The best home loan providers in Canberra

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Clarity Home Loans team

Clarity Home Loans, one of Canberra’s most recommended home loan providers. Photo: Liv Cameron.

Purchasing a home is the biggest financial investment most of us will make in our lifetime, so it’s paramount you ‘get it right’ if you want to ensure your long-term financial security. While it’s easy to get carried away comparing floorplans and décor, it’s unquestionably more important to focus the best part of your attention on the one thing that will have the most significant impact on your financial future—your home loan.

With a continually changing lending landscape in Australia as competition increases, regulations change, and more loan options present themselves, finding the best home loan that genuinely meets your needs and requirements is often easier said than done, with most home buyers finding it harder than ever to secure finance approval on the best mortgage product for them if they’re not armed with the right information.

This is where a home loan provider comes in. A good home loan provider will be honest and transparent with you about their policies, and help guide you through the process while always prioritising your best interests. In this article, we’ll outline the qualities to consider when evaluating a home loan, and then show you where to find Canberra’s best providers.

What makes a good home loan?

Most borrowers tend to look at loan comparison rates as the most important factor when comparing home loans, however it shouldn’t be the be-all and end-all. While the comparison rate should be an important consideration when choosing a loan, there are a few other things that also need to be factored in.

  • Loan features. The first and foremost thing borrowers need to consider when choosing a home loan is if it’s fit-for-purpose. Before even looking at the interest rate, it’s important to consider if a loan will offer the additional products or features they need, like an interest offset account, fee-free credit cards, security of fixed rates, or access to a redraw facility.
  • Hidden costs. When calculating the real cost of a home loan, borrowers need to include all set-up costs, lender legal fees, settlement fees, valuation fees, application fees, risk fees and any other charges which will be applied at settlement in their calculations before they can accurately determine the true cost of a loan product, as these may not be included in the comparison rate. It’s also important to consider the loan amount and length of the loan term, as the quoted comparison rate may not be based on the same conditions.
  • Mortgage insurance rates. To draw an accurate comparison between loans, it’s also important to consider the mortgage insurance premium being offered. Depending on the size of a borrower’s deposit and the amount they’re borrowing, mortgage insurance premiums are often one of the largest expenses associated with buying a home, however many buyers are often unaware that insurance premiums can vary significantly between lenders.

The best home loan providers in Canberra

Riotact’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.

To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on Riotact and maintain a minimum average of 4/5 stars on both Google and Facebook reviews.

Clarity Home Loans

If there’s one mortgage broker in Canberra that can help you navigate the complexities of finding and applying for a home loan, it’s Clarity Home Loans. Their experience, commitment, and extensive knowledge sets them apart from competitors.

One of the key benefits of working with Clarity Home Loans is their transparency. Their mortgage brokers are paid the same amount no matter which lender their client opts for. That means you can be 100% confident that your needs, wants, and goals are the top priority.

Clarity Home Loans maintains contact with both you and the lenders until the loan has settled… but it doesn’t end there. The friendly team works to build a long-term partnership with each and every client, to ensure all facets on the home-buying or investment process run smoothly.

With years of experience, unbeatable customer services, and a large choice of lenders, Clarity Home Loans is a safe choice. Hopefully this list will clarify any doubts or reservations you’ve been having. Let’s get right into it.

CASA Mortgage Services

Based in Forrest (in Canberra Avenue), they’re not limited to home and investment loans—they can also help with vehicle, equipment and personal loans. With access to hundreds of different loans, they can manage the whole process for you, including handling all the negotiations with your chosen lender.

They can show you loans for almost any type of property purchase whether you’re looking to buy, invest, renovate or review your current loan. They’ll do all the paperwork, manage the application process and take it through to approvals and settlement, allowing you to be relatively hands-off. If you’re strapped for time, their brokers can also arrange to meet you at a time and place that suits you to make the process easier.

They’re a great option for first home buyers, happy to explain everything from your borrowing capacity and repayment options, to eligibility and conditions for the first home buyer grant. They’re also able to offer plenty of tips and advice if you’re thinking of building a new house of building a new house or apartment.

Their brokers can explain the various benefits and drawbacks of every type of loan in depth and they take the time to discuss the other fees and costs of buying a property like stamp duty, legal/conveyancing fees, building and pest inspections, lender costs and mortgage insurance.

Rioter Mark_74 also gave them a good rap, commenting “I highly recommend Joel Defazio from Casa mortgage services. He got me a good rate on my home loan in a timely manner and kept me updated at all times”.

Bendigo Bank

A popular alternative to mortgage brokers amongst RiotACT readers is using a Canberra Community Bank mobile lender.

Bryan Dacey is a popular Mobile Relationship Manager for Canberra Community Bank Group, which manages four Bendigo Community Bank branches in Canberra (Curtin, Calwell, Wanniassa and Jerrabomberra).

Bryan draws on 30 years of experience in finance to help his customers make financial decisions that are right for them. He can meet you anytime (even outside business hours), anywhere and will bring along any information/forms you need to save you a trip to the branch.

And because Canberra Community Bank Group return 80% of their profits to the Canberra community, you can be proud knowing your banking is having a positive impact on the lives of your fellow Canberrans.

If you’re in the housing or rental market and you’re looking for more information on financial advice available in Canberra when acquiring a home loan, our articles on the best financial planners and the best mortgage brokers in Canberra may be very useful to you.

Your experience with home loan providers in Canberra

Thanks to our commenters who have provided insightful feedback, if you believe we have got it wrong, please let us know.

Have you had experience with any of the home loan providers listed above? If so, share your feedback in the comments below.

Frequently Asked Questions

How do personal home loans work?

Personal loans work the same way as any other type of loan. You borrow a certain amount of money from a bank or lender so that you can pay for the things you need to. You will have an agreement with the lender to pay back your loan in monthly, fortnightly or weekly repayments.

How do I choose a home loan?

There are multiple factors to consider when choosing which type of loan is right for you, from interest rates, features of the loan, hidden costs, mortgage features, and if the loan is short or long term. To help you through this process, consider talking to a financial planner or an accountant for professional advice.

Can first-time buyers get a home loan?

Absolutely, although the borrowing capacity for first-time buyers is slightly different and so there will be a few extra requirements for you to meet in order to get your loan. Check what your provider's policies are on minimum credit scores for first-time buyers, how long they allow loans to last, interest rates, and if they will provide you with mortgage insurance or if you need to purchase that privately.

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