The best home loans in Australia for 2022

The best home loans in australia for 2022 content

Taking out a home loan can be a monumental task. That’s why we’ve decided to make your life a bit easier by crowning Australia’s best home loans according to Mozo Experts Choice Awards^.

Our panel of Expert Judges have more than 65 years of combined experience in financial services, and they’ve analysed 441 home loans from 89 lenders for the 2022 Mozo Experts Choice Home Loan Awards^. Typically, loans that make it into the top 10% of products assessed in each award category are highlighted as the top contenders, so you can rest easy knowing the winners are the cream of the crop.

Depending on your individual situation, the best home loan for your home-buying needs may be different from your friends and family. There are hundreds of different home loan products available to Australian borrowers from a wide range of lenders, and not every offer may be the best value option for your personal and financial circumstances. 

To help you consider your options, our team of analysts have done some of the research leg work for you, assessing mortgage fees, features and interest rates for the awards.

Below, we’ve detailed some of this year’s winning products from just a few of the 12 different award categories we consider. You can start here to get a rundown of some of the award-winning loans, then head over to the Mozo Experts Choice Home Loan Awards page to see the full list of winners this year.

Want to know more about our judging process and how the winners are selected? Read all the details in the Mozo Experts Choice Home Loan Awards methodology report.

Best New Home Loan & Low Cost Home Loan award categories

Nano Variable Home Loan
Nano
  • Variable rates from 1.99% p.a. (1.99% p.a. comparison rate*)

  • Free extra repayments and redraw facilities

  • Free offset sub account

Key loan features: Nano’s Variable Rate Home Loan is available for owner-occupiers and investors looking to refinance their current loans. To get the low rate of 1.99% p.a. (1.99% p.a. comparison rate*), you’ll need a loan-to-value ratio of 75% or less. The loan comes packed with features like extra repayments, a redraw facility, no upfront or ongoing fees and an offset sub-account. The offset account comes with a Nano Visa debit card that’s compatible with Apple Pay and Google Pay, and it can be used overseas with no international transaction fees. This loan won in the Best New Home Loan and the Low Cost Home Loan categories for the 2022 Mozo Expert Choice Awards^.

Packaged Home Loan award category

Queensland Country Bank Ultimate Home Loan Special
Queensland Country Bank
  • Variable rates from 2.39% p.a. (2.77% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • Offset account

Key loan features: You can bundle together your everyday banking with this competitive home loan from Queensland Country Bank. It offers a variable rate of 2.39% p.a. (2.77% p.a. comparison rate*) for buyers planning to live at the address with a maximum 80% LVR, as well as flexible features that could help you cut down mortgage costs. This includes fee-free extra repayments (up to $10,000 annually), redraws and an offset account. Alongside this, the package offers everyday banking access, discounts on home insurance through Queensland Country Bank (10% off your premium for the first year), the option to take out personal loans without establishment fees, and a Visa credit card with no annual fee. While there aren’t any establishment or discharge fees with the package, you will need to account for the $350 annual fee.

Low Cost Home Loan award category

OneTwo Variable Rate Home Loan
OneTwo
  • Rates from 1.99% p.a. (1.89% p.a. comparison rate*)

  • Free extra repayments

  • Match repayments up to $2,500 (T&C apply)

Key loan features: OneTwo offers a low variable rate from 1.99% p.a. (1.89% p.a. comparison rate*) for owner occupiers who are looking to refinance their existing home loan. It offers perks like free extra repayments, no upfront fees and even an interest rate discount of 0.03% each time you pay off 5% of your original loan principal (up to a max of 0.15%). Plus, OneTwo will generously match extra repayments you put towards the loan, up to a total of $2,500 (T&C apply). Since this loan focuses on minimising costs, it doesn’t offer additional features like an offset account or the capability to redraw on additional repayments.

