Australia’s cheapest home loans unveiled

Mozo

04 Dec 2019

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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 85 lenders in the 2019 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

Promoted

loans.com.au Smart Home Loan
  • New 2.88% variable rate (2.90% 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 from loans.com.au. This ultra 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. loans.com.au actually took out the Low Cost Home Loan Award for its Essentials Variable 80 loan, but the new Smart Home Loan has an even lower rate and all the same great features as the Essentials, so we'd be crazy not to review it here.

Where do I get itHead over to loans.com.au to find out more >>

Promoted

UBank UHomeLoan - Discount Offer
  • New 2.84% variable rate (2.84% 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. 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 >>

Promoted

Tic:Toc Variable Home Loan
  • 2.79% variable rate (2.80% comparison rate*)

  • Optional offset account

  • 2019 Mozo Experts Choice Online Lender of the Year

Our verdict

If you’re comfortable with managing your mortgage online, then why not do it with the best? Tic:Toc is the 2019 Mozo Experts Choice Online Lender of the Year, and its variable rate home loan offers up a super low interest rate, no application or ongoing service fees and an optional offset account to help you save on interest. Plus, you can pay your loan off faster with free additional repayments. 

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

Promoted

Athena Variable Home Loan
  • 2.84% variable rate (2.80% comparison rate*)

  • Free extra repayments and redraw facility

  • No upfront or ongoing fees

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 refinance home loan has one of the lowest variable rates around and no application, valuation or ongoing fees. It also offers free extra repayments and a free redraw facility. Initially available only to refinancers, the Athena Home Loan is now also on offer to home buyers buying an established property in a  capital or major regional city.

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

Promoted

Homestar Star Essentials Home Loan
  • 2.74% p.a. variable rate (2.77% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • No monthly or ongoing account fees

Our verdict

If saving thousands on your mortgage is your thing, then Homestar might just be your lender of choice. This popular Australian non-bank lender has been offering low-cost home loans since 2004, and the Star Essentials home loan is no exception. Boasting one of the lowest variable rates on the market plus no ongoing fees, this super sharp loan also comes neatly packaged with a number of great features including unrestricted extra repayments and free online redraws.

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

Promoted

Newcastle Permanent Special Real Deal Home Loan
  • 3.19% variable rate (3.23% comparison rate*)

  • Double 2019 Mozo Experts Choice winner

  • Partial offset account available

Our verdict

Featuring a competitive low rate and no application or ongoing service fees, the Newcastle Permanent Real Deal Home Loan is just that: the real deal. Not only is it easy on the wallet, but this loan also comes with features like the option to make free extra repayments, split your loan between fixed and variable rates and use a partial offset account. It’s no surprise it’s the winner of two Mozo Experts Choice Awards for First Home Buyer Loan and Investor Home Loans.

Where do I get it? Head over to Newcastle Permanent 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.

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 2019. 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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