The best home loans in Australia for 2021


17 Mar 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 seven of the best value home loans of 2021 below.


Mozo Experts Choice Winning Home Loans 2021 Smart Booster Home Loan
  • 1.99% discount variable rate for 1 year

  • Rolls over to low ongoing 2.48% (2.47% 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
  • 1.75% fixed rate for 3 years (2.22% comparison rate*) - Apply by 29 April

  • Free extra repayments up to $20,000 p.a. 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 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
Bank of Queensland
  • 1.89% fixed rate for 2 years (3.05% comparison rate*)

  • $3,000 cashback for refinancers (T&Cs apply)

  • Mozo Experts Choice Fixed Rate Home Loan 2021

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 four years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. Plus, you can enjoy a generous $3,000 cashback when you refinance to BOQ. Minimum loan size $250,000, 80% LVR or less.

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

  • Mozo Experts Choice Award for Home Loan Innovation 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.

86 400 Neat Home Loan
86 400
  • 2.19% variable rate (2.20% p.a. comparison rate*) for borrowers with 40% deposit

  • Free extra repayments & redraws

  • 2021 Mozo Experts Choice Award Winner

Expert verdict:

86 400 is Australia's first Smart Bank, and it’s newly launched Neat Home Loan ticks all of the right boxes. This great value home loan features one of the lowest variable rates in town plus super low fees for borrowers looking to keep their costs to a minimum. Borrowers have the ability to make free extra repayments and make use of a free redraw facility, and the simple online application process makes refinancing a breeze. Ideal for refinancers with 40% deposit or equity.

Where do I get it? Head over to 86 400 to find out more >>

Newcastle Permanent Special Real Deal Home Loan
Newcastle Permanent
  • 2.59% p.a. variable rate (2.63% p.a. comparison rate*)

  • $2,000 cashback for refinancers - limited time only

  • ​Mozo Experts Choice Offset Home Loan Winner

Expert verdict:

The Newcastle Permanent Special Real Deal gets the ball rolling with a competitive variable interest rate, no application or service fees, plus a partial offset account. On top of this, the home loan also comes with a cashback offer for refinancers too! If you make the switch to Newcastle Permanent from another lender you could receive $2,000 cashback - just apply by 30 June to be funded by 31 August. Oh, and did we happen to mention that it took out a 2021 Mozo Experts Choice Award in the Offset Home Loan category?

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

Well Home Loans Well Balanced
Well Home Loans
  • 2.17% variable rate (2.20% comparison rate*)

  • Optional offset account for $10 per month

  • Mozo Experts Choice Offset Home Loan 2021

Expert verdict:

Winner of a Mozo Experts Choice Award 2021 for Best Offset Home Loan, the Well Balanced home loan offers a perfectly balanced mix of ultra-low rates and fees together with flexible features like free extra repayments, free redraw and an optional offset account for $10 a month. The upshot? A low cost home loan that can be customised to suit your needs. Available to borrowers with 20% deposit for loans of up to $2 million.

Where do I get it? Head over to Well Home Loans 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 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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