Australia's cheapest home loans of 2018 named

Kelly Emmerton   |   10 Jul 2018


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 Essentials Variable 80
  • 3.64% variable rate (3.66% comparison rate*)

  • $0 application or ongoing fees

  • Unlimited free extra repayments and redraw facility

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 >>


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!


Homestar Variable Rate Loan
  • 3.54% interest rate (3.59% comparison rate*)

  • 100% offset account

  • $0 application fee

Our verdict

For a home loan that comes with all the bells and whistles but won’t break the bank, check out Homestar’s Variable Rate Loan. It’s a very competitive offer comes with a full suite of features including free extra repayments, a redraw facility and a 100% offset account to help you save. This low rate option is available for loans under $750,000, with an LVR of 70%-80% and you’ll be able to choose between monthly, fortnightly or weekly repayments to suit your budget. What’s not to like?

Where do I get it? Head over to Homestar 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 and free extra repayments. Did we mention that you’ll be able to split the loan between fixed and variable rates? It’s hardly a surprise that it won awards for Low Cost Home Loan and First Home Buyer Loan then.

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


Newcastle Permanent Discounted Variable Home Loan
  • 3.72% variable interest rate (4.12% comparison rate*)

  • No upfront fee ($395 annual package fee)

  • 100% offset acount

Our verdict

With the Newcastle Permanent Discounted Variable Premium Plus Package, winner in the Package Home Loan, and Split Home Loan categories, you can secure a loan with an LVR as high as 90% and cash in on money saving features like unlimited free extra repayments. Just keep in mind you’ll pay an annual fee for all this value.

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


NAB Base Variable Rate Home Loan
  • 3.87% variable rate for owner-occupiers (3.91% comparison rate*)

  • Free extra repayments and redraw facility

  • 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. 

Where do I get it? Head over to NAB 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.

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