Top online mortgage lenders in Australia

Nowadays, more and more Australians are turning to online mortgage lenders when taking out a home loan, and it’s proving to be a pretty savvy financial decision for many.

Why? Quick and convenient online applications, plus, super-efficient approval processes. Not to mention, with typically smaller overhead costs than traditional brick and mortar banks, online lenders can offer lower interest rates. Those are just some of the advantages that online mortgage lenders have over the big banks.

Where to find the best online mortgage lenders:

With such a packed playing field, it can be difficult knowing where to start in your search for the right mortgage. That’s where the 2022 Mozo Experts Choice Home Loan Awards^ come in.

Each year, our Mozo Experts analyse hundreds of home loans to determine which offer the best value for the features different borrower types might be seeking. This year, online mortgage lenders took an even greater foothold in the winner's list.

So, whether you’re just jumping onto the property ladder or looking to refinance your mortgage for a better deal, here are a few 2022 Mozo Experts Choice Award-winning online mortgages to get you started. 

Remember: This is just a small selection of the home loans crowned in the awards this year. You can see the full list of award-winning mortgages that took out gold across the 12 different categories we assess at the 2022 Mozo Experts Choice Home Loan Awards page. Then, find all the details about how these stand-out home loans were selected in our Home Loan Awards methodology report.

Compare the best online mortgages

Nano - Variable Home Loan
  • 3.24% p.a. variable rate (3.24% p.a. comparison rate*)
  • No upfront or ongoing fees
  • Offset sub-account
  • Multi-award-winner in the 2022 Mozo Experts Choice Home Loan Awards^
Find out more
Expert verdict:

Nano’s Variable Home Loan impressed the Mozo Judges to such a degree that they awarded it the lauded title of Best New Home Loan for 2022, alongside a second win in the Low Cost Home Loan category. The loan has no upfront or ongoing fees and a competitive 3.24% p.a. variable rate (3.24% p.a. comparison rate*). It also offers a range of features, like an offset sub-account which comes with a Visa debit card, Google Pay and Apple Pay, plus a handy app to help you manage your money.

UBank Neat Home Loan
  • 3.24% p.a. variable rate (3.26% p.a. comparison rate*) for LVR 80%
  • Free extra payments with a redraw

UBank’s variable home loan for owner-occupiers making P&I repayments has certainly made a splash, along with their 2022 Mozo Experts Choice Banking Awards win for Best Essential Bank. With rates as low as 3.24% p.a. (3.26% p.a. comparison rate*) for a 60%-70% LVR, you could borrow up to $5 million with minimal fees. You also have the option to make free extra repayments with a free redraw facility, in case you need to dip back into those funds later on. Just be aware there’s a $250 settlement fee.

OneTwo - Variable Rate Home Loan
  • 2.59% p.a. variable rate (2.49% p.a. comparison rate*)
  • Discounts as you pay off your loan
  • Extra repayments matched up to $2,500 for the first six months
  • 2022 Mozo Experts Choice Home Loan Award-winner^
Find out more
Expert verdict:

The OneTwo Variable Rate Home Loan hits the ground running with a low 2.59% p.a. variable interest rate (2.49% p.a. comparison rate*) for owner-occupiers, plus the ability to make free extra repayments. OneTwo will also generously match extra repayments you make towards the loan in the first six months (up to $2,500). Another great feature that comes with this loan is the interest discount – OneTwo will cut 0.03% off your interest rate each time you pay 5% off of your original loan (discount capped at 0.15%). Last but certainly not least, this loan received a 2022 Mozo Experts Choice Home Loan Award^ in the Low Cost Home Loan category.

Yard - Investor Variable Home Loan
  • Competitive variable rates for investors from 3.64% p.a. (3.68% p.a. comparison rate*)
  • Free extra repayments & redraw facility
  • Optional offset account ($10/month)
  • 2022 Mozo Experts Choice Home Loan Award-winner^
Find out more
Expert verdict:

The Yard Variable Home Loan gets the ball rolling with competitive variable interest rates from 3.64% p.a. (3.68% p.a. comparison rate*) for investors with a deposit at least 20% (deposits as low as 10% may be accepted, but interest rates could vary). The loan offers a bunch of flexible features, such as unlimited free extra repayments, a free redraw facility and an optional offset account (for a $10 monthly fee). To top it all off, it even won a 2022 Mozo Experts Choice Home Loan Award^ in the Investor Home Loan category.

Well Home Loans - Well Balanced Fixed
  • 5.34% p.a. 2-year fixed interest rate (3.60% p.a. comparison rate*) for owner occupiers
  • Flexible repayment schedule
  • Borrow up to $2 million
  • Multi-award-winner in the 2022 Mozo Experts Choice Home Loan Awards^
Find out more
Expert verdict:

Taking home not one but two 2022 Mozo Experts Choice Home Loan Awards^ in the Split Home Loan and Investor Fixed Home Loan categories, the Well Home Loans Well Balanced Fixed home loan offers a competitive 5.34% p.a. 2-year fixed rate (3.60% p.a. comparison rate*) for owner-occupiers (investors can access a 2-year rate at 5.54% p.a. (3.88% p.a. comparison rate*). In addition, the loan comes with a bunch of fab features, such as the ability to make free extra repayments, a redraw facility, an optional offset account (for $10 a month), plus flexible repayment options.

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

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How to apply for a home loan online?

When applying for an online home loan. There are a few things you need to have in check beforehand. Ensure you have suitable ID available. Any two of the following

Identification

Birth certificate
Passport
License
Citizenship certificate
Pension card issued by Centrelink
Overseas driver’s license
Household bill, e.g. rates, phone or electricity bill.


Income

It's also important when applying for an online home loan to have proof of income. This can be recent pay slips. Rental agreements if you are receiving income from properties, or paperwork for any other form of income.


Add up of all your expenses

Before applying for a home loan, calculate your living expenses, including any unexpected expenses. This includes food, rent, clothing etc. If you do receive rental income any expense spent on that property should also be included.

After you have this information. Filling out the forms and uploading the required documentation can take around 30 minutes.

How to apply for a line of credit online?

Applying for a line of credit is similar to applying for a credit card. The bank assesses your financial situation and establishes a max loan amount and your ability to pay back debt. From there they will give you a line of credit up to this amount.

To do this online is a similar process to in-person, Simply fill out the forms with the required documentation and submit it for approval.

What does refinancing your home loan mean?

Refinancing your home loan is the process of taking out a new mortgage to repay the old existing one.

How does refinancing your home loan work?

Refinancing is the process of taking out a new home loan with a different lender to replace your existing one. This is done for a number of reasons, most are financial. Banks set their own rates and individuals often look for cheaper rates elsewhere, just like shopping for a cheaper product.

This process happens because banks often have cheaper rates for new customers, as they try to gain market share and attract new customers. Resulting in the opportunity for old customers to find cheaper rates from different providers. It's worth having a look around online to see if there is a cheaper rate for you.

How long does it take to apply for an online home loan?

Applying for an online home loan can be easy if you have all your required paperwork ready. Most online forms can be filled out within 20-30 minutes and you can expect a result in the coming days or weeks.

^See information about the Mozo Experts Choice Home loans Awards

Want to see how the selection above stacks up against other mortgage offers? Be sure to visit our home loan comparison page, where you’ll be able to filter your search by rate and mortgage type.

* 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, loan amount and term entered. 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.