Australia's cheapest home loans

Australia s cheapest home loans admin content

Whether you’re buying a new property or refinancing an existing home loan, taking advantage of some of the cheapest mortgage rates in years is a no-brainer. Compared to the average big bank rate, a typical borrower could save as much as $90,000 over the life of a loan by opting for one of the cheapest home loan rates.^^ 

So, where can you find a great value deal? Right here, because Australia’s best value home loans were revealed in the Mozo Experts Choice Awards^. Our team of dedicated analysts compared 560 home loans from 99 lenders across Australia to find some of the most affordable options among the competition. 

To help you start your research journey for getting that dream home in 2022, we’ve jotted down the details for some of the cheapest mortgages (hint: their rates all start with a ‘2’ or lower) that scored medals in the 2021 Mozo Experts Choice Awards for Home Loans.

Top value award-winning home loans Smart Booster Home Loan
  • 1.85% variable rate (2.21% comparison rate*) for the first 2 years

  • Still competitive 2.25% variable rate thereafter

  • Optional offset account available

Our verdict

Online mortgage lender has been offering up some of Australia’s cheapest home loans for years and the 2021 Mozo Experts Choice Award^ winning Smart Booster Home Loan is no exception. With a razor sharp introductory home loan interest rate and solid revert rates, zero ongoing fees to stress over and a few handy features to make life easier (think free extra repayments and free redraws), this is a loan that’s sure to grab your attention!

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

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 2.34% 2 year fixed rate (3.13% comparison rate*)

  • Make free extra repayments up to $5,000 p.a.

  • $3,000 cashback bonus for refinancers

Our verdict

The Bank of Queensland fixed 2-year home loan comes with a hard-to-beat rate, and the option of making free extra repayments up to $5,000 per year to cut down your interest and save more in the long run. You can score the leading rate when you’re borrowing $250,000 or more, with an LVR of 80%. Plus, eligible refinancers will score up to a $3,000 cashback bonus for switching over if they apply before 30 November and settle by 28 February 2022.

UBank UHomeLoan
  • 1.79% fixed rate for1 year (2.18% comparison rate*)

  • Free extra repayments up to $20,000 throughout fixed term

  • Fast and easy online application process

Our verdict

Want to lock in a super solid rate for 12 months? Check. No ongoing fees? Double check. Free extra repayments up to $20,000 per fixed term? You got it. Check out this fixed rate loan from Mozo Experts Choice Award^ winner, UBank. It also comes with the flexibility to choose your own repayment schedule (weekly, fortnightly or monthly) and the option to split between fixed and variable rates if you want to.

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

Athena Liberate Variable Home Loan
  • New 2.19% variable rate (2.08% comparison rate*)

  • Automatic discounts as loan is paid off

  • Double Mozo Experts Choice Award winner for 2021^

Our verdict

Online home loan lender Athena is on a mission to win customers over from the big banks, and the Athena Liberate Variable Home Loan is one of the best value home loans around. This mortgage features a killer variable rate that stays great from day one to day none and zero evaluation or ongoing fees. What’s more, to reward borrowers for paying down their home loan, Athena will now automatically lower your interest rate as you pay down your loan. Available to borrowers with at least a 20% deposit, this Athena Home Loan is shaking up the mortgage market.

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

Well Home Loans Well Balanced
Well Home Loans
  • 1.85% variable rate (1.88% comparison rate*)

  • No ongoing fees plus free extra repayments and redraw

  • Optional offset account for $10 a month

Our verdict

This Mozo Experts Choice Winning home loan from online mortgage lender Well Home Loans boasts one of the cheapest variable rates around at a jaw-dropping 1.85% (1.88% comparison rate*) for borrowers with a 20% deposit. What's more, you can customise your loan to suit your needs with a split loan option and optional offset account for $10 a month. You’ll also benefit from free extra repayments, redraw and zero ongoing fees.

Where do I get it? Head over to Well Home Loans to find out more >>

UBank UHomeLoan - Discount Offer
  • 1.99% p.a. variable rate (1.99% p.a. comparison rate*)

  • No application, ongoing or exit fees

  • Free extra repayments

Our verdict

Nothing says great value home loan more than a super low interest rate. And that’s exactly what’s on offer with UBank! The UHomeLoan Discount Offer more than lives up to its hype as one of Australia’s cheapest loans, because aside from the seriously low rate available for borrowers wanting a loan of $200,000 or more, it’s also completely free of upfront, ongoing or exit fees. 

Where do I get it? Head over to UBank 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

Just remember: this is only a small selection of our 2021 home loan winners. Head over to our dedicated Mozo Experts Choice Home Loan Awards page for the full winners list as well as a run through of the methodology behind the awards.

Looking for an even wider range of home loans to compare? Pay a visit to the Mozo home loan comparison hub to view the latest interest rates from over 90 mortgage lenders. 

^^Loan savings based on a $400,000 owner occupier loan over 25 years with principal and interest repayments.

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