Best home loans of April 2018: Mozo Editor’s picks

By Kelly Emmerton · Tuesday, 3 April 2018 · 3 min read

Fact Checked

April has arrived, and now that you’ve gotten over the Easter sugar rush and survived April Fool’s Day, it’s time to get back to reality - which for home buying hopefuls might mean the search for a red hot home loan deal.

Luckily for you, the rate cuts have kept coming over the past month, with lenders keen to entice autumn property season borrowers with low rates.

So if you’re planning to purchase a property soon - whether its your first or your fifth - start off on the right foot by checking out our Editors’ picks of some of the choicest home loan offers around.

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.

Important disclosures and comparison rate warning*

Important disclosures

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Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

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 $150,000 over 25 years.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.

loans.com.au - Essentials Variable 90

3.52% variable rate (3.54% comparison rate*)
No application or ongoing fees
Mozo Experts Choice Low Cost Home Loan winner

Find out more

If you’re looking at borrowing up to $2 million and want a super low rate to keep your costs down, then check out the loans.com.au Essentials Variable 80 home loan. There is no ongoing service fee to worry about and money-saving features like free extra repayments and redraw facility on offer, plus the chance to pick weekly, fortnightly or monthly repayments.

UBank - UHomeLoan - Discount Offer

3.62% variable rates (3.62% comparison rate)
No application or annual fees
$1,000 cashback when you refinance a $200,000 loan before 6 June 2018

Find out more

Jam packed with value, the UBank UHomeLoan Discount Offer comes with a super competitive low rate and no upfront or annual fees. There’s also free extra repaymetns and a redraw facility to help you save money, plus at the moment, refinancers can snag a $1,000 cashback offer. This one’s available for loans starting from $700,000.

ME - Flexible Home Loan

3.69% variable rates (4.11% comparison rate)
No application fee ($395 annual fee)
2018 Experts Choice Packaged Home Loan winner

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With a super competitive interest rate and no upfront fees to worry about, the ME Flexible Home Loan Member Package comes with all the bells and whistles, without the steep price tag to match. Features you’ll get with this package include a full offset account, free extra repayments and a free redraw facility (minimum redraw applies.)

Greater Bank - Discount Great Rate Home Loan

3.74% variable rate (3.74% comparison rate*)
No application or ongoing service fees
Mozo Experts Choice First Home Buyer Loan winner

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Sometimes, simple is better, and the Greater Bank Discount Great Rate Home Loan is perfect for borrowers in the market for a no-frills option. It comes with a low rate and next to no fees, plus a couple of key features including free extra repayments and a redraw facility. You can also set your loan to suit your budget, with weekly, fortnightly or monthly repayment options.

State Custodians - Low Rate Home Loan with Offset

3.64% variable rate (3.67% comparison rate*)
No ongoing service fees
Offset account and free extra repayments

If you’re after a home loan with an offset account to help you cut down the amount of interest you're paying, then be sure to check out the State Custodians Low Rate Home Loan with Offset. It also includes features like free extra repayments and a redraw facility, plus there’s no application or ongoing service fee to worry about and a low rate to boot.

Heritage Bank - Discount Variable Home Loan

3.69% variable rate (3.71% comparison rate*)
No application or ongoing service fees
Choose weekly, fortnightly or monthly repayments

Find out more

The low rate loan Discount Variable home loan from Heritage Bank packs a punch in value. You borrow from $150,000 and have the option to split your loan between fixed and variable rates, as well as choose weekly, fortnightly or monthly repayments. This loan also comes with free extra repayments and a redraw facility - but there is a fee to redraw.

Those are just some of our hot home loan picks - you can take a look at some other great options using our home loan comparison tool.

^* 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 $150,000 over 25 years.

^** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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 Loan Awards

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.