Australia's cheapest home loans of 2018 named

Kelly Emmerton   |   10 Jul 2018

redactor/hero-images/375/helca18_content.jpg

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.

Promoted

loans.com.au Essentials Variable 80
  • 3.64% variable rate (3.66% comparison rate*)

  • No ongoing fees (upfront fees apply)

  • Suite of features including free extra repayments and redraw facility plus option to split loan

Our verdict

With a super low rate and no ongoing fees, the loans.com.au Essentials Variable 80 was a winner in multiple categories, including Low Cost Home Loan and Offset Home Loan for both owner-occupiers and investors. If you’re looking for a low-cost, low maintenance mortgage, you’ve come to the right place.

Where do I get it? Head over to loans.com.au to find out more >>

Promoted

HSBC Discounted Home Value Loan
  • 3.64% variable rate (3.66% comparison rate*)

  • No upfront or ongoing fees

  • Borrow with as little as 10% deposit

Our verdict

HSBC has come out with a a great value home loan offer here, winning awards for 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.

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

Promoted

State Custodians Low Rate Home Loan with Offset
  • 3.68% variable rate (3.69% comparison rate*)

  • No application or ongoing service fees (valuation fee applies)

  • Full offset account, plus free extra repayments and redraw facility

Our verdict

With wins in both the Offset Home Loan and Best First Home Buyer Loan categories, the State Custodians Low Rate Home Loan with Offset is a wallet friendly way for young Aussies to break into the property market. If you’re after a low rate, a suite of flexible features and no ongoing fees then this one might be the mortgage for you.

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

Promoted

UBank UHomeLoan - Discount Offer for Investor
  • 3.99% variable rate (3.99% comparison rate*)

  • No application or annual fees

  • Free extra repayments and redraw facility

Our verdict

For property investors looking to jump in with an award winning mortgage, the UBank UHomeloan Discount Offer is a top choice. Taking home an award in the Investor Home Loan category, this one comes with no upfront application or ongoing fees to worry about, and handy features like free extra repayments and a redraw facility on offer.

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

Promoted

Virgin Money Reward Me Variable Rate Home Loan
  • 3.64% variable interest rates (3.78% comparison rate*)

  • Earn 20,000 Velocity Points for every $100,000 borrowed

  • Free extra repayments and offset facility

Our verdict

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!

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

Promoted

NAB Base Variable Rate Home Loan Special Offer
  • 3.69% variable rate for owner-occupiers (3.73% comparison rate*)

  • $1,250 cashback with a NAB home loan banking bundle

  • No ongoing service fee (application fee applies)

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. Plus, at the moment, you could score $1,250 cashback when you bundle a loan over $250,000 with a NAB Transaction Account!

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

Promoted

Gateway Bank Low Rate Essentials Home Loan
  • 3.67% variable interest rate (3.69% comparison rate*)

  • No application or service fees

  • Free extra repayments and redraw facility

Our verdict

Picking up an Experts Choice Award in the Low Cost Home Loan category, the Gateway Low Rate Essentials Home Loan comes with a super low rate for loans up to $2 million. There are also money-saving features including free extra repayments and a redraw facility up for grabs, to help you manage your budget.

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

Promoted

CUA Balanced Variable Home Loan
  • 3.65% variable interest rate (3.66% comparison rate*)

  • $0 upfront application or service fee

  • Free extra repayment and redraw facility

Our verdict

The CUA Balanced Variable Home Loan has a super competitive rate, and is available for up to $5 million with a deposit as low as 10%. It also comes with a tonne of handy features including a partial offset account for up to $15,000, fee-free extra repayments and a redraw facility to help you save more on your mortgage.

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

*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.

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.

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

I want to borrow
for years

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.