Best online mortgage lenders in Australia

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Nowadays, more and more Australians turn to online lenders when taking out a home loan. With amazing perks like convenient applications, fast approval, and lower interest rates, it's not hard to see why!

So if you’re looking for an alternative to the traditional brick-and-mortar bank, here are some amazing options to consider, including winners of the 2023 Mozo Experts Choice Home Loan Awards^.

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Mozo Experts Choice Home Loan Awards

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Every year, Mozo’s expert judges comb through hundreds of home loans from 98 lenders across our database, sifting through rates, features, and fees until stand-outs emerge to be crowned winners. This year had fantastic offers from online lenders and digital banks, so there’s much to compare. 

Browse a selection of award-winning loans from this year below.

Compare best online home loans

Unloan - Variable Home Loan
  • Variable rates from 5.74% p.a. (5.65% p.a. comparison rate*)
  • Rate discount added annually (T&Cs apply)

Expert verdict:

Refinancers, take note! As the winner of the Best New Home Loan^ award for 2023, Unloan has well-earned its prestige in the market. With handy features, no provider fees, and a loyalty discount that shaves 0.01% p.a. off your rate each year (conditions apply), this mortgage built by Commonwealth Bank rethinks long-term commitments with the customer in mind. Not to mention its variable interest rate of 5.74% p.a. (5.65% p.a. comparison rate*) is one of the lowest on the market for similar loans. You must be a refinancer with an LVR lower than 80% to be eligible. - Variable Home Loan 90
  • Variable interest rate from 6.04% p.a. (6.06% p.a. comparison rate*) for LVR < 90%
  • No monthly or ongoing fees

Expert verdict:

Buying on a dime? This offer from took home a Low Cost Home Loan win at this year’s Mozo Experts Choice^ awards. With no monthly, ongoing, or application fees, unlimited free redraws, and an optional offset account (for an additional 0.10% p.a. on your interest rate, T&Cs), this variable interest loan has much to get excited about. To qualify, you’ll only need a 10% deposit, and keep in mind there’s a $300 settlement and $230 valuation fee.

Macquarie - Offset Home Loan
  • Variable rates from 6.44% p.a. (6.69% p.a. comparison rate*) - minimum 40% deposit
  • Best Packaged Home Loan Winner 2023^

Expert verdict:

This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.

Credit Union SA Variable Rate Home Loan Special Offer
  • 6.14% p.a. Variable (6.51% p.a. comparison)*
  • 2023 Mozo Experts Choice Award Winner^ - Best Packaged Home Loan
  • Only 20% deposit required

This home loan from Credit Union SA shows  why people are turning to customer-owned banking providers for great value home loans. It has a 6.14% p.a. variable rate (6.51% p.a. comparison), no application or settlement fees, offset account, free redraws and for the first year the annual package fee (usually $395) is waived. The package benefits include the annual fee waived on any credit union SA credit card, reduced personal loan rates and a 0.25% extra interest on term deposit rates (T&Cs apply). You’ll also get access to free Free CoreLogic RP Data property reports to help in your home loans search. The paperless application process makes it simple for you to apply online from wherever you are in Australia. The minimum loan amount is $150,000 and loans have a $350 discharge fee.


Editor's picks online home loans

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Looking for something unique? Us too! While these loans may not have won an award this year, we still believe they offer something unique worth checking out. So if you're comparing online home loans, here are this month's editor's picks.

ubank - Neat Home Loan
  • Variable rates from 6.14% p.a. (6.16% p.a. comparison rate*) for LVRs up to 80%
  • Free first property valuation up to $360
  • Free extra repayments and redraw facility
Find out more

Editor’s Choice:

ubank’s variable home loan for owner-occupiers making P&I repayments has certainly made a splash, along with its win at the 2022 Mozo Experts Choice Banking Awards for Best Essential Bank. With rates at 6.14% p.a. (6.16% p.a. comparison rate*) for up to 80% 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 that loans with a term of over 30 years will be available for new purchase applications only. There’s also a $250 settlement fee, but ubank also offers to cover your first property valuation up to $360.

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Free offset accounts available

Editor's Choice:

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

Macquarie Basic Variable Home Loan
  • Variable rates from 6.20% p.a. (6.22% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • No upfront or ongoing fees

Editor's Choice:

With variable interest rates at 6.20% p.a. (6.22% p.a. comparison rate*), Macquarie’s Basic Home Loan brings with it minimal fees and a range of features like free extra repayments and a free redraw facility. Together with a split account option so you can split your loan between variable and fixed, the Basic Home Loan from Macquarie is available to owner occupiers and investors alike. 20% deposit required.

FAQs about online home loans

How do you apply for an online home loan?

When applying for an online home loan, there are a few things you'll need to prepare beforehand. 


Having proof of your identity is mandatory for taking out nearly any financial product, but especially loans. You may need to provide multiple forms of ID for your application. Valid forms of ID can include:

- Birth certificate.
- Passport.
- Licence (either local or overseas).
- Citizenship certificate.
- Pension card issued by Centrelink.
- Medicare card.
- Household bill, e.g. council rates, phone, or electricity bill.


Providing proof of income shows the lender how you will repay the loan. This can include recent pay slips, tax returns, employer statements, rental agreements, or any other valid paperwork showing how much money you expect to make.

Living expenses

Before applying for a home loan, calculate all your living expenses, including any unexpected expenses. This includes food, rent, clothing, utilities, and so on. If you're a landlord receiving rental income, include any costs related to renting out the property, including maintenance or insurance.

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

How do you 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.

Applying online follows 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 just means you've swapped your existing mortgage for a new one, either to a different product with the same lender or a totally new lender. It's the home loan equivalent of switching mobile plans or energy providers.

How does refinancing your home loan work?

Refinancing a mortgage is done for a number of reasons, such as switching to a better interest rate or a loan with fewer fees and better features, like free extra repayments with a redraw facility.

While refinancing can sometimes be a bit of a process, it's still a worthwhile option if you're unhappy with your current home loan. Many lenders even offer cashback to customers who refinance with to one of their products, so shop and around and see what deals could be out there for you.

Once you find one you're happy with, get in touch with the lender to see what their refinancing options look like. They'll take into consideration your property, the outstanding balance on your loan, your loan-to-value ratio and how much equity you have, and other serviceability tests like your income and other debts. If they decide you're a good fit, they'll approval your refinancing application and start the process of moving you over. All up, it can be done in as little as six easy steps.

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. Some lenders even claim to offer ten minute applications, so compared to going in person, online can definitely be speedier. This can make it especially handy if you're after pre-approval before moving on a property, but keep in mind 'quick' shouldn't mean 'careless': it's still important to do your due diligence and understand what you're getting into.

^See information about the Mozo Experts Choice Home loans Awards

Want to see how the selection above stacks up against other home loan offers? Visit our home loan comparison hub 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. 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.

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.