Attention first home buyers: this award-winning loan has a seriously good rate and a $5,000 cashback – but only for a limited time

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.

^ Source: Mozo database as at 29 Oct, 2025