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Some of the best home loans in September 2020
September is the traditional start of the Spring Selling Season in Australia’s real estate markets. While 2020 remains a challenging year, with economic recession affecting both property buyers and sellers, banks and other mortgage lenders are continuing to slash home loan interest rates to new lows.
If you’ve been waiting for a chance to buy your first home, are looking to upsize or downsize to a house that better suits you and your family, or are ready to start building your property investment empire, RateCity is here to help with some of the top-rated home loan deals, as ranked by our Real Time Ratings™ system.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)
Best variable rate home loans
Whether you’re wanting to buy your first home or investment property, or refinance an existing mortgage, there are many more variable rate home loan options available in the market than you may expect. Even if you’re not familiar with all the lenders in question, their low interest rates, flexible features, and special offers (including cashbacks) often speak for themselves.
6.29%
6.27%
$3,311
Australian Credit Licence 502611
Fees & charges apply
Straight Up Owner Occupied Celebrate (Principal and Interest)
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.09%
6.33%
$3,249
Australian Credit Licence 230686
Fees & charges apply
Flex Home Loan Variable
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.69%
6.75%
$3,436
Australian Credit Licence 238991
Fees & charges apply
Better Home Loan
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Best small deposit home loans
Interest rates aren’t just down for home loans, but for savings accounts and term deposits too. This can make saving up a home loan deposit that little bit harder, as you won’t be able to earn as much interest on your savings or grow your wealth as quickly.
This is where it could be worth comparing some small deposit home loan options, which may let you apply for a mortgage with a deposit as small as 5 per cent of the property value. Just keep in mind that you may also need to pay for Lender’s Mortgage Insurance (LMI) or get some help from a guarantor to successfully apply for a low-deposit home loan.
6.39%
6.40%
$3,342
Australian Credit Licence 233714
Fees & charges apply
Basic Home Loan
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Best home loans from large banks
Some of the biggest financial institutions in Australia and around the world are presently offering discounted interest rates on home loans, as they attempt to secure new mortgage customers. But it’s also important to consider what features and benefits are being offered by different mortgage lenders, and whether they can offer you additional value.
Big names such as Suncorp and the Commonwealth Bank are offering thousands of dollars in cashback for eligible refinancers, and HSBC’s offers include discounted variable rates, no ongoing fees, an HSBC Relationship Manager to look after you and a complimentary Feng Shui report on your property!
6.09%
6.09%
$3,249
Australian Credit Licence 232595
Fees & charges apply
Home Value Loan (Owner Occupied, Principal & Interest)
- Owner Occupied
- Variable
- 30% min deposit
- P&I
6.13%
6.15%
$3,261
Australian Credit Licence 244616
Fees & charges apply
Basic Loan
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.59%
6.60%
$3,404
Australian Credit Licence 234945
Fees & charges apply
Extra Home Loan
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Best home loans from new lenders
It’s not just the big banks that are slashing interest rates and offering creative features and benefits. Smaller mortgage lenders, including digital only online lenders and app-based neobanks, are competing hard with the majors for your business.
For example, Athena is offering the AcceleRates package, where the more of your property you pay off, the lower your interest rate will drop. And for a limited time only, 86 400 is offering $2000 cashback for low-LVR borrowers.
6.29%
6.27%
$3,311
Australian Credit Licence 502611
Fees & charges apply
Straight Up Owner Occupied Celebrate (Principal and Interest)
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.09%
6.33%
$3,249
Australian Credit Licence 230686
Fees & charges apply
Flex Home Loan Variable
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.69%
6.75%
$3,436
Australian Credit Licence 238991
Fees & charges apply
Better Home Loan
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Remember to always compare different home loan options and consider contacting a mortgage broker or financial counsellor for advice before making any final decisions, as the home loan with the lowest interest rate may not be the mortgage that best suits your personal financial needs.
Disclaimer
This article is over two years old, last updated on September 4, 2020. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
Compare home loans in Australia
5.99%
5.90%
$3,218
Australian Credit Licence 234945
Fees & charges apply
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.69%
6.16%
$3,127
Australian Credit Licence 395219
Fees & charges apply
- Owner Occupied
- Fixed 3 years
- 10% min deposit
- P&I
6.29%
6.20%
$3,311
Australian Credit Licence 234945
Fees & charges apply
- Special
- Investor
- Variable
- 20% min deposit
- P&I
5.99%
6.51%
$3,448
Australian Credit Licence 395219
Fees & charges apply
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.84%
7.16%
$3,611
Australian Credit Licence 233714
Fees & charges apply
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.95%
7.15%
$2,896
Australian Credit Licence 234945
Fees & charges apply
- Investor
- Variable
- 20% min deposit
- Interest Only
6.04%
6.06%
$3,234
Australian Credit Licence 395219
Fees & charges apply
- Owner Occupied
- Variable
- 10% min deposit
- P&I
7.24%
7.24%
$3,611
Australian Credit Licence 234527
Fees & charges apply
- Cashback
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.99%
7.10%
$3,531
Australian Credit Licence 388053
Fees & charges apply
- 2024 Award Winner
- Investor
- Variable
- 40% min deposit
- P&I
7.20%
6.90%
$3,000
Australian Credit Licence 234945
Fees & charges apply
- Investor
- Variable
- 40% min deposit
- Interest Only
7.19%
7.26%
$3,595
Australian Credit Licence 388053
Fees & charges apply
- Owner Occupied
- Variable
- 30% min deposit
- P&I
6.59%
7.27%
$3,404
Australian Credit Licence 234527
Fees & charges apply
- Cashback
- Owner Occupied
- Fixed 2 years
- 10% min deposit
- P&I
Product database updated 22 Sep, 2024
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Promoted home loans
Variable Rate Home Loan LVR < 80%
Real Time Rating™
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
Interest rate p.a.
5.99%
Comparison rate* p.a.
5.90%
Australian Credit Licence 234945
Fees & charges apply
Fixed Rate Home Loans
Real Time Rating™
- Owner Occupied
- Fixed 3 years
- 10% min deposit
- P&I
Interest rate p.a.
5.69%
Comparison rate* p.a.
6.16%
Australian Credit Licence 395219
Fees & charges apply
Variable Rate Investment Loan LVR < 80%
Real Time Rating™
- Special
- Investor
- Variable
- 20% min deposit
Interest rate p.a.
6.29%
Comparison rate* p.a.
6.20%
Australian Credit Licence 234945
Fees & charges apply
Solar Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Interest rate p.a.
5.99%
Comparison rate* p.a.
6.51%
Australian Credit Licence 395219
Fees & charges apply
Product data updated on 22 Sep 2024
