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 seven of the best value home loans of 2021 below.
Mozo Experts Choice Winning Home Loans 2021
loans.com.au Smart Booster Home Loan
1.85% discounted variable rate for 2 years
Rolls over to low ongoing 2.25% (2.21% comparison rate*)
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.
1.95% fixed rate for 3 years (2.27% comparison rate*)
Free extra repayments up to $20,000 p.a. during fixed term
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 a year can be made during the fixed term without penalty and you’ll enjoy conveniently flexible repayment options plus zero ongoing fees.
Bank of Queensland Discount Fixed Rate
1.89% fixed rate for 2 years (3.05% comparison rate*)
Bonus $3,000 cashback for refinancers - Apply by 29th August
Best Fixed Rate Home Loan 2021 Winner^
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 four 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 who apply before the 29th of August can score a bonus $3,000 cashback. Minimum loan size $250,000, 80% LVR or less.
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.
Macquarie Offset Home Loan
Competitive variable rates starting from 2.34% (2.62% comparison rate*)
100% offset account, redraw facility and extra repayments
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.
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.