The Australian home loan market is a crowded, competitive world. At Finder, we track home loan rates from lenders big and small and have information about these home loan providers. Click on any lender below to learn more about it.
Mortgages might all be similar products, but there are some real differences between different types of lenders. Your choice of lender depends partly on what you care most about, be it convenient online service, sustainability or getting face-to-face help from a human at a bank branch.
The Big Four banks. Australia's 4 biggest banks have the biggest market share and offer many different home loan products, banking apps and in-person branch support.
Online lenders and digital banks. If you don't need in-person help with a loan application, online lenders and digital banks offer competitive rates and fast online applications.
Customer-owned banks. Australia has a broad range of typically smaller, local credit unions and other non-bank lenders that are member-owned. This means profits are invested back into the institution rather than paid out to shareholders. These lenders may only serve customers in a city, state or region. Many put a share of profits into community initiatives.
International banks. You can get a home loan with a bank that operates in Australia as part of a global or foreign brand. Examples of an international bank include HSBC, Citi, Bank of China and ING.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.
Finder has access to track details from the product issuers listed on our sites. While we provide information on the products offered by a wide range of issuers, we don’t cover every available product or service.
Our comparison service does not include all providers or all products available in the market.
You can read our website terms of use and privacy policy for more information about our services and our approach to privacy.
Which lenders can provide loan to a first home buyer at 98% LVR including LMI . Also I am a sole trader and my business is running for 2 years but have only 1 year tax returns.
While most lenders require a 20% deposit (so an 80% LVR loan), it is possible to qualify for a Family Home Guarantee loan with just a 2% deposit. To be eligible, you must be a single parent purchasing your first home.
If you’re a First home buyer and you’re not a single parent, but you need certain eligibility criteria, you might be able get a home loan with just a 5% deposit using the federal government’s First Home Loan Deposit Scheme. This scheme allows eligible buyers to borrow 95% of the property’s value, and you can avoid paying LMI because the government will act as your guarantor. More info here: https://www.finder.com.au/first-home-loan-deposit-scheme.
Regarding your self-employed status, every bank has a different policy regarding how they treat your income. If you have a strong employment record prior to this business, that might help your chances of getting your loan approved. A smaller bank or non-bank lender can be a little more flexible than Big 4 banks in this regard, so consider enquiring with one of these lenders to see what your options are.
Applying for a home loan at this age may prove more difficult but your ability to qualify for a loan will depend on the type of home loan that you are applying for as well as your income, assets, credit history and any existing debt that you have (e.g. credit cards or personal loans).
Many lenders will view you as a high-risk borrower if you’re no longer in the workforce and therefore do not have a steady income source. As a result, you may be charged higher fees or a higher interest rate depending on the individual lender’s policy.
It’s strongly advised that you speak to a mortgage broker regarding your borrowing options to ensure that you apply for the right type of finance for you. For instance, you may want to consider a fixed-rate home loan for greater certainty and security of knowing what your repayments will be.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
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Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
My interest rate on my home loan is below the top 20 you displayed, but not mentioned in your list. Why?
Hi Vicki,
Finder has access to track details from the product issuers listed on our sites. While we provide information on the products offered by a wide range of issuers, we don’t cover every available product or service.
Our comparison service does not include all providers or all products available in the market.
You can read our website terms of use and privacy policy for more information about our services and our approach to privacy.
Regards,
Richard
Which lenders can provide loan to a first home buyer at 98% LVR including LMI . Also I am a sole trader and my business is running for 2 years but have only 1 year tax returns.
Hi Ash,
While most lenders require a 20% deposit (so an 80% LVR loan), it is possible to qualify for a Family Home Guarantee loan with just a 2% deposit. To be eligible, you must be a single parent purchasing your first home.
Check out the full criteria and a list of the banks who are taking part in this scheme here: https://www.finder.com.au/family-home-guarantee
If you’re a First home buyer and you’re not a single parent, but you need certain eligibility criteria, you might be able get a home loan with just a 5% deposit using the federal government’s First Home Loan Deposit Scheme. This scheme allows eligible buyers to borrow 95% of the property’s value, and you can avoid paying LMI because the government will act as your guarantor. More info here: https://www.finder.com.au/first-home-loan-deposit-scheme.
Regarding your self-employed status, every bank has a different policy regarding how they treat your income. If you have a strong employment record prior to this business, that might help your chances of getting your loan approved. A smaller bank or non-bank lender can be a little more flexible than Big 4 banks in this regard, so consider enquiring with one of these lenders to see what your options are.
Hope this helps!
Cheers,
Sarah
Just turned 65, does this have a vast impact of getting a morgage loan
Hi Vicki,
Thanks for reaching out.
Applying for a home loan at this age may prove more difficult but your ability to qualify for a loan will depend on the type of home loan that you are applying for as well as your income, assets, credit history and any existing debt that you have (e.g. credit cards or personal loans).
Many lenders will view you as a high-risk borrower if you’re no longer in the workforce and therefore do not have a steady income source. As a result, you may be charged higher fees or a higher interest rate depending on the individual lender’s policy.
It’s strongly advised that you speak to a mortgage broker regarding your borrowing options to ensure that you apply for the right type of finance for you. For instance, you may want to consider a fixed-rate home loan for greater certainty and security of knowing what your repayments will be.
You can also learn more about the risks involved when applying for finance during your retirement.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
All the best,
Belinda