With a deposit under 20% of the property value, most lenders charge lenders mortgage insurance unless you qualify for a government guarantee scheme, and that premium is usually added to the loan rather than paid upfront. Stamp duty concessions for first home buyers vary by state and by price cap, so the deposit you need is not the same in every market. The loans here are variable loans on principal and interest, from 5.89%This is our lowest starting rate for these products. Other factors may change rates once you filter your results. See sorting and ranking for more info. p.a. (5.92% comparison rate) with Regional Australia Bank's Regional Australia Bank Home Loan (Non Offset).
Rates checked against every provider’s own published dataWe show all of the product information we are able to access. For banking products that is each provider’s public Consumer Data Right (CDR) Product Reference Data endpoints, published under the Consumer Data Standards (CDS) maintained by the Data Standards Body. Where a provider does not publish a field, or a row is an editorial selection, we say so. on 19 Oct 2026
Borrowing $500,000 over 30 years at the lowest advertised shown:
Monthly repayment from
$2,962/mo
Total repaid
$1,066,494
Total interest
$566,494
Estimate only, based on the lowest advertised interest rate shown and assuming equal monthly repayments. Actual repayments depend on your rate, fees and loan terms.
Suitable for Investment and Owner Occupied residential borrowing with LVR up to 95%. Fixed and Variable rates available including for construction purpose (variable only)
Suitable for Investment and Owner Occupied residential borrowing, LVR up to 95%. Fixed and Variable rates available including for construction purpose (variable only)
Suitable for Investment and Owner Occupied residential borrowing. LVR up to 95%. Fixed and Variable rates available including for construction purpose (variable only)
Get a loan that's simple to use and easy to understand. Just a great low rate that helps you pay your home off faster. Available on new loans $100,000+, borrowing less than 90% of the property value…
MyState offers a premium variable rate product for customers seeking a home loan in excess of… $100,000. If you're buying or building your own home, a residential investment property, a block of land…
The Better Choice Gold Special Home Loan offers a standard variable loan. This loan suits borrowers that are looking for flexibility with their home loan and investment properties with a fully…
A low cost home loan option, the Budget Home Loan has a discount off IMB’s standard variable rate… for the life of the loan, so you’ll always pay less. No monthly fees, unrestricted additional…
Your double you gives you a discounted basic variable home loan rate.
Rates and fees are sourced from each provider’s CDR Product Reference Data where the provider publishes it.
Comparison rate warning and base criteria
Base criteria: repayment figures shown in this table are calculated on a loan of $500,000 over 30 years. Repayment estimates use each loan’s advertised interest rate, with the comparison rate shown beside it as a guide to total cost. These figures are examples only. They are not a quote, and they may not include all fees and charges.
*Warning: the comparison rate shown is calculated by the lender on its own standard example, usually a $150,000 loan over 25 years. This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
About this table: we publish this table so you can research credit products, by bringing together in one place the banking data lenders publish under the Consumer Data Right. Using that data, we have tried to show products that match this table’s title. This table does not compare all products, and there may be products with a lower rate in the market that are not shown here. Do your own research to find a product that suits your needs and financial goals. See how we choose products for tables like this.
Products are selected for relevance to the table and to the filters applied. They are not suggestions or recommendations, and the order they appear in is not a ranking of suitability.
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Rates, fees and charges are subject to change without notice. Before acting on any information shown here, you should confirm the rates, fees, charges and product information with the provider. For clarity, where we have used the terms “lowest” or “best”, these relate solely to the rates of interest offered by the provider and not to any other factor. The application of these terms to a particular product is subject to change without notice if the provider changes their rates.
This table does not compare every feature that may be relevant to you. Changing the filters will surface further relevant products. See how we sort and rank products and how we make money.
This information is general in nature. It does not take into account your objectives, financial situation or needs, and it is not a recommendation to apply for or hold any particular product. You should read the provider’s Key Facts Sheet, Target Market Determination and credit contract terms before deciding. CompareThat compares products. We do not arrange, approve or process applications.
Buying your first home: how a home loan works
A home loan lets you buy a property with a deposit plus borrowed funds, repaid with interest over an agreed term of commonly 25 to 30 years. As a first home buyer your focus is usually the deposit you need, the rate you can secure, and the upfront help available. The property is used as security, so the lender can recover the debt if repayments stop.
Deposits, LVR and Lenders Mortgage Insurance
Your deposit sets your loan-to-value ratio (LVR). A 20% deposit gives an 80% LVR, the level at or below which most lenders do not charge Lenders Mortgage Insurance (LMI). Borrow more than 80% of the value, with a deposit under 20%, and LMI is usually added, though several government schemes can reduce or remove it. The smaller your LVR, the lower the risk to the lender, which can mean a sharper rate.
