Australia's cheapest home loans revealed for 2022

Finding a cheaper 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 value 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 options for Aussie borrowers.

In the Low Cost Home Loans category, 15 variable home loans were rated by our judges as being the cheapest for owner occupier borrowers making principal and interest repayments.

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 March 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
  • 1.99% variable and comparison rate* (refinancers only)
  • 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 could see you approved in as little as 10 minutes. Refinancers can benefit from an ultra-low variable rate, zero Nano fees and a wide range of flexible features including unlimited additional repayments, free redraw and a free 100% offset account. Available for loans of up to $2,500,000. Minimum 80% LVR.

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

Well Home Loans - Well Balanced
  • 1.85% variable rate (1.88% comparison rate*)
  • Free extra repayments and redraw, plus 100% offset option
  • Best Low Cost Home Loan 2022 Winner^
Find out more
Our verdict

This value-packed home loan from online lender Well Home Loans boasts one of the lowest variable rates on the market for borrowers with 20% 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 80% LVR, for loans of up to $2 million. $250 application fee applies.

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

OneTwo - Variable Rate Home Loan
  • 1.89% variable rate (1.79% p.a. comparison rate*)
  • Zero fees + score discounts as you pay off your loan
  • $2,000 refinance cashback for loans over $250K (t&cs apply)
Find out more
Expert verdict

New Australian lender, OneTwo Home Loans, took out a Low Cost Home Loan Award^ for this innovative variable home loan that combines a low rate and zero fees with features that reward you for paying down your loan. Each time you pay off 5% of your original loan, OneTwo will drop your rate by 0.03% (discount capped at 0.15%). On top of this, OneTwo will match any extra repayments made in the first 6 months (up to $2,500).  Available to refinancers in metro NSW and Victoria. 80% LVR.

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

Mozo Editors Picks Low Rate Home Loans - Smart Booster Home Loan
  • 1.85% discounted variable rate for 2 years
  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)
  • Optional offset account for 0.10%
Editors verdict

Aussie owned has been taking on the banks with low rate online loans since 2011, and this headline-stealing home loan is guaranteed to get borrowers switching. Designed to help you boost your savings and get mortgage-free faster, the Smart Booster Home Loan is jam-packed with flexible features like unlimited free extra repayments, free redraw and an optional offset account for 0.10%. An upfront fee of $520 applies but there are no ongoing fees. 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 >>

HSBC - Discounted Home Value Loan
  • 1.97% variable rate (1.98% comparison rate*) for borrowers with 70% LVR
  • Enjoy free extra repayments, online redraw and no ongoing fees
  • $3,288 cashback for refinancers - limited time only
Editors verdict

HBSC became the first major bank in the Mozo comparison database to introduce a variable home loan rate this low for borrowers with 30% deposit or equity. The loan comes with all of the features you'd expect from a bank, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. And if you're refinancing $250,000 or more, you can enjoy a generous $3,288 cashback (T&Cs apply).

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

Macquarie - Basic Home Loan
  • Rates starting from just 2.14% variable and comparison rate* (minimum 40% deposit)
  • No application or account management fees
  • Free extra repayments and redraw
Editors verdict

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. The Macquarie Basic Home Loan now has even lower variable rates, plus zero upfront or ongoing fees and a range of flexible features such as free extra repayments, a free redraw facility and a split account option. To start the simple application process, simply request a call on the Macquarie website. Available for loans of up to $5 million.

Where do I get it? Head over to Macquarie 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.