Australia’s cheapest home loans unveiled for 2021


04 Sep 2021

Australia s cheapest home loans unveiled content

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 60 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 506 loans from 99 lenders in the 202l 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 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%

Our verdict

Looking for a loan that's easy on your wallet? Look no further than the Smart Booster Home Loan from popular online lender This low rate, low fee mortgage is packed with handy features like free extra repayments, unlimited free redraw, an optional offset account and a split rate option. With all this value on offer, it's easy to see why this loan took out the Mozo Experts Choice Award for Best Low Cost Home Loan 2021.^ Minimum 20% deposit required.

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

UBank UHomeLoan - Discount Offer
  • New 2.19% p.a. variable and comparison rate*

  • $0 annual or upfront application fee

  • Free extra repayments and redraw facility

Our verdict

With a super low variable rate, no fees to apply and no annual service fee, the UBank UHomeLoan was awarded Best Low Cost Home Loan 2021^ by the Mozo Experts and is a top choice with borrowers looking to save money on their mortgage. You'll enjoy a fast and easy online application process with local help from UBank's home loan experts. Plus, although UBank is an online lender it comes with the security of being backed by NAB. Minimum deposit of 20% required. 

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

Athena Celebrate Variable Home Loan
  • New 1.99% variable and comparison rate* for borrowers with 40% deposit

  • No application, valuation or ongoing fees

  • Mozo Experts Choice Home Loan Innovation Winner 2021^

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 home loan has one of the lowest variable rates around and no application, valuation or ongoing fees. What’s more, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay off 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 >>

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 2.34% fixed rate for 2 years (3.13% comparison rate*)

  • Bonus $3,000 cashback for refinancers - Limited time only

  • Mozo Experts Choice Fixed Rate Home Loan 2021^

Our verdict

BOQ is a favourite with borrowers looking to find value beyond the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan won Best Fixed Home Loan 2021 in the Mozo Experts Choice Awards for its combination of low rates and flexibility. You can lock in a great rate for two years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. Plus, refinancers can score a bonus cashback of $3,000 for a limited time only. Minimum loan size $250,000, 80% LVR or less.

UBank UHomeLoan
  • 1.79% fixed rate for 1 year (2.18% comparison rate*)

  • Free extra repayments up to $20,000

  • 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! This loan won a 2021 Mozo Experts Choice Award for Best Fixed Rate Home Loan,^ making it a great choice for borrowers looking to lock in and secure peace of mind over their mortgage repayments while rates are at record lows. You can pay off your home loan faster by making free extra repayments up to $20,000 for the fixed term period and there are no ongoing fees.

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

Well Home Loans Well Balanced
Well Home Loans
  • 1.99% variable rate (2.02% comparison rate*)

  • Optional offset account for $10 per month

  • Free extra repayments and redraw facility

Our verdict

Winner of a Mozo Experts Choice Award 2021 for Best Offset Home Loan, the Well Balanced home loan offers a perfectly balanced mix of ultra-low rates and fees together with flexible features like free extra repayments, free redraw and an optional offset account for $10 a month. The upshot? A low cost home loan that can be customised to suit your needs. Available to borrowers with 20% deposit for loans of up to $2 million.

Where do I get it? Head over to Well 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 2021. 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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