If you are in the market for a new home loan or looking to switch loans, the clear message from this year’s Mozo Experts Choice Home Loan Awards is to look at small, online and non-bank lenders.
Mozo’s team of money experts have once again scoured the home loan scene to identify the country’s best value home loans across four categories: Best Value Variable Home Loan, Best Value First Home Loan, Best Value Full Feature Home Loan and Best Value Fixed Home Loan. Out of the 390 loans judged from 81 lenders, 86% of winners were lesser known providers like credit union, mutuals, small banks and online-only lenders.
Taking out top honors was online lender Loans.com.au, which was named ‘Lender of the Year’ after winning Awards in all categories. Other lenders which took home three gongs were Bankmecu, Newcastle Permanent, Queenslanders Credit Union, while State Custodians received two nods from the Experts. ANZ was awarded Major Bank Home Lender of the Year for beating out its three rivals on price.
And why wouldn’t you switch when you could save yourself a hefty chunk from the mortgage?
Borrowers with a typical $300,000 loan could save as much as $1,920 in interest and fees each year by switching from the average Big 4 rate to the Best Value Variable Home Loan from Loans.com.au according to Mozo calculations.
Not sure if you’re ready to make the switch to a lesser-known brand? We’ve put together a handy guide to help you figure out of which type of lender might suit you best.
|Lender type||Best for|
|Credit Unions & Mutuals||Borrowers who want to be treated like a real customer not a number & be part of an organisation that gives back to members not just shareholders.|
|Non-Bank & Online lender||Online-natives who want the sharpest rate and don’t mind a bit of DIY to get it|
|Small Bank lender||Those looking for the security of borrowing from a bank but a more personal level of service and competitive rates.|
|Big 4 Bank||Best for more complicated loans or large loan amounts or for existing Big 4 customers who want all their banking in one place.|
Check out the full list of Experts Choice Home Loan Award winners here