Government schemes for first home buyers
First home buyers may be able to buy with a 5% deposit and no LMI through the Australian Government 5% Deposit Scheme (the First Home Guarantee), which since 1 October 2025 has no limit on places and no income cap, though property price caps apply by location. Since 5 December 2025, the Help to Buy shared equity scheme also lets eligible buyers purchase with a 2% deposit while the government takes a share of the property. They can also save a deposit faster inside super via the First Home Super Saver scheme, or access state and territory stamp-duty concessions and grants. The rules change, and Housing Australia, the ATO and state revenue offices publish the current versions.
How first home buyer loans compare
The comparison rate sits alongside the headline rate, and features such as redraw and extra repayments matter for getting ahead early. Low-deposit options matter most here. Loans can be compared side by side, and the full market is on the home loans hub.
Expert view
“For first home buyers the deposit, not the headline rate, is usually the deciding factor. A government guarantee or a stamp-duty concession can get a buyer in sooner and cheaper than stretching to avoid LMI. Redraw and extra repayments are the features that build equity fastest in the early years.”
JP
Jordan Pearce
Senior finance writer, CompareThat
Glossary
The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.
Term
What it means
Comparison rate
A single rate that combines the advertised interest rate with most fees and charges, so loans can be compared on a like-for-like basis.
First Home Guarantee
The first home buyer stream of the Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme), letting eligible buyers purchase with a 5% deposit and no LMI because the government guarantees part of the loan.
First Home Super Saver (FHSS)
A scheme that lets you save toward a first home deposit through voluntary super contributions you can later withdraw within limits.
Fixed rate
An interest rate locked for a set term, so repayments stay the same regardless of market movements, usually with limited extra repayments or offset.
Guarantor
A family member who uses their own property or savings as additional security so you can borrow with a smaller deposit.
Interest-only
A repayment type where you pay only the interest for a period; the loan balance does not reduce and the rate is often higher.
Lenders Mortgage Insurance (LMI)
A one-off insurance premium that protects the lender, usually charged when you borrow more than 80% of a property’s value.
Loan-to-value ratio (LVR)
The size of your loan expressed as a percentage of the property’s value. A 20% deposit gives an 80% LVR.
Offset account
A transaction account linked to your loan; its balance is offset against the loan, reducing the interest you are charged.
Principal and interest (P&I)
A repayment type that pays down both the amount borrowed and the interest, reducing the balance over the life of the loan.
Redraw
A facility that lets you access extra repayments you have made above the minimum, if you need the money back later.
Stamp duty
A state or territory government tax on property purchases, separate from the loan, that varies by location and property value; first home buyers often get concessions.
Variable rate
An interest rate that can move up or down with the market, usually paired with more features such as offset and unlimited extra repayments.
Common questions
How much deposit do I need to buy a first home?+
A 20% deposit avoids Lenders Mortgage Insurance, but many first home buyers purchase with 5% to 10% using LMI or a government guarantee. The smaller the deposit, the higher the cost or the more conditions apply.
What is the First Home Guarantee?+
It is the first home buyer stream of the Australian Government 5% Deposit Scheme, formerly the Home Guarantee Scheme. Eligible buyers can purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance, because Housing Australia guarantees part of the loan to a participating lender. Since 1 October 2025 there is no limit on places and no income cap. Property price caps still apply and vary by location, and Housing Australia publishes the cap for each area.
Can I use my super to buy a first home?+
The First Home Super Saver scheme lets you make voluntary contributions to super and later withdraw them (plus deemed earnings) toward a first home deposit, within set limits. The ATO publishes current caps and eligibility.
What is LMI and can I avoid it?+
Lenders Mortgage Insurance protects the lender when you borrow more than 80% of a property’s value. It does not apply with a 20% deposit, a guarantor, an eligible government guarantee, or an LMI waiver some lenders offer to certain professions.
Do I still pay stamp duty as a first home buyer?+
Many states offer first home buyer stamp-duty concessions or exemptions up to a price threshold. The amount depends on your state and the property value, and each state revenue office publishes its thresholds.
The Numbers Behind This Market
What this market is paying or charging on average right now, and the official figures behind it.
We are not a lender, broker or bank. Product data comes straight from each provider’s own Consumer Data Right feed (Australia’s official open banking system) and is refreshed daily, so what you see reflects published rates and fees, not a sales pitch.
✓Not a credit provider: we do not lend, arrange loans or take applications.
✓Sourced from each provider’s CDR Product Reference Data, refreshed daily.
✓Payment can change where a product appears, never which products we show.
✓General information, not credit advice. CompareThat compares; it does not recommend.
Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. They are general information only. Not credit advice. CompareThat is not a credit provider. Payment can change where a product appears, never which products we show.
