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
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
Looking for a loan that's easy on your wallet? Look no further than the loans.com.au 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!
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.
Earn 20,000 Velocity Points for every $100,000 borrowed
Free extra repayments and offset facility
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!
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.
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.
3.87% variable rate for owner-occupiers (3.91% comparison rate*)
Free extra repayments and redraw facility
No annual fee (application fee applies)
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.
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 loans.com.au 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.
*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.
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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