Homebuying is challenging, so what’s your next best move?

By Maria Gil · · 2 min read
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asian couple in front of their home

Property and living costs have skyrocketed in the last few years, while wages have stagnated, and so all added up homebuying has become quite a challenge.

There are figures we can use to help paint the picture. If we take the consumer price index alone, for example, the Reserve Bank reports it has spiked by about 7% over the last two years, well up on the RBA’s target range of 2-3%.  

Throw in the RBA’s many cash rate increases to 3.60% and Aussies certainly have less borrowing (or even buying) power than before.

The task is not completely out of reach however. There are ways to build a better financial plan.

When it comes to homebuying, saving up for a home deposit should be a priority. The deposit is a much smaller portion of a home’s full value (often 20%) and a more feasible way to look at buying property. It’s the first step and takes good budgeting and hitting a series of savings goals.  

Alongside this is getting on top of your general finances (or debts) and then considering which home loan might suit you best.

Below we spell out these steps and others to help get you started:

  • Budget for your deposit. Use our home loan calculator to see how much you can borrow. Once you have that number, add 20%, and that's how much money you need to save.
  • Sort out debt. Paying off debt faster could help you increase your savings for a deposit.
  • Check out government first homeowners schemes. If you’re a first-time homeowner, it would be worth taking advantage of several state and federal schemes to get you in the property market. 
  • Compare home loans. By checking out the best home loans early, you can have a general idea of what lenders are looking for in borrowers and what sort of home loan might suit your needs.

Check out Mozo’s Home Loan Guides for more information on home loans. Also, see our home loans hub to start comparing home loans.

Home loan comparisons on Mozo - last updated 2 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.12% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
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    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.41% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.

    Compare
    Go to site
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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    Details

* 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 for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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