Best home loan rates

Every month, we analyse 50+ mortgages in our database to select our best home loans for refinancers, first home buyers and investors.

Our Top Picks: Best home loans in June 2023

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

The best home loan looks a little different for every borrower, but it always comes with a low rate, features you need and as few fees as possible.

Compare some of the best home loan rates on the market today*

*rates updated daily! 🏠

$
years
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositOwner-occupierRefinancers only
Interest Rate
5.34%
Comparison Rate
5.25%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,793
Go to siteMore Info
Principal & Interest5% min. depositOwner-occupierOffset accountSpecial Offer
Interest Rate
5.34%
Comparison Rate
5.37%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,793
Go to siteMore Info
Principal & Interest20% min. depositInvestmentRefinancers only
Interest Rate
5.64%
Comparison Rate
5.55%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,887
Go to siteMore Info
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Interest Rate
5.39%
Comparison Rate
5.40%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,808
Go to siteMore Info
$3,000+ cashback offer
Customers borrowing at least $250,000 can get between $3,000 and $4,000 in cashback (purchase and refinance). Terms and conditions apply
Principal & Interest40% min. depositOwner-occupier
Interest Rate
5.39%
Comparison Rate
5.42%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,808
Go to siteMore Info
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
5.79%
Comparison Rate
7.59%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,934
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest40% min. depositOwner-occupierOffset accountSpecial Offer
Interest Rate
5.24%
Comparison Rate
5.27%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,762
Go to siteMore Info
Principal & Interest20% min. depositInvestment
Interest Rate
5.69%
Comparison Rate
5.72%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,902
Go to siteMore Info
Finder AwardPrincipal & Interest10% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.50%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,839
Go to siteMore Info
Principal & Interest20% min. depositInvestmentOffset account
Interest Rate
5.74%
Comparison Rate
5.78%
Fees
Application: $595
Ongoing: $0 p.a.
Monthly Payment
$2,918
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.52%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,839
Go to siteMore Info
Principal & Interest40% min. depositInvestment
Interest Rate
5.59%
Comparison Rate
5.62%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,871
Go to siteMore Info
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
5.64%
Comparison Rate
5.99%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$2,887
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
5.24%
Comparison Rate
5.80%
Fees
Application: $449
Ongoing: $6 per month
Monthly Payment
$2,762
Go to siteMore Info
Up to $4,000 cashback offer
Eligible refinancers can get $2,000 cashback for loans $250k to $500k, or $4,000 for loans $500k+. Terms and conditions apply.
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
5.49%
Comparison Rate
5.53%
Fees
Application: $595
Ongoing: $0 p.a.
Monthly Payment
$2,839
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest5% min. depositOwner-occupier
Interest Rate
6.24%
Comparison Rate
6.27%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,079
Go to siteMore Info
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
5.69%
Comparison Rate
7.31%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$2,902
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.44%
Comparison Rate
5.45%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,824
Go to siteMore Info
Up to $4,000 cashback offer
Eligible refinancers can get $2,000 cashback for loans $250k to $500k, or $4,000 for loans $500k+. Terms and conditions apply.
Principal & Interest 1Y Fixed10% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.50%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,839
Go to siteMore Info
Principal & Interest 2Y Fixed5% min. depositOwner-occupierSpecial Offer
Interest Rate
5.50%
Comparison Rate
5.56%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$2,843
Go to siteMore Info
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Disclaimer

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

Finder's top home loan rate picks for June 2023

Top pick for refinancers

Unloan Variable Home Loan - (Owner Occupier)
What we like about this home loan

Exclusively for refinancers, the Unloan home loan offers one of the most competitive rates on the market and a built-in discount over the life of the loan.

Top pick for first home buyers

G&C Mutual Bank First Home Buyer - Special Offer (Owner Occupier, P&I)
What we like about this home loan

The G&C Mutual Bank First Home Buyer loan allows first home buyers to take out a loan with as little as a 5% deposit and still take advantage of great rates, no application fee and a 100% offset account.

Top pick for investors

Unloan Variable Home Loan - (Investor)

How did we choose our top home loans picks?

Every month, we examine the home loans currently offered by our commercial partners and select our top picks. While the best home loan looks a little different for every borrower, our methodology considers a set of objective criteria: low interest rates, low fees, required deposit size and loan purpose. These are important factors for every borrower.

However, keep in mind that our top picks may not always be best for you. Based on your situation, you may find certain loan features to be more or less important. You may find a loan with a lower rate or more suitable features somewhere else.

Always compare your options before you apply.

Why you can trust Finder's home loan experts

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We're free
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
expert advice
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

What is the best home loan for you?

David Smith, chief customer officer of mortgage broking firm Aussie, says when you're deciding which home loan to get, it pays to keep in mind that every borrower is different.

