Australia's cheapest home loans revealed

Finding the right home loan could mean the difference between tens of thousands of dollars in interest saved over the life of a loan, but Aussie borrowers can be forgiven for finding it hard to pick the best option given the mountain of different lenders and rates available.
Thankfully, with over 50 years of financial services experience between them, the Mozo experts have a serious knack for identifying great value loans. And they used it to compare 436 loans from 86 lenders in the annual Mozo Experts Choice Awards, to identify the best value options for Aussie borrowers.
So whether you’re refinancing, investing or looking to buy a new home, read on for some of the best, low rate home loans on the market to help you start saving today.
Mortgage Crushing Home Loans
loans.com.au Smart Home Loan 80

New 2.48% variable rate (2.50% p.a. 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 Smart Home Loan 80 from loans.com.au. This low rate, low fee mortgage is packed with handy features like the option to make free extra repayments, unlimited free redraw and a split rate option. With all this value on offer and no pesky fees to boot, it's no surprise the Smart Home Loan took out a Mozo Experts Choice Low Cost Home Loan Award for 2020.
Where do I get it? Head over to loans.com.au to find out more >>
UBank UHomeLoan - Discount Offer

New low 2.49% variable & 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 that comes with the security of being backed by NAB. The new low, variable rate is available for loans of $200,000 plus with a minimum deposit or 20% or more, and you can choose monthly, fortnightly or weekly repayments to suit your budget. No wonder it was a slam dunk for a Best Low Cost Home Loan Award.
Where do I get it? Head over to UBank to find out more >>
HSBC 2 Year Fixed Rate Home Loan

2.09% fixed rate for 2 years (2.98% comparison rate*)
No upfront application or ongoing service fees
Mozo Experts Choice Fixed Home Loan 2020
Our verdict
This unmissable 2 year fixed rate home loan gives you the security of monthly repayments while still taking advantage of great features like the ability to make free extra repayments up to $10,000 a year. You’ll be able to split your loan between fixed and variable rates, and as the cherry on the cake, there are zero application and ongoing fees to pay. You'll even get a free relationship manager to guide you through the application process. Available to borrowers with a 20% deposit or more.
Where do I get it? Head over to HSBC to find out more >>
ING Mortgage Simplifier

2.49% variable rate (2.52% comparison rate*)
No service or application fees
Free extra repayments and redraw facility
Our verdict
The Mortgage Simplifier Home Loan is chock-full of value, which is what you'd expect from the Mozo Experts Choice Award winner for Australia's Best Bank. With a great low variable rate, no monthly or annual account fees, unlimited additional repayments and free redraws this loan features all the perks you’ll want in a home loan. What's more, by rounding up purchases on your linked Orange Everyday account, every card purchase will help to directly reduce your outstanding home loan balance.
Where do I get it? Head over to ING to find out more >>
Homestar Star Essentials Home Loan

New 2.14% p.a. variable rate (2.17% p.a. comparison rate*)
Free extra repayments and redraw facility
$1500 cashback offer - limited time!
If saving thousands on your mortgage is your thing, then Homestar might just be your lender of choice. This popular Australian non-bank lender has been offering low-cost home loans since 2004, and the Star Essentials home loan is no exception. Boasting one of the lowest variable rates on the market plus no ongoing fees, this super sharp loan also comes neatly packaged with a number of great features including unrestricted extra repayments and free online redraws. Plus, refinancers receive up to $1,500 cashback or upfront fees waived on purchases for applications received by 30 November, 2020.
UBank UHomeLoan

2.14% fixed rate for 3 years (2.41% comparison rate*)
Free extra repayments up to $20,000 p.a.
Fast and easy online application process
Our verdict
Want to lock in a super low home loan rate but loathe the hassle of a long home loan application process? Calling UBank to the rescue! The UBank 3 year fixed rate UHomeLoan could be a great choice for borrowers who like the stability of a fixed rate and a super-speedy application process. It comes with conveniently flexible repayment options and the ability to make free extra repayments up to $20,000 each year so you can pay off your loan faster.
Where do I get it? Head over to UBank to find out more >>
Athena Celebrate Variable Home Loan

New 2.19% variable rate (2.19% comparison rate*)
No application, valuation or ongoing fees
Mozo Experts Choice Best New Home Loan Winner 2020
Our verdict
New online mortgage challenger Athena is taking on the banks with a customer first approach and some of the best value mortgages on the market. This competitive variable home loan has one of the lowest rates around and no application, valuation or ongoing fees. It also offers free extra repayments and a free redraw facility. Plus, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to borrowers with a 40% deposit, this Athena Home Loan is shaking up the mortgage market.
Where do I get it? Head over to Athena to find out more >>
^See information about the Mozo Experts Choice Home loans Awards
Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
This is just a selection of our Mozo Experts Choice Home Loan winners, announced in 2020. Head over to our dedicated Awards page to see the full list of winners.
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