Australia's best value home loans of 2018 revealed
The results of Mozo’s Experts Choice Home Loan Awards are in, revealing the best value mortgages of 2018!
Mozo announces the winners of its Experts Choice Home Loan Awards each year, and this year, the Experts have been hard at work crunching the numbers on 525 different home loans, offered by 88 Australian lenders.
Awards were handed out to only the top 10% of products in each of the 8 categories, to help potential borrowers narrow their search down to only the best of the best. Here’s a selection of the winners to get your search started:
Best value home loans
loans.com.au - Essentials Variable 90
- 3.64% variable rate (3.66% comparison rate*)
- $0 application or ongoing fees
- Unlimited free extra repayments and redraw facility
Our verdict
When it comes to a low variable rate, it doesn’t get much better than the loans.com.au Essentials Variable 80 home loan. And if the low rate isn’t enough, the lack of annual fee and potential to make extra repayments for free could keep your ongoing costs down even further. On top of winning a 2018 Mozo Experts Choice award for best Low Cost Home Loan, it was also named a winner in the Investor Home Loan category.
Homestar - Variable Rate Loan
- 3.54% interest rate (3.59% comparison rate*)
- 100% offset account plus $0 application fee
- $900 cashback after settlement
Looking for a home loan that comes with all the bells and whistles but won’t break the bank? Homestar’s Variable Rate Loan took out Mozo Experts Choice Awards for Low Cost Home Loan and Offset Home Loan, and comes with a full suite of features including free extra repayments, a redraw facility and a 100% offset account to help you save. It's available for loans under $750,000, with an LVR of 70%-80% and for a limited time you'll get $900 cashback after settlement
Virgin Money - Reward Me Variable Rate Home Loan
- 3.68% variable interest rates (3.82% comparison rate*)
- Earn 20,000 Velocity Points for every $100,000 borrowed
- Free extra repayments and offset facility
Want a home loan that can also bag you a tonne of rewards points? With the Virgin Money Rewards Me home loan, not only will you get a competitive loan with a bunch of great features, but you’ll also snag 20,000 Velocity Points for every $100,000 you borrow at the start of your loan, plus an extra 1,000 Velocity Points every month of your loan and 30,000 Velocity Points every 3 years when your loan balance remains above $50,000. That’s what we call a sweet deal!
HSBC - Discounted Home Value Loan
- 3.59% variable rate (3.61% comparison rate*)
- No upfront or ongoing fees
- Borrow with as little as 10% deposit
Interested in a HSBC home loan? Lendi specialists can help you refinance your home loan.
You can this discuss this option and compare against 25+ lenders with our trusted partner Lendi.
Answer a few questions online about your current loan and Lendi will connect you with one of their experienced home loan specialists, who can guide you every step of the way.
HSBC has come out with a a great value home loan offer here, winning awards for Best Low Cost Home Loan and First Home Buyer Loan. Not only will you snag a super low interest rate and pay no application or service fees, but you can also take advantage of features like free extra repayments, a redraw facility and the option to split your loan between fixed and variable rates.
UBank - UHomeLoan - Discount Offer
- 3.59% variable interest rate (3.59% comparison rate*)
- $0 annual or upfront application fee
- Free extra repayments and redraw facility
With a super low interest rate, no fees to apply and no annual service fee, the UBank UHomeLoan is a great budget-friendly option. UBank took out an award for Best Investment Loan, and has since discounted its owner occupier rates to make them ultra competitive as well. The low 3.59% rate is available for loans of $200,000 and more, and you can choose monthly, fortnightly or weekly repayments to suit your budget.
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This is just a selection of our Mozo Experts Choice Home Loan winners. Head over to our dedicated Awards page if you want to see the full list of winners.
Want to compare more home loans? View the latest mortgage rates from 80 lenders at Mozo's home loan comparison hub.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Product providers don’t pay to be in the running and we don’t play favourites. Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo.
* 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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