The best home loans in Australia for 2021


02 Sep 2021

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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 2021 Mozo Experts Choice Home Loan Awards. 

Drawing on over 67 years combined experience in financial services, our expert judges analysed 506 home loans from 99 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 $100,600 over the life of the loan.* 

Don’t just take our word though, see for yourself by comparing some of the best value home loans of 2021 below.


Mozo Experts Choice Winning Home Loans 2021 Smart Booster Home Loan
  • 1.85% discounted variable rate for 2 years

  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)

  • Optional offset account for 0.10%

Expert verdict:

Winner of the Best Low Cost Home Loan Award for 2021^, the Smart Booster Home Loan could help you save thousands in interest and charges, and get mortgage-free faster. Flexible features include unlimited extra repayments, free redraws and an optional offset account to boost your savings. There are no ongoing monthly or annual fees and its available to borrowers with a 20% deposit for loans of up to $1 million.

UBank UHomeLoan - Discount Offer
  • 2.19% p.a. variable and comparison rate*

  • $0 annual or upfront application fee

  • Free extra repayments and redraw facility

Expert verdict:

With a super low variable rate, no fees to apply and no annual service fee, the UBank UHomeLoan was awarded Best Low Cost Home Loan 2021^ by the Mozo Experts and is a top choice with borrowers looking to save money on their mortgage. You'll enjoy a fast and easy online application process with local help from UBank's home loan experts. Plus, although UBank is an online bank it comes with the security of being backed by NAB. Minimum deposit of 20% required. 

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

Macquarie Offset Home Loan
  • Variable rates from just 2.14% (2.42% comparison rate*) - minimum 40% deposit

  • 100% offset account, redraw facility and extra repayments

  • Best Packaged Home Loan Winner^

Expert verdict:

This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no upfront fees to worry about.

Athena Celebrate Variable Home Loan
  • 1.99% variable rate (1.99% comparison rate*)

  • Home Loan Innovation Award Winner 2021^

  • Minimum 40% deposit or equity required

Expert verdict:

The Athena Celebrate Home Loan is one of the best value home loans around for borrowers with at least 40% deposit or equity. There are zero upfront or ongoing fees to pay and Athena’s innovative Accelerates feature sees your interest rate start off super low and get automatically lowered even further to reward you as you pay down your home loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.

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

  • Bonus $3,000 cashback for refinancers - Limited time only!

  • Best Fixed Rate Home Loan 2021 Winner^

Expert verdict:

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan lets you lock in a super low rate for two years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. What's more, refinancers can score a bonus $3,000 cashback for a limited time only. Minimum loan size $250,000, 80% LVR or less.

UBank UHomeLoan
  • 1.79% fixed rate for 1 year (2.18% comparison rate*)

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

  • Best Fixed Rate Home Loan Winner 2021^

Expert verdict:

Borrowers looking to lock in while rates are at record lows will find it hard to go past this cracking fixed rate home loan designed by the clever folk at UBank to deliver peace of mind over your mortgage repayments without sacrificing flexibility. Extra repayments of up to $20,000 can be made during the fixed term without penalty and you’ll enjoy conveniently flexible repayment options plus zero ongoing fees. 

Well Home Loans Well Balanced
Well Home Loans
  • 1.99% variable rate (2.02% comparison rate*)

  • Optional offset account for $10 per month

  • Free extra repayments and redraw facility

Expert verdict:

As one of the cheapest variable home loans in the market thanks to a new ultra-low rate, you can find your inner balance with the Well Balanced home loan from online lender Well Home Loans. Taking out 2021 awards for both Best Offset Home Loan and Best Low Cost Home Loan^, this loan boasts a list of waived fees and charges to help you save even more money. You’ll also get free extra repayments, redraw and an optional offset account for $10 a month, so you can customise your loan to suit you.

*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 2021 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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