Australia's cheapest home loans revealed


03 Jan 2021

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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

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 2021.

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

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. It boasts a super low variable rate that's 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. 

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

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 1.89% 2 year fixed rate (3.05% 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
Well Home Loans
  • 2.17% variable rate (2.20% comparison rate*)

  • Optional offset account for $10 per month

  • Free extra repayments and redraw facility

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 2021 for Best Offset 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

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*)

  • Zero Athena fees plus free extra repayments and redraw

  • Minimum 40% deposit or equity required

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 >>

86 400 Neat Home Loan
86 400
  • Variable rates from just 2.19% p.a. (2.20% p.a. comparison rate*)

  • Free extra repayments & redraws

  • 2021 Mozo Experts Choice Home Loan Innovation multi-Award-winner

Our verdict

The 86 400 Neat variable Home Loan offers variable interest rates from as low as 2.19% p.a. (2.20% p.a. comparison rate*) for owner-occupiers and from 2.44% p.a. (2.45% p.a. comparison rate*) for investors, minimal fees, plus a range of great features, including free extra repayments and a free redraw facility. What’s more, the loan is now offering a limited-time cashback deal, plus, it even received not one, but two 2021 Mozo Experts Choice Awards.

Where do I get it? Head over to 86 400 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

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.

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