Your selected home loans
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.
Read our Mozo Review to learn more about this Unloan Unloan Variable
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.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
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.
Read our Mozo Review to learn more about this Unloan Unloan Variable
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
Read our Mozo Review to learn more about this BCU Bank OMG Home Loan
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Read our Mozo Review to learn more about this Bendigo Bank Express Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
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.
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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Your selected home loans
Home loans come in many shapes and sizes, start comparing here based on your needs.
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Browse all home loans in Mozo's comparison database.
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.
Home loans & rates expert
Last month, the Reserve Bank of Australia (RBA) held the cash rate at 4.35%, stating that the higher interest rate environment has been working to slow inflation. However, the decline of inflation has lost pace, which the RBA attributes to cost of living pressures and excess demand.
On the question of when interest rates will finally come down, the May monthly Consumer Price Index (CPI) has thrown the Big Four forecasters for a spin. NAB joined ANZ in pushing their rate cut forecast back to May 2025 (previously November 2024), predicting one cut per quarter until the cash rate 3.10% in mid-2026.
However, Mozo finance expert, Peter Marshall, says Big Four cash rate forecasts don’t influence the direction of the cash rate, despite the big focus the media puts on them.
“Big Four Banks shift cash rate forecasts as part of managing their profit margins on interest rates, as they have rates on long-term financial products like term deposits and fixed rate home loans that they need to lock in for up to five years.”
“Borrowers need to remember that shifts in the Big Four forecasts don’t mean that the RBA targets or decisions will move in response, but they can provide an indicator of where some of the leading economists in the country think the cash rate will be in a few years time.”
Marshall says the key for borrowers right now is to prepare for a higher-for-longer rate environment.
In the meantime, the average variable home loan rate† remains steady at 6.80% p.a., where it has stayed for over a month. In previous months, we saw a slight downward trend of 1 or 2 basis points. Lenders are clearly waiting to see what happens with the cash rate before raising or dropping rates.
As at 17 July 2024, the average home loan rates† by type are:
The lowest home loan rate†† in July is 1% lower than the average home loan rate in the Mozo database. The best home loan rate comes from G&C Mutual Bank, at 5.80% p.a. (5.83% p.a. comparison rate*)††.
As at 17 July 2024, the lowest variable rates†† among lenders we track are:
†Average owner-occupied variable rate for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 17 July 2024.
††Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 17 July 2024.
A home loan, or a mortgage, is a financial product designed to help you purchase a property without needing to save up the full price of a home.
Instead, you borrow most of the money from a lender, like a bank or credit union, and pay for your home over 20 to 30 years in monthly instalments, known as mortgage repayments.
When you get a home loan, the property is used as collateral for the loan, and you are charged interest on the amount you borrow – this is how home loan lenders make their money.
When you make repayments, you pay down the original loan amount (the principal) and the interest you accrue.
Interest rates can be fixed, variable, or a mixture of the two – this is known as a split rate home loan.
Before a lender approves your home loan application, most require you to save up at least a 20% deposit, unless you’re a first home buyer eligible for government grants and schemes, who might only need a 2 to 5% deposit.
Your lender will also assess your finances to determine whether you can afford the home loan in the first place. They’ll review your credit score, income, and general financial stability.
Every buyer is different and therefore has different needs and wants in a home loan. But if you’re looking for a place to start, a home loan comparison can help you uncover some of the best home loans in Australia.
When you compare home loans, there are a few main factors to consider: interest rates, comparison rates, features, and eligibility requirements, and how all of these align with your home-buying goals and budget.
When you compare with Mozo, type in how much you want to borrow, and how much the property costs, then simply hit ‘search’.
To tailor your comparison further, click the filter button for more options, including the type of interest rate, and whether you only want to see home loans with an offset account, for instance.
In general, the best home loans:
Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.
There are two main types of home loans: owner-occupied and investment home loans. The one you choose will depend on if you’re buying the property to live in as an owner-occupier, or if you intend to rent it out as an investor.
Owner-occupied and investment home loans also vary by features and repayment types. For example, principal & interest vs. interest-only. Buyers should always choose a type of home loan that serves their goals.
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 July 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 16 July 2024).
Lenders offer different home loan interest rates. The Big Four charge around 7.31% p.a. on average for variable rates, while one the lowest home loans in the Mozo database is Homeloans360’s Owner Variable Home Loan, at 5.89% p.a. (5.89% p.a. comparison rate*), as of 17 July 2024.
That’s why comparison is crucial for finding cheap home loans.
For instance, on the average Australian mortgage of $626,055, getting the lower home loan rate could save you $557 per month, or $167,312 over 25 years.
Many home loans come with features that help save you money, too, such as:
Expert tip: Features like offset accounts and free extra repayments are more common with variable 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.
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.
We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including award-winning providers.
Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.
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.
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.
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.
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.
A home loan deposit is a downpayment you give the lender to use as security. A standard deposit size is 20% of the property's purchase price.
The average home deposit size is $191,860.
The deposit also establishes your loan-to-value ratio (LVR) and home equity. In some cases, larger deposits can help you access lower interest rates from your lender.
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.
Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.
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.
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.
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.
The home loan paperwork you need to have includes:
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.
Crunch the numbers with our range of home loan calculators! See all calculators
Learn what you need to know about mortgages and money management in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
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We compare home loans from the following well-known providers and many more... See more home loan providers
I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
Read full reviewI would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Read full reviewI've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
Read full reviewBankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
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