Horizon BankFirst Home Buyer Loan
5.89%
rate p.a.
5.89%
comparison*
90%
max LVR
The sharpest owner-occupier variable rate in our whole index, sorted on comparison rate so the fees are already counted. The famous names rarely win here.
Best Home Loan Rates in Australia, July 2026
There's no single best home loan, only the best loan for a given job. Below are our standout picks for July 2026, one per category, chosen live from 3,846 products across 85+ lenders and sorted on comparison rate. No paid placement; a lender earns its spot on the numbers alone.
Rates updated |949 products|85+ Australian lenders
Reviewed by the Ratesniffers Editorial Team · Picks refreshed daily
What are the best home loan rates in Australia right now?
The best home loan rate depends on your situation, so we name a standout lender for each one. The table below summarises this month's top pick per category, with the headline rate and the comparison rate that already counts the fees. Every figure is computed live and refreshed daily.
| Category | Lender | Rate p.a. | Comparison rate* | Best for |
|---|---|---|---|---|
| Best for the lowest rate | Horizon Bank | 5.89% | 5.89% | Lowest rate overall |
| Best for refinancing | IMB Bank | 6.04% | 6.08% | Refinancing with cashback |
| Best for first home buyers | Newcastle Permanent Building Society | 5.94% | 5.98% | First home buyers |
| Best for investors | Virgin Money | 5.99% | 6.01% | Property investors |
| Best with an offset account | Horizon Bank | 5.89% | 5.89% | Offset account holders |
| Best 3-year fixed rate | Macquarie Bank Limited | 6.09% | 6.13% | 3-year repayment certainty |
IMB BankBudget Home Loan
6.04%
rate p.a.
6.08%
comparison*
$4,000
cashback
Among the lenders paying the largest cashback to switch, this one pairs the incentive with a competitive ongoing rate, the combination that actually saves money once the cashback is spent.
Newcastle Permanent Building SocietyReal Deal Home Loan Principal and Interest
5.94%
rate p.a.
5.98%
comparison*
95%
max LVR
Accepts a deposit as low as 5% (95% LVR) at one of the sharpest rates available to first-timers, and is eligible on the federal First Home Guarantee panel where you can skip LMI.
Virgin MoneyVirgin Money Lite Home Loan
5.99%
rate p.a.
6.01%
comparison*
80%
max LVR
The lowest investment variable rate we're tracking. Investor rates sit above owner-occupier, so a few basis points here compound into real money on a portfolio.
Horizon BankFirst Home Buyer Loan
5.89%
rate p.a.
5.89%
comparison*
90%
max LVR
A 100% offset account where every dollar parked offsets interest dollar-for-dollar, often worth more than a marginally lower rate on a basic loan if you hold a cash balance.
Macquarie Bank LimitedMacquarie Offset Home Loan
6.09%
rate p.a.
6.13%
comparison*
80%
max LVR
The lowest 3-year fixed rate in our index, for borrowers who want repayment certainty. Fixed loans limit extra repayments and charge break costs, so weigh the trade-off.
*Important Information and Comparison Rate Warning
This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
What is the best home loan rate in Australia right now?
The sharpest owner-occupier comparison rate in our index today is 5.89%. The lowest advertised rates almost always come from online-direct lenders, customer-owned banks and challenger brands rather than the Big Four, but the best loan for you also depends on your deposit, whether you're buying to live in or to invest, and the features you need. The category picks above name the standout lender for each situation, recalculated daily.
What is a good home loan rate in July 2026?
Home loan rates move with the Reserve Bank of Australia's cash rate, currently 4.35%. As a rule of thumb, a competitive owner-occupier variable rate sits within about 0.3–0.5 percentage points of the lowest comparison rate in the market (5.89% today). If your current rate is more than half a percentage point above that, you're probably paying a loyalty premium and could save by refinancing.
How do you choose the best home loan?
Compare four things, in order. First the comparison rate, an ASIC-standardised figure that folds most fees into the headline rate, so it's the truest like-for-like number. Then the featuresyou'll actually use, such as a 100% offset account, free redraw and extra repayments. Then the fees, including any annual package fee and upfront costs. And finally your eligibility, which hinges on your deposit (the loan-to-value ratio), your income, and whether the loan is for an owner-occupier or an investor.
Is the cheapest home loan the best one?
Not always. The cheapest home loan wins on comparison rate alone, but a loan with a slightly higher rate plus a full offset, free redraw and no annual fee can cost less overall, especially if you keep a cash balance an offset can work against. Treat the cheapest rate as the starting point; the best loan is the one whose rate, features and fees suit how you actually bank.
Best home loan for your situation
- First home buyers, look for a loan that accepts a 5% deposit (95% LVR) and sits on the federal First Home Guarantee panel so you can avoid LMI. First home buyer loans →
- Refinancers, weigh cashback against the ongoing rate; a big incentive on a high rate loses money within a year or two. Refinance rates →
- Investors, investment rates sit above owner-occupier, so a few basis points compound across a portfolio. Investor loans →
- Offset users, a 100% offset can beat a marginally lower basic rate when you hold savings. Offset home loans →
- Rate-certainty seekers, a fixed rate locks repayments but limits extra repayments and charges break costs. Fixed rates →
Best home loan FAQs
Which bank has the best home loan rate in Australia?
No single bank is best for everyone, the sharpest advertised rates usually come from online-direct lenders, mutuals and challenger brands rather than the Big Four. The right lender for you depends on your deposit, whether you're an owner-occupier or investor, and the features you need. Our category picks above name the standout lender for each situation, refreshed daily.
Is the lowest rate always the best home loan?
Not always. A loan with a slightly higher rate but a full offset, free redraw, no annual fee and flexible repayments can beat a sharper rate locked behind a basic product, especially if you carry a cash balance an offset could work against. That's why we pick a best loan per category rather than crowning one overall winner.
What is the best home loan for first home buyers?
The best first-home-buyer loans accept a small deposit (often 5%, a 95% LVR), sit on the federal First Home Guarantee panel so you can avoid Lenders Mortgage Insurance, and still carry a competitive rate. Our "best for first home buyers" pick above is chosen on exactly those criteria.
What is the best home loan for refinancing?
The best refinance deal isn't just the biggest cashback, a large incentive attached to a high ongoing rate loses money within a year or two. We pick the lender that pairs a meaningful cashback with a genuinely competitive rate, which is the combination that saves money over the life of the loan.
How does Ratesniffers choose its best home loan picks?
Each pick is computed live from our rate index with a strict data-quality filter, sorted by comparison rate within its category. We don't take paid placement, so no lender can buy its way onto this page, a product appears only if its live, verified numbers earn the spot. See our methodology for how the index is built.
How often are these picks updated?
The picks are recomputed from the live rate index, which is refreshed daily and re-checked against each lender's own published product pages. The "updated" date at the top of the page shows exactly how current the recommendations are.
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