Best Home Loans of 2016 Revealed: Good things come in small packages
Article by Kelly Emmerton
With interest rates at an all time low after the Reserve Bank’s May announcement, there is no better time for borrowers to pick up a great home loan deal.
Coincidently, Mozo’s experts have recently scoured the home loan market, comparing 392 home loans from 86 different lenders, to uncover the best value home loans across a range of categories, including Best Value Variable Rate, Best Value Fixed Rate, Best Value Home Loan Package and Best Value First Home Loan, among others.
In a pattern that continues on from previous years, the 2016 Mozo Experts Choice Home Loan Awards showed a clear trend toward small, non-bank and online lenders, with 88% of winners made up of these challenger institutions.
Customer owned provider, Newcastle Permanent Building Society came out on top as Home Loan Lender of the Year, scoring awards across five of seven individual categories and online lenders like Bank Australia, Homestar and UBank picked up award wins across multiple categories.
The results showed that non-bank and online lenders consistently offer borrowers great savings. For example, homebuyers after a loan of $500,000 paid back over a 25 year period, could save up to $113,202 by opting for a Mozo Experts Choice winner like the Homestar Owner Occupier Loan with a rate of 3.69%, rather than the big four average of 5.03%.
Mozo’s experts also awarded a Major Bank Winner in each category, with ANZ taking out the overall title, with wins across 5 separate categories.
Check out the full list of Mozo Experts Choice Home Loan Award winners in each category here.