How to find the best mortgage offers in Australia

The size of Australia’s mortgage market can have you feeling spoilt for choice. But what are some ways to narrow down your search and find the best mortgage offers for you?

While there’s no such thing as a single best mortgage, there are likely certain products that are best suited to your individual needs. It largely depends on your personal financial situation and your preferences when it comes to different features and offerings.

Fortunately, there are several steps you can take to make your search simple and efficient.

1. Utilise online tools

Before you get started on searching and comparing your options, it’s important that you know what you’re looking for. Exploring online tools such as RateCity’s range of home loan calculators could allow you to better understand the type of home loan you may be eligible for.

Here are some of the queries they could help you answer:

• How much you may be eligible to borrow
• How much you may be charged in stamp duty and other government fees
• How much your repayments could cost you
• How much you could be charged for Lender’s Mortgage Insurance if your deposit is less than 20 per cent

Figuring out what you’re looking for before you begin your search can make the process less overwhelming and give you more confidence in choosing the right home loan for you.

2. Compare your options 

Next, it’s time to search and compare your options and create a shortlist of suitable products. RateCity offers a number of tools to assist you in your comparison: 

Home loan comparison tables

With a home loan comparison table, you can use a variety of filters to narrow down your search results. By filtering out loans that don’t suit your needs, you may find it easier to compare apples with apples.

Simply select a loan purpose, loan amount, deposit amount and loan term, then browse and select the other features that are important to you. You can even search by home loan providers, if that’s of significance to you. 

Real Time Ratings™

A world-first rating system that ranks home loans based on your individual mortgage requirements, Real Time Ratings™ results are calculated as you use the site, making them as up to date as possible.

The system gives each home loan a score out of five stars, based on cost and flexibility. It also factors in your loan size, deposit amount and borrowing type so you don’t waste time looking at loans that won’t fit your requirements. 

Home loan leaderboards

RateCity’s home loan leaderboards use Real Time Ratings™ to compile the top-rated home loans across a wide range of categories. Once you’ve got a shortlist of potential home loan products, you might like to check which ones feature on the leaderboards to see how they stack up.

3. Engage a broker 

Even with the help of a variety of online comparison tools, you may find that you’d still like some personalised advice and guidance through the home loan application process. This is where a mortgage broker could help. Brokers are industry experts who can help you throughout your search for a home loan with their specialised knowledge and experience.

To get in touch with a mortgage broker in your city, consider visiting RateCity’s broker hub.

Compare home loans in Australia