Australia's cheapest home loans revealed for 2022

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 65 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 441 home loans from 89 lenders in the 2022 Mozo Experts Choice Awards,^ to identify the best value options for Aussie borrowers.

So, if you’re looking for a low cost home loan that could help save you thousands, read on for the low-down on three of the Best Low Cost Home Loan Winners in the 2022 Mozo Experts Choice Awards,^ along with our June Editors Picks for three top low rate home loans on the market this month….

Mozo Experts Choice Best Low Cost Home Loans

Nano - Variable Home Loan
  • New 3.24% variable and comparison rate*
  • Free offset account + zero upfront or ongoing fees
  • Awarded Best New Home Loan of 2022^ by the Mozo Experts
Find out more
Expert verdict

Digital lender Nano has launched what it claims to be the world's fastest home loans, with a fully digital approval process that they say can see you approved in as little as 10 minutes. Buyers and refinancers will enjoy low variable rates, zero Nano fees and a wide range of flexible features including unlimited additional repayments, free redraw and a free 100% offset account. 

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

Yard - Variable Home Loan
  • 3.34% variable rate (3.38% comparison rate*)
  • Free extra repayments and redraw, plus 100% offset option
  • Available to borrowers with 40% deposit or equity
Expert verdict

This value-packed home loan from online lender Yard boasts one of the lowest variable rates on the market for borrowers with 40% deposit and has no ongoing fees. Borrowers can add on an optional offset account for $10 a month to help save on interest, and pay off the mortgage faster with free additional repayments. Available to borrowers with minimum 60% LVR, for loans of up to $1 million. 

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

Mozo Editors Choice Low Rate Home Loans

Unloan - Variable Home Loan
  • 3.14% variable rate (3.06% comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Expert verdict:
Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a super low 3.14% variable rate (3.06% comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 80% LVR.

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

Qudos Bank - No Frills Home Loan
  • New 2.49% variable and comparison rate*
  • Zero upfront or ongoing fees
  • Minimum 70% LVR

Expert verdict
Qudos Bank is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. This no frills variable rate home loan is available to borrowers with an LVR of 70% or less. There are zero application, settlement, legal or ongoing fees to pay, while loan features include free extra repayments and redraws. - Smart Booster Home Loan
  • New 3.60% discount variable rate for 2 years (3.96% comparison rate*)
  • Free extra repayments and redraw,
  • Optional offset account for 0.10%
Expert verdict

Aussie owned has been taking on the banks with low rate online loans since 2011, and this discounted variable home loan is really getting borrowers switching. Designed to help you boost your savings and get mortgage-free faster, the Smart Booster Home Loan is jam-packed with features like unlimited free extra repayments, free redraw and an optional offset account for 0.10%. There are no ongoing fees and its available to borrowers with a 20% deposit for loans of up to $1 million.

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

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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

The above list comprises a selection of our Mozo Experts Choice Low Cost Home Loan Award winners for 2022,^ along with our Editors Picks for low rate home loans on the market this month. Head over to our dedicated 2022 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.

* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. 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 Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.