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Welcome to Mozo's home loans hub. We can help save you thousands on your current loan or help you find the perfect loan for your perfect first home. Mozo has everything you need to find the right loan quickly and easily.
5.22% variable for 12 months and then 5.60%
*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Fixed rate loans assume a 3 year fixed term. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
** Saving based on the average difference in fees and charges over the life of the loan between the most competitive product Mozo can refer a consumer to and the average home loan product input by 12,504 consumers (average balance of $325,069 interest rate of 6.97%, monthly fee of $9.90, exit fee of $330 and loan term of 16.6 years) who used the Mozo Home Loan Health Check tool between 1 January 2012 to July 2012.
Always last one to drop rates
I have had my loan for four years, good rate for the new customer but they forget about you soon after. They are always the last one to drop the rates. Last time they increased the discount to keep me on, not any more I am changing. Full review
I have had my loan for four years, good rate for the new customer but they forget about you soon after. They are always the last one to drop the rates. Last time they increased the discount to keep me on, not any more I am changing.
Fantastic Queensland credit union - best service
Queenslanders Credit Union offer a fantastic alternative to the big 4 and larger building societies. As a credit union they are extremely customer focused and able to assist with all aspects of financial transactions. I used them for a home lo... Full review
Queenslanders Credit Union offer a fantastic alternative to the big 4 and larger building societies. As a credit union they are extremely customer focused and able to assist with all aspects of financial transactions. I used them for a home loan and their rates are always competitive with others and the application process was stress-free and easy. Given the level of service I have received over life of loan and banking services I definitly recommend Queenslanders Credit Union as worth looking at for housing loans and general banking.
Convenient for ATMs but treated like a number
Commonwealth bank being one of the big banks have the customer numbers so miss out on treating you like their only customer. Visiting a branch during a weekday I waited for 20 minutes to have be query answered, after that I went to the shops an... Full review
Commonwealth bank being one of the big banks have the customer numbers so miss out on treating you like their only customer. Visiting a branch during a weekday I waited for 20 minutes to have be query answered, after that I went to the shops and found my card which I've used for years was deactivated. So straight back to the bank and another 20 min wait. They are convenient because they have ATMs everywhere but their awards program for their credit cards requires you to spend a lot to gain a very small reward.
With interest rates falling, it's a great time to buy your first home or refinance your existing mortgage at a lower rate. Finding the best home loan rates can be daunting, but Mozo is here to guide you through the maze of loans available in Australia. We can also help you find the best home loan with our Home Loan Negotiator service, which is similar to using a mortgage broker in Australia.
Our mortgage database lets you weigh up different loans with ease, and covers hundreds of loans including fixed rate loans, variable rate loans and more. You can also get the inside story on everything from customer service to hidden fees with reviews by the Mozo community.
Our nifty comparison tools let you quickly filter and compare home loans in Australia according to the features you want, such as extra repayments, free redraw and offset accounts.
Once you have shortlisted the best loans for your needs, you can compare your chosen loans side-by-side to find the most appropriate loan for your needs and apply online at the lender's website.
If you want help in finding the lowest home loan interest rates that suit your needs, a mortgage broker or home loan negotiator can help. Mozo can help you compare mortgage brokers in Australia with our home loan negotiator service. Brokers will help you to understand your home loan options such as how much you can borrow, which bank, credit unions or non-bank lenders offer the best mortgage rates for your situation and can even help with the application process.
Before you commence with your research, it helps to work out whether you need a loan with all the bells and whistles, or are simply after the lowest interest rates with no frills.
The cheapest home loans don't alwasys offer flexible features like the ability to make extra repayments and unlimited redraw. When you're making home loan comparisons in Australia, be sure to check features as well as rates and fees.
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When interest rates are low, you might consider locking in all or part of your loan at a fixed interest rate. Fixed rate loans ensure that your monthly repayments remain the same for an agreed period, regardless of whether interest rates go up or down during that time.
There are some fixed rate traps to be aware of when you are searching for the best home interest loan rates. For instance most fixed rate loans do not let you make extra repayments, and many impose huge break costs should you decide to switch to a variable rate or another lender before the fixed term is up. Check out variable rate loans.
A split loan is a way to get the best of both worlds by fixing the rate on part of your mortgage, while keeping the rest at a variable rate and enjoying the flexibility that comes with it.
If you're looking to make a home loan rate comparison, there is no way around number crunching. Whether you are calculating repayments or how much stamp duty you'll need to pay, Mozo's handy home loan calculators make it simpler to do the maths.
For first home buyers, Mozo's borrowing calculator will help you work out your budget and how much you can afford to spend on your home loan. You can assess if a low deposit home loan is for you. And once you have shortlisted loans, run them through the Mozo home loan comparison calculator to see which one will save you the most.
We also have a couple of other helpful calculators. Using the Rate Change Calculator you can see how changes in rate will affect your repayments. You can also check out options for getting rid of your debt faster and seeing how much you can save by increasing your payments.
Once you’ve decided which loan is right for you, you can link straight through to the lenders website and begin the application process.