Home Loan Awards 2020

Congratulations to the 2020 winners of Mozo Experts Choice Awards for Home Loans. We’ve compared hundreds of home loans for this year’s awards, so if you’re buying your first home, want to refinance your existing mortgage or are dabbling in the property investment arena, then this is a great place to begin your search for the best home loan for you.

Mozo Experts Choice Awards 2020 Badge

What are the Mozo Experts Choice Awards?

Now in their seventh year, the Mozo Experts Choice Awards are a place where we highlight the products out in the market, that we believe offer great value to Australians.

For the 2020 home loan awards, we analysed 436 home loans issued by 86 Australian financial institutions.

“With the huge movement in mortgage rates over the last 6 months, it’s more important than ever to compare home loans that are great value and will suits your needs.” said Peter Marshall, Mozo Experts Choice Awards judge.  

“As the RBA keeps slashing rates to their lowest ever, now’s the time to find a home loan that will keep more money in your pocket and help you pay off your home sooner.”

For details on how we crunched the numbers and determined our winners see our 2020 Mozo Experts Choice Awards Home Loans methodology report

 

Home Lender Bank of the Year

UBank has long made its name as the place to go if you want to get a home loan with a stand-out rate, but also offers a range of other day-to-day banking services. For people looking to take out their home loan with a combined deposit-taking institution, the judges found that UBank can’t be beaten. 

 

Online Home Lender of the Year

Tic:Toc logo

Tic:Toc

Online lender Tic:Toc doesn’t only claim some of the fastest loan assessment software in the business, but also offers a range of loans to suit a wide variety of borrowers at some of the best prices in town. Scoring award wins in categories covering both owner occupiers and investors, and both variable rates and fixed rates, Tic:Toc had the edge for the second year in a row. 

 

Low Cost Home Loan

For this category the Mozo judges assessed 284 variable rate loans for owner occupier borrowers making principal & interest repayments looking to borrow 80% of the value of their property, and identified these as the lowest cost.

Athena logo

Athena

Liberate Variable Home Loan (70-80% LVR, Owner Occupier, Principal & Interest)

FreedomLend logo

FreedomLend

Variable Home Loan (LVR <80%, Principal & Interest, Owner Occupier)

Homestar logo

Homestar

Star Essentials Home Loan (Owner Occupier, Principal & Interest)

Homestar logo

Homestar

Variable Rate Loan (LVR up to 80%, Owner Occupier, Principal & Interest)

loans.com.au logo

loans.com.au

Smart Home Loan 80 (Owner Occupier, Principal & Interest)

Pacific Mortgage Group logo

Pacific Mortgage Group

Standard Variable Home Loan (Owner Occupier, Principal & Interest, LVR 70-80%)

Reduce Home Loans logo

Reduce Home Loans

Low Rider Cash Back Home Loan (LVR<70%, Owner Occupier, Principal & Interest)

Reduce Home Loans logo

Reduce Home Loans

Rate Buster Variable Home Loan (Owner Occupier, Principal & Interest)

Reduce Home Loans logo

Reduce Home Loans

Rate Lovers Variable Home Loan (LVR<80%, Owner Occupier, Principal & Interest)

State Custodians logo

State Custodians

Low Rate Home Loan with Offset (LVR<80%, Owner Occupier, Principal & Interest)

Tic:Toc logo

Tic:Toc

Variable Home Loan (Owner Occupier, Principal & Interest)

UBank logo

UBank

UHomeLoan - Discount Offer (Owner Occupier, Principal & Interest)

Well Home Loans logo

Well Home Loans

Well Balanced (Owner Occupier, Principal & Interest, LVR <80%)

Offset Home Loan

Of the 198 variable rate loans offering a 100% offset facility in our database, the Mozo judges found that these were the lowest cost.

FreedomLend logo

FreedomLend

Variable Home Loan (LVR <80%, Principal & Interest, Owner Occupier)

G&C Mutual Bank logo

G&C Mutual Bank

First Home Loan Premium (Owner Occupier, Principal & Interest) (Package)

Homestar logo

Homestar

Variable Rate Loan (LVR up to 80%, Owner Occupier, Principal & Interest)

Reduce Home Loans logo

Reduce Home Loans

Low Rider Cash Back Home Loan (LVR<70%, Owner Occupier, Principal & Interest)

Reduce Home Loans logo

Reduce Home Loans

Rate Buster Variable 100% Offset Home Loan (Owner Occupier, Principal & Interest)

Reduce Home Loans logo

Reduce Home Loans

Rate Lovers Variable Home Loan (LVR<80%, Owner Occupier, Principal & Interest)

State Custodians logo

State Custodians

Low Rate Home Loan with Offset (LVR<80%, Owner Occupier, Principal & Interest)

Tic:Toc logo

Tic:Toc

Variable Home Loan (Owner Occupier, Principal & Interest)

Well Home Loans logo

Well Home Loans

Well Balanced (Owner Occupier, Principal & Interest, LVR <80%)

Packaged Home Loan

To find the most competitive package loans the judges assessed 66 products. Judges identified those that were the lowest cost options, where the borrower could get a fee-free credit card and bank account with that same provider.

