Australia’s cheapest home loans of 2018 revealed

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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 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

Looking for a loan that's easy on your wallet? Look no further than the Essentials 80. This low fee, low rate mortgage is 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

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 >>

Virgin Money Reward Me Variable Rate Home Loan
Virgin Money
  • 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

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!

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

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 for refinancers with a loan to value ratio of 80% or more. 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.

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

ME Basic Home Loan
  • 3.97% variable rate (3.99% comparison rate*)

  • $0 ongoing service fees

  • Free extra repayments and redraw facility

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 >>

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 annual fee (application fee applies)

Our verdict

Like the idea of grabbing a competitive variable rate deal but still want to stay with a major bank? The Base Variable Rate Home Loan Special Offer from Experts Choice Award Winner NAB could be just the ticket, with a competitive interest rate and no ongoing fees. Plus, you’ll be able to make free extra repayments, use a redraw facility and even take a repayment holiday.

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

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 >>

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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 loans Awards

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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