Australia's cheapest home loans of 2018 named

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.

Mozo Experts Choice Winning Home Loans

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Last updated 14 July 2024 Important disclosures and comparison rate warning* - Essentials Variable 90
  • 3.64% variable rate (3.66% comparison rate*)
  • $0 application or ongoing fees
  • Unlimited free extra repayments and redraw facility
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Our verdict

With a super low rate and no ongoing or upfront applications fees, the Essentials Variable 80 is easy on the wallet. It also comes jam packed with handy features like the option to make free extra repayments, a redraw facility, the chance to choose monthly, fortnightly or weekly repayments, and a split rate option. No wonder it took out a Mozo Experts Choice Award for Low Cost Home Loan!

Where do I get it? Head over to to find out more >>

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
Our verdict

Not only does the HSBC Discounted Home Value Loan have a seriously competitive interest rate, you’ll also pay no application or service fees while being able to take advantage of handy features like a redraw facility, free extra repayments and a split loan option. Did we mention that you’ll also get a dedicated relationship manager to help you through the application process? It’s hardly a surprise this loan won awards for Low Cost Home Loan and First Home Buyer Loan.

Where do I get it? Head over to HSBC to find out more >>

Virgin Money - Reward Me Variable Rate Home Loan
  • 3.69% variable interest rates (3.83% comparison rate*)
  • Earn 20,000 Velocity Points for every $100,000 borrowed
  • Free extra repayments and offset facility
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Our verdict

With the Virgin Money Reward 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!

ME - Basic Home Loan
  • 3.97% variable rate (3.99% comparison rate*)
  • $0 ongoing service fees
  • Free extra repayments and redraw facility
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Our verdict

A great value loan with a few key features to help you save even more while paying down your mortgage, like the ability to make extra repayments and choose either a weekly, fortnightly or monthly repayment schedule. ME is an online lender, but you can choose to meet with a home loan specialist at a time and place that suits you to help you get started. No drama, no fuss, just excellent value.

Where do I get it? Head over to ME to find out more >>

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
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Our verdict

With a super low interest rate, no fees to apply and no annual service fee, the UBank UHomeLoan is a great budget-friendly option that comes with the security of being backed by NAB. While UBank took out an Award in the Investment Loans category, the discounted 3.59% variable and comparison rate for owner occupiers is also worth checking out. It's available for loans of $200,000 and more with a 20% deposit, and you can choose monthly, fortnightly or weekly repayments to suit your budget.

Where do I get it? Head over to UBank to find out more >>

NAB - Base Variable Rate Home Loan Special Offer
  • 3.87% variable rate for owner-occupiers (3.91% comparison rate*)
  • Free extra repayments and redraw facility
  • No ongoing service fee (application fee applies)
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Our verdict

If you’re looking for serious value from a big bank, don’t go past the NAB Base Variable Rate home loan. Although it picked up an Experts Choice Award in the Investor Loan category, it’s also certainly worth taking a peak at the owner-occupier option on this one, as both come with free extra repayments and redraw facility and allow you to borrow with as little as a 5% deposit. 

Where do I get it? Head over to NAB to find out more >> - Smart Home Loan with Offset 80
  • 3.72% variable rate (3.74% comparison rate*)
  • No monthly ongoing fees ($520 upfront fee)
  • Unlimited free redraws with no minimum redraw amount
Find out more
Our verdict

Having an offset account attached to your home loan can be a real money saver, helping you to reduce the interest you’ll pay over the life of your loan, which is why the the Offset Variable home loan is a good loan option for borrowers. Interest rates are tiered depending on whether you’re borrowing for your own home or an investment and how much deposit you’ll be putting towards the property. In addition to competitive interest rates, the loan has no ongoing fees or application fees so 100% of your repayments go towards paying down your home loan.

Where do I get it? Head over to to find out more >>

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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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.