Australia's Best Home Loans

At Mozo, we’re passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight home loan products in the marketplace that we believe offer great value to Australian consumers. From a field of 504 home loans, here are the loans and lenders taking out Experts Choice Award honours in 2017.

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Experts choice awards hero 2017
Best Low Cost Home Loan

To find Australia’s best low cost home loans of 2017, we compared 360 variable rate owner occupier home loans in our database. To qualify for the low cost award, each home loan must be available for a loan of $350,000, allow for a loan-to-value ratio (LVR) of 80% and principal and interest repayments. Here are the winners for 2017 or to see all providers considered for the Award check out the full methodology report.

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Best Offset Home Loan

Over the life of your home loan, having a home loan with a 100% offset account can help you to save money. We compared variable rate loans in our database available for a loan of $350,000 with a 100% offset account. 2017 Experts Choice Awards went to the top 10 home loans with the lowest average cost over 5 years.

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Best First Home Buyer Loan

For first time borrowers, here’s a look at the home loans that shone in this year’s awards. To qualify for the first home loan category, each loan must have a variable interest rate, be available for first time borrowers with less than a 20% deposit and a $350,000 loan amount.

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Best Home Loan Package

If you’re after a home loan with added benefits like a no annual fee credit card and fee free bank account, this is your category. We compared all home loan packages available for owner occupiers in our database for this award. The loan must also feature a 100% offset account and allow for a LVR of 80%.

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Best Split Home Loan

Wanting to split your home loan between a fixed rate and a variable rate? Here are the loans that impressed our money experts for their overall value. To learn more about the methodogy for this award category, see here.

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Best Fixed Rate Home Loan

Below are the fixed rate loans that made our Experts Choice cut for the lowest average cost.

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Best Variable Rate Investor Loan

Here are the Mozo Expert’s top picks for investment property variable rate home loans. To qualify in this category, the loan must allow an LVR of 80%, be available for a loan of $350,000 and allow interest only repayments and have a 100% offset facility.

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Best Fixed Rate Investor Loan

Here are the 10 lowest cost fixed rate home loans according to our analysis in this year’s experts choice awards. To qualify in our fixed rate investor loan category, the loan must allow an LVR of 80%, be available for a loan of $350,000 and allow interest only repayments.

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About the Mozo Experts Choice Awards

Mozo assessed 504 home loans products from 89 lenders for the Mozo Experts Choice Home Loan Awards.

The rates and fees used to calculate the awards were confirmed as correct as at 31 March, 2017. Some rates and fees may have changed.

For the Experts Choice Awards Mozo awards Gold medals to the top 10% of products, to a maximum of 10 individual products, meeting the selection criteria in each awards category. In the ‘major bank’ category only one medal was awarded.

Mozo has been researching and comparing financial products since 2008, and hundreds of thousands of Australians use our comparison services each month. Our research team is headed by our Research & Insights Director and our Product Data Manager who have over 50 years of financial services experience and 22 years in online financial comparison.

More information on the methodology and home loans awards criteria can be found here.

Finding the best home loan for you.

Every year Mozo’s money experts compare all the home loans they can get their hands on (502 this year) to crunch the numbers and work out which lenders and home loan loan products deliver the best value based on cost. You may be wondering why there are so many categories of awards. The reason is pretty simple. There isn’t one best home loan in the market to suit everyone. But the good news is, there is a best home loan for you. Here’s some questions to ask yourself to go about getting it:

Can my budget handle a change in interest rate?

If you are on a limited or fixed monthly income or you just like knowing what your expenses are each month, then you should consider a fixed or split loan. With a fixed loan, your rate will not change during the loan term (which will be between 1 - 5 years) which means that over this time your repayments will stay the same. Variable rate loans are popular with borrowers because they usually have lower rates and features that allow you to pay back the loan faster. But they do come with the risk that if interest rates change, so will your repayments. An option available on many of the home loans among our Experts Choice Award winners is to split your home loan amount between a variable and fixed option. This way you will get the best of both worlds.

Is an offset account something I’ll want or need?

It is likely that over the life of your home loan, your financial needs will change. Finding a home loan that has flexibility to allow you to make extra repayments, draw on those extra repayments if you need to or reduce the amount of interest you’ll pay is worth shopping around for. Having an offset account attached to your home loan can be one of the best ways to reduce the amount of interest you pay on your home loan. Every cent you keep in your offset account, will reduce the amount of interest you are paying and over the life of the loan this can add up to tens of thousands of dollars and reduce your loan term by a number of years. The good news is that many of our Experts Choice winning home loans will have an offset account or allow for things like extra repayments.

Do I need a 20% deposit?

If you are borrowing money to invest in property, then banks now require you to have a full 20% deposit. If you are an owner-occupier, you can still get a home loan with as little as 5% down payment but you will required to pay lenders mortgage insurance. This is required for any home loan with a deposit less than 20%.