"The first consideration you should make when choosing a home loan is to understand how much you can afford," Smith explains. "That doesn't just mean the maximum amount you can borrow – it also means the maximum you're prepared to pay each month for your loan repayment."

From there, you can plan a budget with your home loan repayments in mind.

"Don't forget, when you purchase a property, there are a number of other upfront costs to cover, including stamp duty – so make sure you factor those extra costs in too," Smith says.

Here are some examples of typical borrowers. While all borrowers are looking for the best home loan to suit them, they all need something a little different.

The cash-strapped first home buyers

Our hypothetical first home buyers Sarah and Ted are in their late 20s and are currently renting. They've squirrelled away their money for 4 years and they've saved up $100,000, but because they live in Sydney, this isn't a very big deposit.

The best home loan for this young couple will ideally be one with the following:

  • A low interest rate. They cannot afford massive repayments.
  • A low deposit loan. They probably haven't saved a 20% deposit, so they'll need a loan with a maximum insured LVR of 90% or 95%.
  • A guarantor option. Alternatively, Sarah or Tom's parents may be willing to guarantee a portion of their deposit, so a loan that allows for guarantors is a great option.

With these criteria, Sarah and Ted find a low rate loan with a high LVR. They ask their lender if it accepts guarantors, which it does. Sarah's parents guarantee 15%, so they only need a 5% deposit and they can avoid paying lenders mortgage insurance. The loan they choose does come with a hefty application fee, but they decide it's worth paying because everything else about the loan is perfect for them.

The cautious investor

In our hypothetical example, Margaret is currently paying off her home. She wants to buy a unit as an investment. She has $400,000 in equity and will use a line of credit loan to cover her deposit. But she'll need an investment loan to buy the unit. She is less concerned with fast capital growth and more concerned with long-term income from rent.

The best loan for Margaret will be one with the following:

  • Be an investment loan. She cannot purchase an investment property with an owner-occupier loan.
  • A competitive interest rate. Investment loans have higher interest rates, so she needs to shop around for the best deal.
  • Limited features. As Margaret doesn't have much left in savings, she isn't able to put money into an offset account, so she doesn't need to pay extra for a full-featured loan that she won't use.

Margaret talks to a mortgage broker who helps her organise the line of credit loan and an investment loan.

The homeowner who is paying too much in interest

David is paying off a $1 million mortgage with a 30-year loan term. He has been repaying the loan for 10 years. David hadn't looked at his interest rate in a while and was shocked to learn that the rate is above 5.00% – when he sees advertisements for other banks and lenders that offer extra features and lower rates.

David wants to refinance to a loan that has the following:

  • A lower interest rate. This could save David thousands of dollars a year.
  • Low fees. David's current mortgage has a hefty discharge fee. He wants to switch to a mortgage that doesn't slug him with more costs.
  • An offset account. David has managed to put away a bit of extra money while making repayments. He wants to put this cash into an offset account to lower his interest repayments.

David finds a low-fee variable rate home loan that has a 100% offset account. While his previous rate was above 5.00%, his new rate is 4.60%. He's now paying less interest each month.

How do I get the best deal on a home loan?

There are 3 things every borrower needs to look at when hunting for the perfect home loan: rates, fees and features.

The lower the rate, the better

The interest rate determines your borrowing costs, and the lower the rate, the less interest you pay each month.

Let's say your loan amount is $500,000. You choose a variable rate with a 30-year loan term and principal-and-interest repayments (this means you repay the loan amount plus interest at the same time).

The best home loan will always have a lower interest rate because it lowers your monthly loan repayments:

Interest rateMonthly repayment
4.50%$2,534
4.75%$2,609
5.00%$2,685
5.25%$2,762
5.50%$2,839
5.75%$2,918
6.00%$2,998

But there's more to a good home loan than the interest rate.

Avoid big fees

Look for a loan that doesn't charge many fees. While home loan fees seem small in comparison to your repayments, they do add up.

Get the mortgage features you need

Home loans with added features can offer you more flexibility in how you repay and manage your loan:

  • Offset accounts can help you cut down your interest repayments.
  • Redraw facilities let you take out extra money you've paid into your mortgage to use in emergencies.
  • Loan portability lets you move your home loan from one property to another without refinancing.

Why the best home loan is different for every borrower

We've explained what the average borrower needs to do to find a great home loan. But every borrower's needs are slightly different. The best home loan for each borrower depends on their short- and long-term plans, and the reason they're buying a property in the first place.

Here are some examples of quite specific borrowers and what they'd need to look at to find the ideal home loan.

Icon of a man.A property investor with a mortgage on the family home

Plenty of investors haven't paid their own home loans off yet. While this means having 2 loans at the same time, it opens up some unique opportunities too.