Auswide Bank logo

Auswide Bank

Special Discount Home Loan Plus (LVR<90%, Owner Occupier, Principal & Interest) (Freedom Package)

Citi logo

Citi

Standard Variable (Owner Occupier, Principal & Interest, LVR 80-90%) (Mortgage Plus)

Credit Union SA logo

Credit Union SA

Variable Rate Home Loan Special Cashback Offer (Owner Occupier, Principal & Interest, LVR<80%) (Package) (Package)

ING logo

ING

Orange Advantage (LVR<80%, Owner Occupier, Principal & Interest) (Package)

Qudos Bank logo

Qudos Bank

Low Cost Home Loan (Owner Occupier, Principal & Interest, LVR<80%) (Value Package)

First Home Buyer Loan

First home buyers often have less than a 20% deposit, so for this category we identified the lowest cost variable rate loans for those looking for a 90% LVR loan. The assessment included special offers that have been launched recently for borrowers taking advantage of the government’s First Home Loan Deposit Scheme.

Bank Australia logo

Bank Australia

Basic Home Loan Special (LVR<70%, Owner Occupier, $150k+)

BankSA logo

BankSA

Basic Home Loan Special Offer (Owner Occupier, Principal & Interest)

Easy Street logo

Easy Street

Standard Variable Home Loan - New Money Offer (Owner Occupier)

FreedomLend logo

FreedomLend

Variable Home Loan (LVR 80-90%, Principal & Interest, Owner Occupier)

G&C Mutual Bank logo

G&C Mutual Bank

First Home Loan Premium (Owner Occupier, Principal & Interest) (Package)

Reduce Home Loans logo

Reduce Home Loans

Rate Buster Variable Home Loan (Owner Occupier, Principal & Interest)

Tic:Toc logo

Tic:Toc

Variable Home Loan (Owner Occupier, Principal & Interest)

Well Home Loans logo

Well Home Loans

Well Balanced (Owner Occupier, Principal & Interest, LVR <90%)

Fixed Rate Home Loan

To be considered in this category the lender has to offer at least 3 different fixed rate terms which resulted in 134 products being assessed. The judges calculated the annual cost of each fixed rate term offered and ranked them, then averaged the three best results.

abal banking logo

abal banking

Fixed Rate (Owner Occupier)

Adelaide Bank logo

Adelaide Bank

SmartFix (Owner Occupier, Principal & Interest) (Fixed)

Bank of Melbourne logo

Bank of Melbourne

Fixed Home Loan (Owner Occupier, Principal & Interest, LVR 60-80%) (Advantage Package)

BankSA logo

BankSA

Fixed Home Loan (Owner Occupier, Principal & Interest) (Advantage Package)

Citi logo

Citi

Fixed Rate Loan (Owner Occupier, Principal & Interest, LVR <80%)

Citi logo

Citi

Fixed Rate Loan (Owner Occupier, Principal & Interest, LVR <80%) (Mortgage Plus)

Greater Bank logo

Greater Bank

Discount Great Rate Home Loan (LVR<80%, over $150k) (Fixed, Owner Occupier, Principal & Interest)

HSBC logo

HSBC

Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR <80%)

Illawarra Credit Union logo

Illawarra Credit Union

The Works Fixed Home Loan (Owner Occupier, Principal & Interest) (Package)

ING logo

ING

Fixed Rate Loan with Orange Advantage (Owner Occupiers, Principal & Interest, LVR <90%) (Orange Advantage)

Pacific Mortgage Group logo

Pacific Mortgage Group

Fixed Home Loan (Owner Occupier, Principal & Interest)

Qudos Bank logo

Qudos Bank

Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR<80%)

St.George logo

St.George

Fixed Home Loan (Owner Occupier, Principal & Interest, LVR 60-80%) (Advantage Package)

Tic:Toc logo

Tic:Toc

Fixed Home Loan (Owner Occupier, Principal & Interest)

UBank logo

UBank

UHomeLoan (Owner Occupier, Principal & Interest) (Fixed)

Split Home Loan

This category identifies the leading combinations by the same lender for homeowners looking to split their loan between fixed and variable rates.

Adelaide Bank logo

Adelaide Bank

SmartFix (Owner Occupier, Principal & Interest) (Fixed)

Citi logo

Citi

Fixed Rate Loan (Owner Occupier, Principal & Interest, LVR <80%)

FreedomLend logo

FreedomLend

Fixed Home Loan (LVR<80%, Principal & Interest, Owner Occupier)

G&C Mutual Bank logo

G&C Mutual Bank

3 Year Fixed Rate (Owner Occupier, Principal & Interest)

HSBC logo

HSBC

Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR <80%)

Kogan Money logo

Kogan Money

Essential Fixed Home Loan (LVR<90%, Owner Occupier, Principal & Interest)

Mortgage House logo

Mortgage House

Advantage Home Loan (Fixed, Owner Occupier, Principal & Interest)

Pacific Mortgage Group logo

Pacific Mortgage Group

Fixed Home Loan (Owner Occupier, Principal & Interest)

Qudos Bank logo

Qudos Bank

Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR<80%)

UBank logo

UBank

UHomeLoan (Owner Occupier, Principal & Interest) (Fixed)

Well Home Loans logo

Well Home Loans

Well Balanced Fixed (Owner Occupier, Principal & Interest, LVR <80%)

Investor Home Loan

This award considered the 193 products available for investors that offered both principal & interest and interest only as an option. The winners below were found to be the lowest cost options.

