The best home loans for July 2020

It’s a new financial year – a time when many Australians re-assess their personal finances. The ongoing effects of the pandemic on our workplaces and economy has left many of us in a much different position to where we were at this time last year.

To help Australians from all walks of life compare home loan options in these tricky times, RateCity’s Real Time Ratings™ system looks at the cost and flexibility of different mortgages, and combines these scores to provide an indication of each option’s overall value.

(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 home loans for over $1 million

Even with property prices forecast to fall as the year goes on, buying or refinancing a property in one of Australia’s capital cities can still easily require a million-dollar mortgage, such as one of these the top-rated home loans for July 2020:

Best home loans for small deposits

Saving up a home loan deposit was hard enough before the pandemic. Now, with many banks offering lower interest rates on savings accounts and term deposits, some borrowers may find it easier to save a smaller deposit and apply for a mortgage with the help of a guarantor, or by paying the extra cost of lenders’ mortgage insurance. Here are RateCity’s top-rated home loans for borrowers with 5 per cent deposits for July:

Best packaged home loans

If you’re ready to not only change home loans, but change banks altogether, here are the top five rated packaged home loans for July 2020, which come with bundled offers such as banks accounts or credit cards:

Provider

Real Time Rating™Interest rate p.a.Comparison rate* p.a.Monthly repayment

6.14%

6.39%

$3,264

Australian Credit Licence 237502

Fees & charges apply

Australian Credit Licence 237502

Fees & charges apply

Offset Home Loan

• Owner Occupied
• Variable
• 40% min deposit
• P&I

Best home loans from large banks

Australia’s biggest banks have recently been slashing fixed and variable interest rates on many home loans to compete for customers. Here are some of the top-rated home loans from large banks in July 2020:

Best home loans from new lenders

Smaller banks, non-bank mortgage lenders and fintechs have also been busy in recent months, offering the big banks some serious competition. See what the newer lenders on RateCity have to offer by comparing these top-rated home loans:

Where can I find the best home loans every day?

One simple way to keep track of leading home loans is to keep an eye on RateCity’s Home Loan Leaderboards, which list the top-rated home loans in different categories every day, according to our Real Time Ratings™ system.

Compare home loans in Australia