The best home loans in Australia for 2020


There’s no better place to start your home loan search than with the crème de la crème, and the good news is that Australia’s best home loans have been revealed in the 2020 Mozo Experts Choice Home Loan Awards. 

Drawing on over 65 years combined experience in financial services, our expert judges analysed 436 home loans from 86 lenders for this year's awards, with just the top 10% of products in each category receiving their tick of approval.

The takeaway? Borrowers could save thousands! Choosing the best value home loan over the average big bank loan could save a typical borrower $93,000 over the life of the loan.* 

Don’t just take our word though, see for yourself by comparing the best value home loans of the year below.

Mozo Experts Choice Winning Home Loans Smart Home Loan 80
  • 2.48% variable rate (2.50% comparison rate*)

  • Free extra repayments and redraw facility

  • No application or ongoing fees

Expert verdict

Keen to receive the low rate treatment? Well has really rolled out the red carpet with the Smart Home Loan - winner of a 2020 Mozo Experts Choice Award for best Low Cost Home Loan. Not only does this low-fee mortgage have one of the sharpest interest rates around, it comes with a bunch of handy extras like a free redraw facility and the ability to make extra repayments. 

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

UBank UHomeLoan - Discount Offer
  • 2020 Home Lender Bank of the Year

  • New 2.34% p.a. variable and comparison rate*

  • Zero fees

Expert verdict

You know you’re onto a good thing with 2020 Home Lender Bank of the Year, UBank, and the UHomeLoan Discount Offer is no exception. Borrowers searching for a loan of $200,000 or more can secure one of the lowest variable rates going around, plus they won’t need to worry about any upfront or ongoing fees and they can take full advantage of a split home loan feature, free extra repayments and a redraw facility. 

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

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

  • Double Mozo Experts Choice Award winner for 2020

  • Minimum 60% LVR

Expert verdict

The Athena Variable Home Loan is one of the best value home loans around for borrowers with at least 40% deposit or equity. This mortgage features a killer variable rate that stays great from day one to day none and zero upfront or ongoing fees. What’s more, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.

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

Suncorp Fixed Home Loan Special Offer
  • 1.89% fixed rate for 2 years (2.94% comparison rate*)

  • Free extra repayments up to $500/month during fixed term

  • Money Magazine Bank of the Year 2020, 2019, and 2018

Expert verdict

This super low fixed rate from Mozo Experts Choice Award Winner Suncorp is one of the lowest in our database. Aside from the certainty you’ll get on repayments for the first two years, you'll also benefit from the ability to make free extra repayments up to $500 each month during the fixed term, to help you pay down your loan sooner. The $375 annual fee is waived in year one and there are no upfront fees.

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

Virgin Money Special Offer Reward Me Fixed Rate Home Loan
Virgin Money
  • 2.04% fixed rate for 2 years (2.79% comparison rate*)

  • Make up to $10,000 p.a. of free extra repayments

  • Bonus $3000 cashback for refinancers

Expert verdict

This 2 year fixed rate home loan from Viring Money offers borrowers the chance lock in while rates are at record lows without paying the price later on, as the low 2.79% comparison rate* means your loan will still be extremely competitive when the fixed period ends. Extra benefits include the freedom to make up to $10,000 a year in extra repayments and earn thousands of Velocity Points over the life of the loan, not to mention the $3,000 cashback offer for refinancers.

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

UBank UHomeLoan
  • 1.75% fixed rate for 3 year (2.22% comparison rate*) - Limited time only!

  • Free extra repayments up to $20,000 p.a.

  • Fast and easy online application

Expert verdict

With a fast and easy application process, a great low rate for 3 years and the flexibility to make free additional repayments up to $20,000 a year, this little gem could be a great choice for borrowers who want the security of fixed repayments plus the freedom to pay the loan off faster. UBank is backed by NAB and has home loan experts on tap to help you through the online application process.

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

HSBC 2 Year Fixed Rate Home Loan
  • 1.88% fixed rate for 2 years (2.98% comparison rate*)

  • No upfront application or ongoing service fees

  • Mozo Experts Choice Fixed Home Loan 2020

Expert verdict

This competitive 2 year fixed rate home loan gives you the security of monthly repayments while still taking advantage of flexible features like the ability to make free extra repayments up to $10,000 per year. You can split your loan between fixed and variable rates, and as an added bonus there are no application or ongoing fees to pay. You'll even get a free relationship manager to guide you through the application process. Available to borrowers with a 20% deposit or more.

Where do I get it? Head over to HSBC 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

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

To see the full list of this year’s home loan winners or to read through the methodology report, check out our dedicated 2020 Mozo Experts Choice Awards page. 

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

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