Compare home loans for June

Mozo’s home loan comparison tools, calculators, and expert tips are here to help, from your first home loan to your latest investment property. Compare home loans below.

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Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 20 June 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

Interest rates change regularly - stay informed.

Compare more home loan options

Home loans come in many shapes and sizes, start comparing here based on your needs. 

Search the Mozo Database

Browse all 463 home loans in Mozo's comparison database.

Meet our home loan experts

Our experts track home loan rates, product changes and help you stay informed of industry trends. read more

Small rate differences can amount to huge savings so it pays to compare.

Peter Marshall

Home loans & rates expert

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June Home Loans Snapshot

The Reserve Bank of Australia (RBA) held the cash rate today, which means we’re likely to see some of the upward pressure placed on home loan interest rates ease a little further. 

After the last few holds, average home loan rates have steadily declined. Since 1 May 2024, the average variable rate has dropped 0.02%.

Economists at CommBank, NAB, and Westpac still expect the RBA to make the first cash rate cut in November - December 2024. 

Average home loan interest rates in June 2024

The average variable home loan rate in the Mozo database is 6.80% p.a. at 19 June 2024, based on an owner-occupier, making principal and interest repayments on a $400,000 loan with <80% LVR.

Best home loan interest rates in June 2024

The lowest home loan in the Mozo database at 19 June 2024 is 1% lower than the average home loan rate. The best home loan rate comes from G&C Mutual Bank, at 5.80% p.a. (5.83% p.a. comparison rate*). 

As at 19 June 2024, the lowest variable rates for a $400,000 loan (OO, P&I, LVR >80%) among lenders we track are:

Home Loans Knowledge Hub

How to choose the right home loan for you

Every buyer is different, so no single home loan is best for everyone. Instead, choosing the right home loan is about matching your property aims and budget.

In general, the best home loan will:

  • Lend you enough money to buy the property you want. (See borrowing power). 
  • Come with useful features that save you money and time over the loan's lifetime. 
  • Have a low interest rate compared to similar home loans.

Once you choose the right home loan, all you have to do is check the eligibility criteria, prepare your finances, and apply. 

Person excited about choosing the right home loan for them

Why compare?

Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.

Comparing types of home loans

The type of home loan you choose will depend on your budget and plans. The two main types of home loans are:

  • Owner-occupier. You plan to live in the property as a home.
  • Investor. You do not plan to live in the property.

Owner-occupied and investment home loans also vary by features and repayment types (principal & interest vs. interest-only). Buyers should choose a home loan that serves their goals.

Why home loan interest rates matter

Home loan interest rates change with the market. The cash rate set by the Reserve Bank of Australia (RBA) influences how much interest you pay on your mortgage.

In April 2022, the cash rate was 0.10%, with the average variable home loan around 3.03% p.a. By June 2024, the cash rate rose to 4.35%, doubling the average variable rate to 6.80% p.a. (rates based on OO, P&I, $400k, <80% LVR loans in the Mozo database, as of 19 June 2024).

Lenders offer different home loan interest rates. The Big Four charge around 7.31% p.a. on average for variable rates, while the lowest home loan in the Mozo database is about 5.80% p.a. (as of 19 June 2024).

Comparing is crucial for finding cheap home loans. On the average Australian mortgage of $607,963, choosing the lower rate could save you $575 per month, or $172,440 over 25 years.

Exploring different lenders and conducting a home loan comparison can lead to significant savings. Compare home loans today to find the right rates and terms for your needs.

Piggy bank deposit size

Deposit size

A home loan deposit is a downpayment you give the lender to use as security. 

The deposit also establishes your loan-to-value ratio (LVR) and home equity.

Usually, large deposits give you lower interest rates. A standard deposit size is 20% of the property's purchase price.

Other home loan features

Many home loans come with features that help save you money, too, such as:

  • Offset accounts. An offset account is a savings account attached to your home loan that lowers your interest. 
  • Free extra repayments. Making extra repayments reduces the size of your home loan, saving you time and money.
  • Redraw facilities. A home loan redraw lets you take back extra repayments you made.

Expert tip: Features like offset accounts and free extra repayments are more common with variable home loans.

Woman excited about other home loan features

Why compare with Mozo

Here at Mozo, we believe comparison makes your money count for more. We work hard to ensure you have the most up-to-date product information and home loan insights at your fingertips. Read more about our fact-checking process here.

Our lender database

Our lender database

We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including award-winning providers. 

Our experts

Our experts

Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.

Lenders

Free and easy to compare

Mozo’s comparison tools and services are free! You won’t pay any extra for using our site or taking out a product by clicking one of our provider links.

