Best home loans for March 2018: Mozo Editor’s picks
Goodbye summer, hello Autumn. As the leaves begin to fall and temperatures begin to drop, many Australians will begin searching for those thicker socks and warmer jumpers discarded at the beginning of summer - but could the start of Autumn also be the right time to begin your property hunt?
Whether you’re a young buyer searching for your first home or an investor looking for your fifth, the sheer number of home loan options in the market can make finding the right mortgage match a real hassle.
Thankfully, the Mozo Editors have made it easier by pulling together some of their hot home loan picks for the month of March to help you on your way.
BIG BANK HOME LOAN DEAL
NAB - Base Variable Rate Home Loan
- 3.69% interest rate (3.73% comparison rate*)
- $0 monthly fees
- Free extra repayments and redraw facility
- Borrow with as little as 5% deposit
The Verdict
Like the idea of borrowing with a big bank? The NAB Base Variable Rate Home Loan could be the right choice to help you get into your own home. With a competitive 3.69% interest rate (3.73% comparison rate*), no ongoing service fees and the option of making extra repayments and redraws at no added cost, NAB’s home loan could be a great pick for any prospective owner-occupier happy to make principal and interest repayments. Just bear in mind that while there aren't any monthly fees, you will be charged a $600 application fee.
VARIABLE RATE HOME LOAN DEAL
HSBC - Discounted Home Value Loan
- 3.59% variable rate (3.60% comparison rate*)
- No upfront or ongoing fees
- Borrow with just a 10% deposit
Interested in a HSBC home loan? Lendi specialists can help you refinance your home loan.
You can this discuss this option and compare against 25+ lenders with our trusted partner Lendi.
Answer a few questions online about your current loan and Lendi will connect you with one of their experienced home loan specialists, who can guide you every step of the way.
The Verdict
With a seriously low rate and next to no fees, the HSBC Discounted Home Value Loan is a great low rate option for owner occupier borrowers looking to make principal and interest repayments. Not only could the lack of upfront and ongoing fees, plus the free extra repayments option, cut down costs and help you pay back your loan faster, the minimum deposit of just 10% makes it easier for buyers to enter the market in the first place. In fact, the loan took out two 2018 Mozo Experts Choice awards in the Low Cost Home Loan and First Home Buyer categories.
OFFSET HOME LOAN DEAL
Newcastle Permanent - Discounted Variable Home Loan
- 3.64% interest rate (4.03% comparison rate*)
- 100% offset facility
- Mozo Experts Choice Awards Winner 2017
- No application or settlement fees (there is a $395 annual fee)
The Verdict
If you’re eyeing off a home loan deal which will provide you with plenty of features and trappings, then the 2017 Mozo Experts Choice award-winning Discounted Variable Home Loan (Premium Plus Package) from Newcastle Permanent is a hard offer to look past. Not only does the loan feature a competitive 3.64% interest rate (4.03% comparison rate*), it also offers borrowers needing to take out over $150,000 a full offset account, a free redraw facility and the ability to make extra repayments at no extra cost. Plus you’ll be eligible for discounts on a range of Newcastle Permanent insurance and other financial products.
FIXED HOME LOAN DEAL
Bank Australia - Basic Home Loan
- 3.94% fixed rate for 3 years (3.92% comparison rate)
- No upfront or ongoing fees
- Split rate option available
The Verdict
The Bank Australia Basic Home Loan is a great value loan for all those borrowers who are looking for a down to earth mortgage with the certainty of fixed repayments each month to help manage your budget. This loan offers the chance to take a repayment holiday if you need it, and to split your loan between fixed and variable rates for a little added flexibility. Plus, if you’re struggling to build up a hefty deposit, you’ll be glad to hear this loan allows you to borrow up to 95% of the value of your property.
INVESTMENT HOME LOAN DEAL
Click Loans - The Online Home Loan
- 3.88% variable rate (3.88% comparison rate)
- No ongoing service fees
- Free extra repayments and redraw facility
The Verdict
Get the ball rolling on your investment property with a competitive rate home loan from Click Loans. You can borrow up to $2 million on this loan as long as you have a 30% deposit saved up, and there are no ongoing service fees to worry about. In terms of money-saving features, you’ll have the ability to make free extra repayments and use a redraw facility, plus you can opt in for an offset account by paying an extra fee.
Haven’t found the mortgage match you were after in the products above? Compare from an even larger range of deals by heading over to the Mozo home loan comparison hub.
* 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 $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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 Loan Awards
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