Australia’s best value home loans unveiled
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 65 years of financial services experience between them, the Mozo experts have a serious knack for identifying great value loans. And each year they use it to compare more than 500 home loans from close to 100 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.
Mozo Editors Choice Low Rate Home Loans
Unloan - Variable Home Loan
- 5.59% p.a. variable rate (5.50% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
Our verdict:
Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 5.59% variable rate (5.50% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^
loans.com.au - Variable Home Loan 70
- 5.85% variable rate (5.87% comparison rate*)
- Free extra repayments and redraw + optional offset account
- Available to borrowers with 70% LVR
Our verdict:
Popular online lender loans.com.au is a perennial award winner, and with offerings like this it's no wonder. This low rate, low fee home loan is packed with useful features like unlimited extra repayments, free redraws and an optional offset account to boost your savings. With all this value on offer and no pesky ongoing fees to boot, this loan is a must-see. Minimum 70% LVR.
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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.
* 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. You can change the loan amount and term in the input boxes at the top of this table. 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
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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.