Can I use a personal loan to finance a home purchase, or should I use a home loan?

You could use a personal loan, if the lender deems "property purchase" as an acceptable purpose. Generally the maximum loan amounts available under a personal loan will be more modest relative to home loans. The interest rate on a personal loan could also be much higher and the maximum loan terms are usually a lot shorter - meaning that your overall monthly commitment could be significantly higher when compared to a home loan.

home loan is better, easier process and much cheaper rate.

Using a personal loan to finance a home purchase is not recommended as it is not designed to be used for this purpose. Home loans are specifically designed to help you purchase a home and are usually the best option. Home loans come with a range of features and benefits that are not available with personal loans. For example, home loans may offer a lower interest rate than personal loans, as well as the ability to make additional repayments without penalty. Home loans also offer a range of features such as redraw facilities, offset accounts and the ability to split your loan. These features can help you to save money on interest and pay off your loan sooner. When considering a home loan, it is important to compare different loan products to find the one that best meets your needs. You can compare home loan interest rates and features on Goodrate (https://goodrate.com.au/home-loan) to find the right loan for you.