make your loan work for you, with CANSTAR’s expert star ratings:

Compare Home Loans

Arm yourself with information about the features on offer for home loans with our latest Home Loans Star Ratings report:

Home Loan Star Ratings - Canstar

 

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