Australia's cheapest home loans revealed

Mozo award

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 Smart Home Loan 80
  • Low 2.48% variable rate (2.50% p.a. comparison rate*)
  • $0 application or ongoing fees
  • Unlimited free extra repayments and redraw facility
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Our verdict

Looking for a loan that's easy on your wallet? Look no further than the Smart Home Loan 80 from 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 to find out more >>

UBank UHomeLoan - Discount Offer
  • New 2.34% p.a. variable and comparison rate*
  • $0 annual or upfront application fee
  • Free extra repayments and redraw facility
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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 >>

Bank of Queensland Discount Fixed Rate
  • 1.99% 4 year fixed rate (2.90% comparison rate*)
  • Make free extra repayments up to $5,000 p.a
  • $3,000 cashback bonus for refinancers

Our verdict

There’s a couple of fees to budget for with this one, but trust us, when you see the rate and features, you won’t mind so much. Available for borrowers who’ve saved at least a 20% deposit and want to borrow $250,000 or more, this Bank of Queensland fixed rate offer also lets you cut down on interest by making extra repayments. Plus, eligible refinancers will score up to a $3,000 cashback bonus for switching over.

Well Home Loans Well Balanced
  • 2.17% variable rate (2.20% comparison rate*)
  • Optional offset account for $10 per month
  • Free extra repayments and redraw facility
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Our verdict

As one of the cheapest home loans in the market thanks to a new ultra-low variable rate, you can find your inner balance with the Well Balanced home loan from Well Home Loans. Winner of a Mozo Experts Choice Award 2020 for Best Low Cost Home Loan, this loan boasts a list of waived fees and charges to help you save even more money. You’ll also get free extra repayments, redraw and an optional offset account for $10 a month, so you can customise your loan to suit you.

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

UBank UHomeLoan
  • New 1.75% fixed rate for 3 years (2.22% comparison rate*) - Limited time only!
  • Free extra repayments up to $20,000 p.a.
  • Fast and easy online application process
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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
  • Minimum 40% deposit or equity

Our verdict

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 >>

HSBC 2 Year Fixed Rate Home Loan
  • New 1.88% fixed rate for 2 years (2.86% comparison rate*)
  • No upfront application or ongoing service fees
  • Bonus cashback offer for refinancers
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Our verdict

This super competitive 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. Plus, refinancers could receive a bonus $3,288 cashback (conditions apply).

Where do I get it? Head over to HSBC 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.

** 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.