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Mozo experts choice awards 2024 home loans

Home Loans Mozo Experts Choice Awards 2024

See the winners

Stats crunched by Mozo Experts

  • 475
    Home Loan Products
  • 99
    Australian Financial Institutions
  • 11
    Award Categories
View methodology report

A huge round of applause to the 2024 winners of the Mozo Experts Choice Awards for Home Loans. To find out which home loans deliver the best value for Australian borrowers for 2024, our team of expert judges assessed thousands of rate variants across 475 home loans from 99 lenders. 

No matter if you’re a first home buyer, investor, or looking at switching to a better deal, our winners list below outlines the best value home loans and is a great starting point to begin your search.


Standout Winners

Mozo experts choice awards 2024 home loans

Home Lender Of The Year

People's Choice has been crowned Home Lender of the Year for 2024 for its award wins that showcase the broad range of borrowers it offers outstanding products for.

People's Choice took out awards in the Low Cost Home Loan, Offset Home Loan, Fixed Rate Home Loan, Packaged Home Loan and Investor Fixed and Investor Variable Home Loan categories, making them a hard to beat contender in 2024.

Congratulations to:

People's Choice

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Mozo experts choice awards 2024 home loans

Exceptional Value Home Lender

This award category recognises the handful of lenders who took out award wins across several categories, making them worthy of recommendation for a range of borrowers looking for a great value home loan.

The judges considered which lenders had won a Low Cost Home Loan award, then which other categories they had won awards in, with priority given to those categories more likely to be of use to a wide range of borrowers. The outstanding performance of these lenders throughout these awards makes them worthy of consideration by most borrowers.

Congratulations to:

Australian Mutual Bank, Bendigo Bank, Heritage Bank, Police Bank, Regional Australia Bank, and Tiimely

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Mozo experts choice awards 2024 home loans

Best New Home Loan

Both these fresh-faced and recently introduced loans have garnered attention in the home loan market. Qantas Money's latest offering stands out as an excellent blend of competitive rates and Qantas point benefits. Notably, The Capricornian launched the most favourable rate among all the newly launched home loans.

Congratulations to:

Qantas Money and The Capricornian

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Mozo experts choice awards 2024 home loans

Low Cost Home Loan

Most people in the market are looking for a low cost home loan to keep outgoings minimal, particularly with the interest rate rises of 2023. 

For this category the Mozo judges assessed 270 variable rate loans for owner occupier borrowers making principal & interest repayments, and identified these as the lowest cost for several different loan-to-value ratios.

Congratulations to:

abal banking, Australian Mutual Bank, Auswide Bank, BankVic, Bendigo Bank, Challenger, First Choice Credit Union, First Option Bank, Heritage Bank, Homeloans360, Homestar, HSBC, Hume Bank, Illawarra Credit Union, Northern Inland Credit Union, Pacific Mortgage Group, People's Choice, Police Bank, Police Credit Union, RACQ Bank, Reduce Home Loans, Regional Australia Bank, The Capricornian, The Mutual Bank, Tiimely, and Unloan

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Mozo experts choice awards 2024 home loans

Offset Home Loan

An offset option on your home loan can be a great way of saving on interest paid on your loan, yet still having the flexibility to withdraw your money when needed. Of the 181 variable rate loans offering a 100% offset facility, the Mozo judges found that these were the lowest cost.

Congratulations to:

Auswide Bank, Bendigo Bank, Easy Street, First Choice Credit Union, Homeloans360, Northern Inland Credit Union, People's Choice, Police Bank, Police Credit Union, Regional Australia Bank, The Capricornian, Tiimely, and Up

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Mozo experts choice awards 2024 home loans

Packaged Home Loan

To find the lowest cost package loans, the judges assessed 50 products, then identified those that were the lowest cost options where the borrower could also get a credit card and bank account that doesn’t charge any account keeping fee with that same provider.

Congratulations to:

Community First Bank, Heritage Bank, HSBC, ING, Newcastle Permanent, and People's Choice

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Mozo experts choice awards 2024 home loans

First Home Buyer Loan

First home buyers tend to have a smaller deposit, so for this category our Experts identified the lowest cost variable rate loans for those looking for a 90% LVR loan.

The assessment included special offers for borrowers taking advantage of the government’s First Home Loan Deposit Scheme. For this category the Mozo judges assessed 236 variable rate loans and identified these were the lowest cost.

Congratulations to:

Bendigo Bank, Community First Bank, Easy Street, First Choice Credit Union, Illawarra Credit Union, loans.com.au, Police Bank, Qantas Money, Regional Australia Bank, The Capricornian, Tiimely, and Up

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Mozo experts choice awards 2024 home loans

Fixed Rate Home Loan

Fixed rate home loans are great if you like the security of knowing just how much your repayments will be over a fixed term. To be considered in this category lenders have to offer at least 3 different fixed rate terms which resulted in 133 products being assessed. The judges ranked these loans as the best in their field.

Congratulations to:

Australian Mutual Bank, BCU Bank, Greater Bank, Heritage Bank, IMB Bank, Newcastle Permanent, People's Choice, Qudos Bank, RACQ Bank, Regional Australia Bank, South West Slopes Credit Union, and Up

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Mozo experts choice awards 2024 home loans

Best Green Home Loan

Sustainable homes are growing in popularity as more and more Aussies are leading a greener lifestyle. Loans considered for this award must only be available to homes that have been certified with a minimum level of environmental efficiency, and of these, our Experts calculated the loans with the lowest costs.

