Australia’s cheapest home loans unveiled

Mozo

03 Dec 2018

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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 525 loans from 88 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 Experts Choice Winning Home Loans

Promoted

loans.com.au Essentials Variable 80
  • 3.64% variable rate (3.66% 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 loans.com.au Essentials 80. This low fee, low rate mortgage is jam packed with handy features like the option to make free extra repayments, a redraw facility, the chance to choose monthly, fortnightly or weekly repayments, and a split rate option. No wonder it took out a Mozo Experts Choice Award for Low Cost Home Loan!

Where do I get it? Head over to loans.com.au to find out more >>

Promoted

HSBC Discounted Home Value Loan
  • 3.59% variable rate (3.61% comparison rate*)

  • No upfront or ongoing fees

  • Borrow with as little as 10% deposit

Our verdict

HSBC has come out with a a great value home loan offer here, winning awards for Low Cost Home Loan and First Home Buyer Loan. Not only will you snag a super low interest rate and pay no application or service fees, but you can also take advantage of features like free extra repayments, redraw and a split loan facility. Plus you'll get your own relationship manager to help you through the application process.

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

Promoted

Gateway Bank Low Rate Essentials Home Loan
  • 3.64% variable rate for owner-occupiers (3.66% comparison rate*)

  • $0 application or ongoing service fee

  • Free extra repayments and redraw facility

Flexible enough to suit your needs and budget but simple enough not to give you a headache, the Gateway Bank Low Rate Essentials Home Loan comes with a competitive low rate, plus the option to tailor your repayments schedule and choose to split your loan between fixed and variable rates. Add a Mozo Experts Choice for Low Cost Home Loan to the equation, and it’s hard to go past.

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

Promoted

UBank UHomeLoan - Discount Offer
  • 3.59% variable interest rate (3.59% 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 low 3.59% 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.

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

Promoted

Virgin Money Reward Me Variable Rate Home Loan
  • 3.69% variable interest rates (3.83% comparison rate*)

  • Earn 20,000 Velocity Points for every $100,000 borrowed

  • Free extra repayments and offset facility

Our verdict

With the Virgin Money Reward Me home loan, not only will you get a competitive loan with a bunch of great features, but you’ll also snag 20,000 Velocity Points for every $100,000 you borrow at the start of your loan, plus an extra 1,000 Velocity Points every month of your loan and 30,000 Velocity Points every 3 years when your loan balance remains above $50,000. That’s what we call a sweet deal!

Promoted

Newcastle Permanent Discounted Variable Home Loan
  • 3.89% variable interest rate (4.49% comparison rate*)

  • No upfront fee ($395 annual package fee)

  • Mozo Experts Choice Australia's Best Customer-Owned Banking & Home Lender of the Year 2018 winner

Our verdict

With the Newcastle Permanent Discounted Variable Premium Plus Package, you can secure a loan with an LVR as high as 90% and cash in on money saving features like unlimited free extra repayments, a redraw facility and an offset account. Add a competitive interest rate and the option to choose weekly, fortnightly or monthly repayments, and it’s hard to go wrong with this one! Just keep in mind you’ll pay an annual fee for all this value.

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

Promoted

NAB Base Variable Rate Home Loan Special Offer
  • 3.87% variable rate for owner-occupiers (3.91% comparison rate*)

  • Free extra repayments and redraw plus $0 annual fee

  • Borrow with just 5% deposit

Our verdict

Like the idea of grabbing a competitive variable rate deal but still want to stay with a major bank? The Base Variable Rate Home Loan from Experts Choice Award Winner NAB could be just the ticket, with a competitive interest rate and no ongoing fees. Plus, you’ll be able to make free extra repayments, use a redraw facility and even take a repayment holiday.

Where do I get it? Head over to NAB 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 $150,000 over 25 years.

Want to compare more home loans? View the latest mortgage rates from 80 lenders at Mozo's home loan comparison hub.

This is just a selection of our Mozo Experts Choice Home Loan winners, announced in 2018. 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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