With variable and fixed home loan rates dropping to new record lows in 2021 and lenders battling for borrowers amidst the surging property boom, 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 2021
1.95% fixed rate for 3 years (2.27% comparison rate*)
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 Mozo Experts Choice Fixed Home Loan Award Winner^ from top online lender 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
1.99% variable and comparison rate* (min 40% deposit)
Zero Athena fees plus free extra repayments and redraw
Mozo Experts Choice Home Loan Innovation Winner 2021^
The innovative Celebrate Variable Home Loan from Athena features a new 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 off 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
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.
This great value home loan from online lender Well Home Loans features one of the lowest variable rates in town plus super low fees for borrowers looking to keep their costs to a minimum. Taking out 2021 awards for both Best Offset Home Loan and Best Low Cost Home Loan^, the Well Balanced Home Loan offers free extra repayments, free redraw and an optional offset account for $10 a month, so you can customise your loan to suit you.
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.
Popular online lender loans.com.au is a perennial award winner, and their newest Smart Booster Home Loan took out a Mozo Expert Choice Award for Best Low Cost Home Loan 2021.^ 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 30% deposit required.
*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 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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