Australia's top home loans from under 2 percent

With interest rates on the rise this month and the era of record low rates coming to a close, there's never been a better time to compare your current home loan against the best on market and see how much you could save by switching.

Mozo's analysis reveals that there is now a huge difference between the average home loan rate and the best on the market. In fact, the average big 4 bank borrower with a $400K owner occupier home loan could now save up to $4,024 a year by switching. That's more than $120,000 in savings over the life of a 30 year loan!

Finding the best value home loans can be hard work given the mountain of choice on offer, which is why the Mozo experts are committed to doing the hard work for you. For the 2022 Mozo Experts Choice Home Loan Awards,^ we compared 441 home loans from 89 lenders to identify the best value options for Aussie borrowers. Read for our Editor's run down of some of the best value Mozo Experts Choice Winning home loans on the market today...


5 of the Best Value Home Loans in Australia for 2022

UBank - Neat Home Loan
  • Variable rates from just 1.89% (1.90% comparison rate*) - min 40% deposit
  • Free extra repayments and redraw facility
  • Fast and paperless online application process
Expert verdict:

With some of the lowest variable rates in town, no ongoing fees and a low upfront fee of $250, the UBank Neat Home Loan is a great budget-friendly option that comes with the security of being backed by NAB. Features include free extra repayments, free redraw and the choice of monthly, fortnightly or weekly repayments to suit your budget. No wonder it was a slam dunk for a Mozo Experts Choice Split Home Loan Award for 2022^. 

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

OneTwo - Variable Rate Home Loan
  • New 2.09% variable rate (1.99% p.a. comparison rate*)
  • Zero fees + score discounts as you pay off your loan
  • $5,000 refinance cashback for loans over $500K (t&cs apply)
Find out more

Expert verdict:
Australia’s newest 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 and inner regional NSW, Victoria and SA. 80% LVR.

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

Greater Bank - Discount Great Rate Home Loan
  • 2.19% variable rate (2.20% p.a. comparison rate*)
  • Borrow with just a 10% deposit, guarantor option also available
  • NSW, QLD and ACT residents only
Find out more

Expert verdict:
Greater Bank took out the Home Lender Bank of the Year Award for 2022^ for their incredibly competitive home loans range. This low rate variable home loan is available with just a 10% deposit and boasts zero establishment fees, monthly or annual fees ($180 settlement fee applies). Features include free extra repayments, free redraws and a split loan option, plus there's even a guarantor option for first home buyers.

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

Nano - Variable Home Loan
  • New 2.24% variable and comparison rate*
  • 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 can see you approved in as little as 10 minutes. Refinancers and new purchasers will enjoy low variable rates, 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 >>

Macquarie - Offset Home Loan
  • Rates now starting from 2.39% variable and comparison rate* (minimum 40% deposit)
  • 100% offset account, redraw facility and extra repayments
  • Best Packaged Home Loan Winner 2022^
Expert verdict:

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. This competitive packaged home loan is loaded with features, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no upfront fees to worry about.

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.

This is just a selection of our Mozo Experts Choice Home Loan winners, announced in February 2022. 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, 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.