For this type of borrower, the best approach could be as follows:

  1. Make sure your owner-occupier loan has a low interest rate. Focus on repaying this debt as fast as possible. The interest you pay on your home loan is not tax deductible. But it is on your investment loan.
  2. Choose interest-only repayments on your investment loan. This allows you to minimise your investment loan repayments while focusing on your own home loan first. This makes sense because the interest is tax deductible too.

This is just one approach for a property investor to take. Another is to look for a home loan bundle or pivot loan that lets you combine your 2 loans, with a higher rate on your investment loan and a lower rate on your home loan. This can be effective for tax purposes.

Money.A cautious home buyer with plenty of extra money in savings

Let'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.

And let's say you don't have any desire to invest that money. You want to play it safe. In this case, the best home loan really is one with a 100% offset account.

This means you can park your savings in the home loan and still access it whenever you need it. But by saving the money there, you're cutting down the amount of interest your lender charges you.

Clock You've signed a contract to buy and you're running out of time

If 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. But banks can be slow. You might get faster loan approval with an online lender.

And if you're stuck, a mortgage broker will know which lenders can process your application faster. They can be a real lifesaver when you're running out of time.

Need more help finding a good loan? Talk to a broker

If you haven't got the time or energy to do it yourself, talk to a broker. 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.

Compare more home loan options here

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    116 Responses

      Default Gravatar
      FrederickNovember 17, 2022

      What is the best home loan rate for refinancing a $1.1m loan?

        Avatarfinder Customer Care
        RebeccaNovember 22, 2022Staff

        Hi Frederick,

        The best home loan interest rate can vary depending on borrower circumstances and what you’re looking for in a home loan.

        You can use our comparison tool to help you find the most competitive rates in the market. Consider your borrowing needs and shop around to look for loans with low fees and other loan features you might need.

        You can also look into speaking with a mortgage broker to assist you in finding the loan that best fits your interest-rate needs and financial situation.

        All the best,
        Rebecca

      Default Gravatar
      SueMarch 4, 2020

      I have a home loan for my current property around 300k. If i rent out that home rental income enough for pay capital& interest. If i want to buy another property, is it for borrowing power calculation is it total income alone
      Used or bank use only % of my current income?

        Default Gravatar
        NikkiMarch 5, 2020

        Hi Sue,

        If the property has tenants and regular income the lender will probably take it into consideration when looking at borrowing power, but it’s worth checking with a lender before applying with them. Some lenders may only take 80% of your rental income as part of your borrowing power.

        Best,
        Nikki

      Default Gravatar
      angelesApril 24, 2019

      hi,im looking for a low deposit home loan asap

        Avatarfinder Customer Care
        JohnApril 25, 2019Staff

        Hi Angeles,

        If you are looking for low deposit home loan providers, look at the “Max LVR” portion of the comparison table we are on. The higher the Max LVR, the lower your deposit would be. An example is: For a Max LVR of 80%, you provide 20% deposit on it. Hope this helps!

        Cheers,
        Reggie

      Default Gravatar
      MarkJuly 1, 2018

      I am 20 yrs old trying to go for my first house I work full time and I don’t have too much saved up yet in my opinion so where do I get started?

        Avatarfinder Customer Care
        JoshuaJuly 1, 2018Staff

        Hi Mark,

        As a general rule, you need to save at least 10% of the property value. This can give a 5% buffer (for a maximum 95% LVR loan) to pay costs such as stamp duty and LMI onto the principal of the loan.

        Ensure that there is a high likelihood that you’ll qualify for a home loan before you apply. The way the credit system works, each application for credit is recorded against your name. Multiple entries in a short space will more than likely lead to rejection. Other factors that lenders may consider to assess your eligibility are your income, assets, liabilities, employment and credit history.

        Moreover, you mentioned that you are a first-time homebuyer. In this case, you may want to read our guide about the First Home Owners Grant.”

        Finally, if you want to know more about the things you need in a loan when buying your first home.

        Cheers,
        Joshua

      Default Gravatar
      HelenNovember 23, 2017

      I am 48. Never had a loan for anything as I believe you don’t get unless you have. I am entitled to the first home owners grant. Currently I’m on a sickness benefit but looking for work down the track. I’ve been looking at rentals but if I can buy my own home rather than pay someone elses off I don’t see why not to go for it. Where do I stand ?

        Avatarfinder Customer Care
        JudithNovember 24, 2017Staff

        Hi Helen,

        Thanks for reaching out to us. I hope all is well with you today.

        At the moment, we do not have a specific list of home loan lenders that accept sickness benefits as your main source of income. Finding a lender may require you to do some research or you may contact a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Once you’ve found a lender who is willing to help, you may proceed with the regular application process. Please note that you will need to provide extra information about your income.

        Before applying, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

        I hope this helps.

        Cheers,
        Judith

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