Attention first home buyers: this award-winning loan has a seriously good rate and a $5,000 cashback – but only for a limited time
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Buying your first home is one of the most exciting (and daunting experiences) and when it comes to selecting a home loan provider there are a few key things that you want to get right from the start – a low rate and a lender you can trust.
Member-owned The Mutual Bank is one provider proving it’s got the goods. Its Budget Home Loan has consistently made the low cost home loan winners podium in the Mozo Experts Choice Home Loan Awards.
It also has one of the lowest variable interest rates for borrowers with a LVR of 95% (5% deposit) among the lenders we track in our database^ at 5.19% p.a. interest rate (5.19% p.a. comparison rate*).
For a limited time (apply by 31 December, 2025 and settle by 30 April, 2026), first home buyers will also get a generous $5,000 cashback when borrowing more than $500,000.
There are also no ongoing fees with the loan which means that 100% of your repayments go towards paying down your mortgage. Plus, it has free extra repayments and redraw (min $1,000) which when circumstances allow could help you to reduce interest and the time it takes to pay off your loan even further.
The Mutual Bank is also part of the Australian Government’s 5% deposit scheme which means there is no need to pay lenders mortgage insurance if you meet the eligibility criteria for the scheme.
While The Mutual’s roots are in the Hunter Region of NSW, membership is open to all Australians and the home loan application and process can be done fully online.
Check out the details of the Budget Home Loan below as well as some of the other options currently on Mozo for first home buyers below.
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The Mutual Bank Budget Home Loan
- Low 5.19% p.a. variable rate (5.19% p.a. comparison rate*)
- Mozo Experts Choice Low Cost Award winner 2023-2025^
- $5,000 cashback for first home buyers borrowing at least $500k (T&Cs apply)
If you’re looking for a low cost home loan, the Budget Home Loan from customer-owned The Mutual Bank ticks a lot of boxes.
First up, for the past three years running it’s taken out a Low Cost Home Loan award in the Mozo Experts Choice Awards^, making it consistently among the best value home loans in Australia.
The Mutual Bank also has an excellent cashback offer for first home buyers, where you can receive $5,000 cashback when you take out a new loan that’s $500,000 or more (T&Cs apply).
Making additional repayments comes at no extra cost and there is a free redraw facility, but the minimum redraw amount is $1,000.
Loans.com.au Variable Home Loan 90
- 5.29% p.a. variable rate (5.33% p.a. comparison rate*) for LVR < 90%
- No application fees to pay
- First Home Buyer Loan winner – Mozo Experts Choice Awards 2025^
If you’re in the market for a competitive rate on a variable home loan, online lender Loans.com.au has come through with the goods.
There are no application fees to pay and you only require a 10% deposit to get started. You can borrow between $50,000 to $2,000,000, plus, you’ll have the freedom to make free extra repayments, and redraw them without penalty too. $300 settlement fee applies. (T&Cs apply).
G&C Mutual First Home Buyer Loan
- 4.99% p.a. variable rate (5.04% p.a. comparison rate*)
- Offset account can help you pay less interest
- Mozo Experts Choice Awards winning provider
- Participating in government’s 5% deposit scheme
This excellent variable rate is one of the lowest in the Mozo database, and it’s aimed squarely at first home buyers.
With a minimum deposit of 5%, you can access a variable rate of 4.99% p.a. (5.04% p.a. comparison rate*), and because it’s a participating lender in the government’s 5% deposit scheme, you can avoid paying lenders mortgage insurance (LMI) if you qualify.
G&C Mutual was a multi-award winner in the Mozo Experts Choice Awards for Home Loans earlier this year, and while this particular loan didn’t win, it’s now a lower rate than those which did.
For a limited time until 14 December, 2025, G&C will waive valuation fees (up to $1,000), though other loan preparation fees may apply. Must be a first time buyer and new G&C customer (T&Cs apply).
^ Source: Mozo database as at 29 Oct, 2025
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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