Athena logo

Athena

Liberate Variable Home Loan (70-80% LVR, Investment, Principal & Interest)

Citi logo

Citi

Basic Variable (Investment, Principal & Interest, LVR <80%)

FreedomLend logo

FreedomLend

Variable Home Loan (LVR <80%, Principal & Interest, Investment)

Homestar logo

Homestar

Star Classic Investment Variable Home Loan (Principal & Interest)

loans.com.au logo

loans.com.au

Smart Home Loan (Investor, Principal & Interest)

Mortgage House logo

Mortgage House

Advantage Home Loan No Offset (Investment, Principal & Interest, LVR<80%)

RACQ Bank logo

RACQ Bank

Mortgage Breaker Investor Special (LVR 80-90%)

Reduce Home Loans logo

Reduce Home Loans

Investor Rate Lovers Variable (Principal & Interest, LVR<80%)

State Custodians logo

State Custodians

Low Rate Home Loan with Offset (LVR<80%, Investment, Principal & Interest)

Tic:Toc logo

Tic:Toc

Variable Home Loan (Investor, Principal & Interest)

Well Home Loans logo

Well Home Loans

Well Balanced (Investor, Principal & Interest, LVR <80%)

Investor Fixed Home Loan

For this award, we identified the lenders with the lowest costs over a range of fixed terms for investors. We assessed 113 options, calculating the annual cost of each fixed rate term offered, averaging the three best results. The calculation was performed using rates applicable to both principal & interest and interest only loans.

abal banking logo

abal banking

Fixed Rate (Investment)

Citi logo

Citi

Fixed Rate Loan (Investment, Principal & Interest, LVR 80-90%)

Citi logo

Citi

Fixed Rate Loan (Investment, Principal & Interest, LVR <80%) (Mortgage Plus)

Greater Bank logo

Greater Bank

Great Rate Home Loan (Fixed, Investment, Principal & Interest)

P&N Bank logo

P&N Bank

Fixed Rate Home Loan (Investment, LVR<80%)

Qudos Bank logo

Qudos Bank

Fixed Rate Home Loan (Investment, Principal & Interest, LVR<80%)

RACQ Bank logo

RACQ Bank

Fixed Rate (Investment) (Choices Package)

RACQ Bank logo

RACQ Bank

Fixed Home Loan (Investment)

Tic:Toc logo

Tic:Toc

Fixed Home Loan (Investor, Principal & Interest)

UBank logo

UBank

Fixed UHomeLoan (Investment, Principal & Interest)

Best Green Home Loan

Loans considered for this award must only be available to homes that have been certified with a minimum level of environmental efficiency, of these we calculated the lowest cost option. The Bank Australia Clean Energy Home Loan not only has a great low rate, but is available for any home that achieves a NatHERS rating of 7 stars or higher.

Bank Australia logo

Bank Australia

Clean Energy Home Loan (Owner Occupier, LVR 70-90%) (Package)

Best New Home Loan

The judges reviewed all the new home loans launched in the last year and decided Athena’s Variable Home Loan had the best combination of rate and features of those compared.

Athena logo

Athena

Liberate Variable Home Loan (70-80% LVR, Owner Occupier, Principal & Interest)

Home Loan Innovation

The Athena Variable Home Loan loan not only impressed the judges as the best new product launched in the last 12 months, but also for its innovation in looking after existing customers with its rate guarantee and loyalty bonus. Their promise is that existing customers get the same rates as new customers, and benefit from a loyalty discount that reduces the interest rate over time.

Athena logo

Athena

Liberate Variable Home Loan (70-80% LVR, Owner Occupier, Principal & Interest)

 

Frequently Asked Questions

What’s the Judging Criteria for the awards?

Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers.

See our methodology report for more detailed information on how we performed product comparisons and determined the final winners for the Home Loan awards for 2020.

 

Did you compare all home loans in the market for these awards?

We aim to include most home loans in the market in the Mozo Experts Choice Awards. However, not every financial institution product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.

 

How do I choose the best home loan for me?

There is a reason why there are so many different categories of Mozo Experts Choice Awards in Home Loans. When you’re looking for a home loan you’ll want to think carefully about your options, depending on your deposit, repayment term, whether you’ll go fixed or variable, if you want an offset account, and much more.

If you want to learn more about the key features of home loans and the types of loans that are available, why not check out our range of helpful home loan guides?

 

Who are the Mozo experts?

The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director. He is a data scientist and actuary, and has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Research Manager he leads the team of analysts that gather information and compare products every day, and that perform all the analysis behind the Mozo Experts Choice Awards.

 

I work for a financial institution, how do we promote our win?

Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.