Australia's cheapest home loans of 2021
18 Mar 2021
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 an absolute must! Compared to the average big bank rate a typical borrower could save as much as $90,000 over the life of the loan* by opting for one of the cheapest home loan rates.
Where can you find a great value deal? It’s no secret, because Australia’s best value loans have been revealed in the 2021 Mozo Experts Choice Awards which compared 560 home loans from 99 lenders across Australia.
To make things simple we’ve wrapped up some of the cheapest home loans (hint: their rates all start with a ‘2’ or lower) on offer from the 2021 Mozo Experts Choice Award winners below.
Mozo Experts Choice Winning Home Loans
loans.com.au Smart Booster Home Loan

1.99% variable rate (2.47% comparison rate*) for the first year
OR 2.09% (2.71% comparison rate*) for the first two years
Optional offset account available
Our verdict
Online mortgage lender loans.com.au 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 two razor sharp introductory home loan interest rate options, 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 loans.com.au to find out more >>
Bank of Queensland Discount Fixed Rate

1.89% 2 year fixed rate (3.05% 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. It’s perfect if 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.
Where do I get it? Head over to BOQ to find out more >>
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
Our verdict
Want to lock in a sub 2.00% rate for 3 years? Check. No ongoing fees? Double check. Free extra repayments up to $20,000 per year? You got it. If you're in the market for a fixed home loan, check out this 3-year Fixed Rate Special 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 2.29% variable rate (2.23% 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

2.17% variable rate (2.20% 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 2.17% (2.20% 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 >>
Greater Bank Discount Great Rate Home Loan

1.69% 1-year fixed rate (3.49% comparison rate*)
Extra repayments and redraws
No ongoing fees
Our verdict
If a low fixed interest rate is what you are after, the Greater Bank Discount Great Rate Fixed Home Loan offers one of the cheapest options around. Along with a hot 1-year fixed rate of 1.69% (3.49% comparison rate*), there are also no pesky ongoing fees to worry about over the life of the loan. On top of that, there is the option to choose from weekly, fortnightly or monthly repayments as well as the flexibility to make extra repayments and redraws whenever you like!
Where do I get it? Head over to Greater Bank to find out more >>
UBank UHomeLoan - Discount Offer

2.34% p.a. variable and 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 >>
^See information about the Mozo Experts Choice Home loans 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.
This is just a selection of our 2021 home loans winners though. Head over to our dedicated Mozo Experts Choice Awards page for the full winners list as well as a run through of the methodology behind the awards.
*Loan savings based on a $400,000 owner occupier loan over 25 years with principal and interest repayments.
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