Australia's top home loans from under 2 percent

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With home loan rates dropping to new record lows in 2021 in the wake of the Reserve Bank's recent rate cuts, 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. Read for our Editor's run down of some of the best value Mozo Experts Choice Winning home loans on the market today...

Mozo Experts Choice Winning Home Loans

UBank UHomeLoan
  • 1.75% fixed rate for 3 years (2.22% comparison rate*) - Limited time only!

  • Free extra repayments up to $20,000 p.a.

  • Fast and easy online application process

Looking to lock in a sub 2.00% rate for 3 years with no ongoing fees and free extra repayments up to $20,000 per year? You got it! If you're in the market for the security of a fixed home loan, check out this 3 year Fixed Rate Special from Mozo Experts Choice Award winner, UBank. It comes with the flexibility to choose your own repayment schedule (weekly, fortnightly or monthly) and the option to split between fixed and variable rates to better suit you.

Athena Celebrate Variable Home Loan
  • New 2.19% variable rate (2.19% comparison rate*)

  • Zero Athena fees plus free extra repayments and redraw

  • Mozo Experts Choice Home Loan Innovation Winner 2021

The new Celebrate Variable Home Loan from Athena features a super low rate and a customer first approach, helping Aussies around the country save money and pay off their mortgages sooner. Plus, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to borrowers with a 40% deposit, this Athena Home Loan is shaking up the mortgage market.

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 1.89% fixed rate for 2 years (3.05% comparison rate*)

  • Bonus $3,000 cashback for refinancers

  • Mozo Experts Choice Fixed Home Loan Winner 2021

Bank of Queensland's Fixed Rate Home Loan is packed with great value, including free extra repayments (up to $5,000/year) and a flexible weekly, fortnightly or monthly repayments schedule. On top of that, refinancers will also score a bonus $3,000 cashback when you switch your loan to the award-winning Bank of Queensland for a limited time. Available to borrowers with a 20% deposit or more.

Well Home Loans Well Balanced
Well Home Loans
  • 2.17% variable rate (2.20% comparison rate*)

  • Optional offset account for $10 per month

  • Free extra repayments and redraw facility

As one of the cheapest variable home loans in the market thanks to a new ultra-low rate, you can find your inner balance with the Well Balanced home loan from online lender Well Home Loans. Winner of a Mozo Experts Choice Award 2021 for Best Low Cost Home Loan, this loan boasts a list of waived fees and charges to help you save even more money. You’ll also get free extra repayments, redraw and an optional offset account for $10 a month, so you can customise your loan to suit you.

UBank UHomeLoan - Discount Offer
  • New 2.34% p.a. variable and comparison rate*

  • $0 annual or upfront application fee

  • Free extra repayments and redraw facility

Our experts awarded the UBank UHomeLoan a Best Low Cost Home Loan Award 2021 for its winning combination of ultra low rates, no upfront or ongoing fees and super streamlined online application process. You can choose to make monthly, fortnightly or weekly repayments to suit your budget plus take advantage of free extra repayments and redraw. Available for loans of $200,000 or more with a 20% deposit. 

86 400 Neat Home Loan
86 400
  • 2.19% variable rate (2.20% p.a. comparison rate*)

  • Free extra repayments & redraws

  • Available to borrowers with minimum 40% deposit or equity

86 400 is Australia's first Smart Bank, and it’s newly launched Neat Home Loan ticks all of the right boxes. This great value home loan features one of the lowest variable rates in town plus super low fees for borrowers looking to keep their costs to a minimum. Borrowers have the ability to make free extra repayments and make use of a free redraw facility, and the simple online application process makes refinancing a breeze. Ideal for refinancers with 40% deposit or equity.

Where do I get it? Head over to 86 400 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 March 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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