Congratulations to:

loans.com.au

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Mozo experts choice awards 2024 home loans

Investor Home Loan

Investment loans tend to have higher interest rates, so it’s important to shop around when looking for a lender. This year’s award assessed the 194 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.

Congratulations to:

Auswide Bank, Bank of us, BankVic, Bendigo Bank, Community First Bank, Credit Union SA, Easy Street, Greater Bank, Homestar, HSBC, Hume Bank, Newcastle Permanent, People's Choice, and Queensland Country Bank

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Mozo experts choice awards 2024 home loans

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 loan 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.

Congratulations to:

Australian Mutual Bank, BCU Bank, Greater Bank, Newcastle Permanent, People's Choice, and RACQ Bank

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What are the Mozo Experts Choice Awards?

Now in their tenth year, the Mozo Experts Choice Awards present an opportunity to recognise products in the market we believe offer great value to Australians.

For the 2024 Home Loan awards, our Experts considered thousands of rate variants across 475 home loans from 99 lenders head to head.

“With inflation and home loan interest rate rises a hot topic, finding the best value home loan for your needs is more important than ever,” said Peter Marshall, Mozo Experts Choice Awards judge.

“Aussie home owners have endured what seems like an endless amount of rate hikes, so it only makes sense for them to search out the best mortgage deals. After all, finding a lower rate could knock thousands off over the life of a mortgage.”

For full details on how we crunched the numbers, the awards criteria and how we determined the winners, see the 2024 Mozo Experts Choice Awards for Home Loans methodology report.


Our Expert Judges

We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.

  • Judge ajduncan

    AJ Duncanson

  • Judge peter

    Peter Marshall

  • Judge meredith

    Meredith Allan

  • Judge george

    George Hirst

  • Judge rumpa

    Rumpa Saha

  • Judge afia

    Afia Asha

FAQs

What’s the Judging Criteria for the Mozo Experts Choice Awards?

Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our 2024 Mozo Experts Choice Awards for Home Loans methodology report for detailed information on how we performed product comparisons and determined the final winners for 2024.

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 for Home Loans. When you’re looking for a home loan you’ll want to think carefully about your options. The loan you land on will need to take into account your deposit size, the repayment term you’re keen on, whether you want to go with a fixed or variable rate, if you want an offset account, and much more.

If you’d like to learn more about the key features of home loans and the types of loans that are available, check out our range of helpful home loan guides. And if you’re looking for more insight into this year’s winning loans and other great options, read our take on the best home loans in Australia right now.

What is the typical length of a mortgage?

In Australia, the most common length of a mortgage is 25 or 30 years. However, borrowers may be able to select a shorter loan term as long as they can afford to meet the repayments and as interest rates are rising we are seeing the introduction of 35 year home loans.

If you're opting for an interest-only home loan, lenders will generally only let you take out this loan for a limited time period (usually a maximum of 5 years). After this time, you'll be moved across to paying off an interest and principal loan for the remainder of the mortgage unless you negotiate a different deal with your lender.

Am I eligible for a home loan?

There are heaps of home loans on offer designed to cater to a wide variety of borrowers and their needs. That means that if you’re over 18 years old and an Australian citizen or resident, chances are you’ll be able to find a mortgage suitable for you.

The best home loan rates are often reserved for the best quality borrowers, who are usually defined by the deposit size they can commit and the type of loan they’re after.

Owner occupiers – aka people who plan to live in the home they’re purchasing – with a solid deposit (usually at least 20% of the value of the property) looking for a principal and interest loan can generally access the lowest rates. By contrast, investor borrowers and those after an interest-only home loan may find they have to pay higher interest rates.

Lenders also look at a number of factors including your credit history, your income, your regular expenses, other financial commitments, and how much you’re hoping to borrow when deciding your reliability as a borrower.

How are home loan repayments calculated?

There are two different types of home loan repayments: interest-only and principal and interest. The option you select will make a difference to your monthly repayments.

Interest-only

An interest-only home loan is just what it sounds like – your monthly repayments will only be paying off the interest you owe, and not chipping away at your principal loan amount. While this means your monthly repayments will be lower, it also means you’ll wind up with the lump loan amount to pay off at a later date.

The other thing to remember is that usually, an interest-only term lasts for up to 5 years. After that, your lender may let you roll over into another interest-only term, or you might have to start making principal and interest repayments.

Principal and interest loans

This is what’s called an amortising loan, which means your bank has done the math so that if you pay the same amount each month toward your loan, by the end of the loan term you’ll have paid off all the interest, along with the initial loan principal.

This means your monthly repayments will be higher than with an interest-only loan. But at the end of the day, you’ll need to repay the loan principal at some point, and this might be easier to do in small chunks than larger repayments down the line, or as a lump sum at the end.

What is a comparison rate?

A home loan comparison rate is shown right beside the interest rate in all the tables at Mozo, and is designed to help you get an accurate idea of the ‘true’ cost of a home loan. It takes into account both interest and guaranteed fees that apply to a loan.

There are a lot of different home loans options out there, but when you compare based on the comparison rate, you know you’re looking at different options on equal footing.

One thing to remember is that the comparison rate can’t reflect things like offset accounts or other features that might save you money. So while it’s an important part of home loan comparison, it’s not the only thing you need to consider.

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 or 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.

Who are the Mozo Experts?

The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Mozo's Financial Services Specialist he contributes to the team of analysts that gather information and compare products every day, and oversees the calculations and data quality used for producing the Mozo Experts Choice Awards.

I work for a winning provider, how do we promote our win?

Please get in touch with us to discuss by email should you have any queries.