These are Australia’s 10 best home loan lenders
The Big Four banks, the Commonwealth Bank, ANZ, Westpac and NAB may hold the majority of home loans, but that doesn’t mean they’re the best, a new study by comparison provider, Canstar has revealed.
According to Canstar’s Home Loan Star Ratings 2018, smaller lenders largely offer better consumer value, based on comparative price and attached features.
At the same time, Australia’s largest banks were largely absent from the rankings, with only NAB scoring a nod for its fixed rate investment loans.
Canstar group financial services executive, Steve Mickenbecker noted that all major banks, bar NAB, recently put up their interest rates with most other banks set to follow as overseas funding costs increase.
Also read: Here’s why Australia has one of the riskiest housing markets in the world
“The pressure will be flowing through to the profit margins and eventually most will decide to follow with rate hikes,” Mr Mickenbecker said.
“It’s a good time to at least consider fixed rate loans, future proofing repayments for two or three years while they are manageable,” he added, pointing out the current historically low rates.
Did my lender make the cut?
Canstar assessed 5,394 home loans, with only 3,192 products considered eligible for rating. Of these 3,192 products, only 355 received five stars. That’s down from 367 in March this year.
Outstanding Value – Home Lender
Bank Australia
Freedom Lend
Gateway Bank
Greater Bank
Homestar Finance
HSBC
ING
Newcastle Permanent
Qudos Bank
RACQ
Outstanding Value – Variable Home Lender
AMO Group
Bank of Melbourne
BankSA
Easy Street Fin Services
Freedom Lend
Homestar Finance
HSBC
loans.com.au
Pacific Mortgage Group
Reduce Home Loans
Outstanding Value – Fixed Home Lender
Easy Street Fin Services
Freedom Lend
Greater Bank
HSBC
ING
Newcastle Permanent
Qudos Bank
RACQ Bank
Teachers Mutual Bank
UBank
UniBank
Investment Star Ratings
Also read: Here’s where Aussie property markets are heading now
Outstanding Value – Investment Home Lender
AMO Group
Freedom Lend
Homestar Finance
Newcastle Permanent
RACQ Bank
TicToc Home Loans
Virgin Money
Outstanding Value – Investment Variable Home Lender
AMO Group
Freedom Lend
Homestar Finance
loans.com.au
Pacific Mortgage Group
RACQ Bank
Reduce Home Loans
State Custodians
Outstanding Value – Investment Fixed Home Lender
Freedom Lend
Greater Bank
Homestar Finance
NAB
Newcastle Permanent
Police Bank
RACQ Bank
TicToc Home Loans
UBank
Virgin Money