Investor Home Loan award category

Yard Variable Home Loan
Yard
  • Low variable investor rates from 2.19% p.a. (2.22% p.a. comparison rate*)

  • Free extra repayments and redraws

  • Optional offset account

Key loan features: The Yard Variable Home Loan offers low interest rates for investors starting at 2.19% p.a. (2.22% p.a. comparison rate*). It comes with perks like free extra repayments, a free redraw facility and an option offset account (for a $10 monthly fee). You can get this loan with just a 10% deposit, but remember rates may differ with a smaller deposit amount. You'll also want to remember to budget an extra $530 to cover its upfront fees. As a winner in the Investor Home Loan category in the 2022 Mozo Experts Choice Home Loan Awards^, it’s one of the best options for financing an investment property.

Fixed Rate Home loan & Split Home Loan award categories

Qudos Bank Fixed Rate Home Loan
Qudos Bank
  • Fixed rates begin at 1.89% p.a. (2.44% p.a. comparison rate*)

  • Free extra repayments (up to $10,000 annually)

  • No upfront fees

Key loan features: Qudos Bank offers competitive fixed rate tiers from 1.89% p.a. (2.44% p.a. comparison rate*) for a 1-year term, with no application or annual fees, plus free extra repayments up to $10,000 a year. You can get up to a 5-year term as either owner-occupiers or investors, allowing you to lock in a deal that best fits your needs. The loan only requires up to a 10% deposit which is great for anyone trying to break into the property market.  Qudos Bank also won two awards in 2022 Mozo Expert Choice Home Loan Awards^ in the Fixed Rate Home Loan and Split Home Loan categories.

Split Home Loan & Investor Fixed Home Loan award categories

UBank UHomeLoan
UBank
  • Fixed rates from 1.99% p.a. (2.11% p.a. comparison rate*)

  • Free extra repayments (capped at $20,000 during the loan’s fixed term)

  • Application fee currently waived

Key loan features: The UBank Fixed UHomeLoan offers a fixed starting rate of 1.99% p.a. (2.11% p.a. comparison rate*) on a 1-year term for owner occupiers making principal and interest repayments. If you’re an investor your fixed rate starts from 2.34% p.a. (2.36% p.a. comparison rate*) on a 1-year term. The bank also offers free extra repayments, but there is a $20,000 cap during the fixed period of the loan. The usual $396 application fee is currently being waived until 30 September 2022. UBank is a three-time winner in the 2022 Mozo Experts Choice Home Loan Awards^, winning in the Investor Fixed Home Loan, Split Home Loan and Investor Home Loan categories.

First Home Buyer Loan award category

HSBC Discounted Home Value Loan
HSBC
  • Low variable rate starting at 1.97% p.a (1.98% p.a. comparison rate*)

  • $3,288 cashback offer (conditions apply)

  • Free extra repayments and redraw facilities

Key loan features: HSBC's Discounted Home Value Loan is the winner of the First Home Buyer Loan category for the 2022 Mozo Expert Choice Awards^. With a variable rate from 1.97% p.a (1.98% p.a. comparison rate*), you also get unlimited extra repayments and free redraw facilities. There are also no upfront fees, which is a plus. This loan also has a split account feature, which gives you the option of splitting your loan into two portions: one with a variable rate and the other with a fixed rate.

Split Home Loan & Investor Fixed Home Loan award categories

Well Home Loans Well Balanced Fixed
Well Home Loans
  • Investor rates from 2.49% p.a. (2.23% p.a. comparison rate*)

  • Free extra repayments and redraws

  • Optional offset account

Key loan features: The Well Balanced Fixed Home Loan offers fixed interest rates for investors from 2.49% p.a. (2.23% p.a. comparison rate*) on a 1-year term, but there's also competitive options for owner occupier borrowers. It comes loaded with extra features like free extra repayments, a redraw facility (with a withdrawal minimum of $1), the option to get an offset account for a monthly $10 fee, and the chance to split your loan. Remember to budget for the $785 upfront fee so it doesn’t catch you off guard. Well Home Loans is a six-time winner in the 2022 Mozo Experts Choice Home Loan Awards^, scoring wins in categories of Low Cost Home Loan, Offset Home Loan, Investor Home Loan, Split Home Loan and Investor Fixed Home Loan.

*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

Interested in comparing more home loans? Check out the latest mortgage interest rates from more than 80 lenders by heading over to the Mozo home loan comparison hub.

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