Best home loans

To find the best home loan, it's important to look in the right places. The Mozo Experts Choice Home Loan Awards are a great place to start. 

Each year, Mozo’s expert judges evaluate hundreds of home loan offers based on value, quality, features, rates, and fees. Only the top 10% of home loans receive an award and are hand-picked from hundreds of mortgage deals from 99 lenders.

For more information about what makes these home loans the best, read the methodology report.

Mozo Experts Choice Home Loans Awards Badge 2024

Home loan basics

What is a home loan?

A home loan is money borrowed from a bank or a lender to buy property. The debt is repaid in instalments, called mortgage repayments, with interest, over 20 to 30 years.

What is the typical length of a mortgage?

Mortgages are usually repaid over a 20 to 30-year period. This period of time is called the “loan term”. The standard loan term in Australia is  25 years, though some can go as long as 40 years.

What type of home loan do I need?

Different types of home loans suit different types of buyers. First home buyers should look for first home loans with lower interest rates, while investors should use investment home loans. See our home loan types guide for more information.

What’s the difference between a mortgage vs. home loan?

A home loan is a financial product sold by a bank or lender. A mortgage is a home loan that’s in progress, meaning the borrower is already making repayments.

Comparing home loans

Comparing home loan rates: Should I pick a fixed or variable rate?

Home loan interest rates come in a few varieties. Fixed interest rates stay the same for a fixed term (usually 1-5 years), while variable interest rates can change at the lender’s discretion. 

Each type of interest rate has pros and cons. Fixed rates give borrowers consistent repayments for a time, but variable home loans have greater features and flexibility. Compare fixed vs. variable home loans in our guide.

What home loan features are available in Australia?

Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.

What is a comparison rate?

A comparison rate is an interest rate that includes any charges like lending fees. A comparison rate is a more accurate estimation of how much a home loan costs over time.

How do I choose the best home loan?

This will depend on your needs, preferences, and budget, so it’s vital to compare options to see what could work.

Many home loan lenders have won awards for their incredible offers. Check out the winners of the 2024 Mozo Experts Choice Home Loan Awards.

Applying for a home loan

How do I apply for a home loan?

To apply for a home loan, assemble your paperwork, choose a property to buy, and compare lenders to find the right home loan for you. 

When your documents are in order, fill out the home loan application form, pay any applicable fees, and submit your application.

What home loan paperwork do I need?

The home loan paperwork you need to have includes:

  • Three months of bank statements (to show your income, spending habits, and living costs).
  • Employment records.
  • Debts and assets.
  • Primary and secondary identity documents like passports and driver’s licences
  • Details on the property you intend to buy, if relevant.
How long does it take to apply for a home loan?

How long it takes to apply for a home loan varies. Lodging the application itself could take anywhere from a few minutes to a few hours, depending on the application and lender. 

It will also depend on how prepared you are. Your paperwork and information must be ready to apply, including at least three months of consistent income, spending, and savings. Preparation to apply could take weeks or months.

Jack Dona
Jack Dona
RG146
Money writer

Jack is RG146 Generic Knowledge certified, with a Bachelor of Communications in Creative Writing from UTS, and uses his creative flair to cut through the financial jargon and make home loans, insurance and banking interesting. His reader-first approach to creating content and his passion for financial literacy means he always looks for innovative ways to explain personal finance. Jack's research and explanations have been featured in government publications, and his work is regularly featured alongside major publications in Google's Top Stories for Insurance.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

Home loan customer reviews

ANZ Plus Home Loan Variable
Overall 2/10
ANZ bank just aren’t helpful

No bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots

Read full review

No bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots

Price
3/10
Features
3/10
Customer service
2/10
Convenience
1/10
Trust
1/10
Less
Julie, Victoria, reviewed about 1 month ago
ANZ Home Loan
Overall 6/10
Disappointed in their app & rewards site

ANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.

Read full review

ANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.

Price
6/10
Features
6/10
Customer service
3/10
Convenience
4/10
Trust
8/10
Less
Cherie, New South Wales, reviewed about 1 month ago
Westpac Rocket Investment Loan
Overall 2/10
You’re just another number in their system

Easy to sign up but they have no intention on initiative to tell you when interest rates go up.

Read full review

Easy to sign up but they have no intention on initiative to tell you when interest rates go up.

Price
4/10
Features
4/10
Customer service
4/10
Convenience
7/10
Trust
1/10
Less
Julia, Queensland, reviewed about 1 month ago

More home loan reviews