Best home loans to crush your mortgage in 2020
01 Aug 2020
If saving money on your home loan in 2020 is what you’re after, then you've come to the right place. Discovering a great value home loan could mean the difference between tens of thousands of dollars saved in interest over the course of your loan, but in practice it can be hard to find the best option amongst the dozens of different lenders and rates on the market.
That's why each year, the comparison experts at Mozo put their combined 50 years of financial services experience to use to identify the best value home loan options for Aussie borrowers. Our experts compared 436 loans from 86 lenders and awarded just the top 10% of loans with a Mozo Experts Choice Award^.
Read on for some of the top low rate home loans on the market and free yourself from your mortgage shackles faster this new year.
Mortgage Crushing Home Loans
Promoted
loans.com.au Smart Home Loan 80
2.48% variable rate (2.50% p.a. comparison rate*)
$0 application or ongoing fees
Unlimited free extra repayments and redraw facility
Our verdict
Popular online lender loans.com.au is a perennial award winner, and with offerings like the Smart Home Loan 80 it's not hard to see why. This low rate, low fee home loan is packed with useful features like free redraw, the ability to make free extra repayments and a split loan option.With all this value on offer and no pesky fees to boot, it's no surprise the Smart Home Loan took out a Mozo Experts Choice Low Cost Home Loan Award for 2020.
Where do I get it? Head over to loans.com.au to find out more >>
Promoted
UBank UHomeLoan - Discount Offer
2.49% variable & comparison rate*
$0 annual or upfront application fee
Free extra repayments and redraw facility
Our verdict
With a low interest rate, no fees to apply and no annual service fee, the UBank UHomeLoan is a great budget-friendly option for refinancers that comes with the security of being backed by NAB. The competitively low variable and comparison rate is available for loans of $200,000 plus with a minimum deposit or 20% or more, and you can choose monthly, fortnightly or weekly repayments to suit your budget. No wonder it was a slam dunk for a Best Low Cost Home Loan Award.
Where do I get it? Head over to UBank to find out more >>
Promoted
HSBC 2 Year Fixed Rate Home Loan
2.09% fixed rate for 2 years (2.98% comparison rate*)
No upfront application or ongoing service fees
Mozo Experts Choice Fixed Home Loan 2020
Our verdict
This market leading 2 year fixed rate home loan lets you guarantee your monthly repayments while still taking advantage of flexible features like the ability to make free extra repayments up to $10,000 a year. You can split your loan between fixed and variable rates, and as an added bonus there are no application or ongoing fees to pay. You'll even get a free relationship manager to guide you through the application process. Available to borrowers with a 20% deposit or more.
Where do I get it? Head over to HSBC to find out more >>
Promoted
Homestar Star Essentials Home Loan
2.29% p.a. variable rate (2.32% p.a. comparison rate*)
Free extra repayments and redraw facility
$1500 cashback offer - limited time!
As one of Australia's oldest non-bank lenders, Homestar knows how to do affordable home loans. The award-winning Star Essentials Home Loan is no exception, boasting one of the lowest variable rates on the market and a number of handy features including unrestricted extra repayments, free online redraws and a split loan option. If you're an owner occupier with at least 20% deposit, the Star Essentials loan offers plenty to get excited about. Plus, refinancers receive up to $1,500 cashback or upfront fees waived on purchases for applications received by 31 October, 2020.
Promoted
Athena Liberate Variable Home Loan
2.34% variable rate (2.34% comparison rate*)
Zero Athena fees plus free extra repayments and redraw
Mozo Experts Choice Low Cost Home Loan 2020
Our verdict
Online lender Athena is shaking up home loans with a customer first approach and some of the best value mortgages on the market. The Athena Home Loan has one of the lowest variable rates around and no application, valuation or ongoing fees. On top of that, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to refinancers and first home buyers with 40% deposit, living in a capital or major regional city.
Where do I get it? Head over to Athena to find out more >>
Promoted
Qudos Bank Fixed Rate Home Loan
2.29% 3 year fixed rate (2.82% comparison rate*)
No application or annual fees
Free extra repayments (up to $10k p.a.)
Our verdict
Ready to lock in while rates are low? The Fixed Rate Home Loan from Qudos Bank is offering up some seriously competitive fixed rates for borrowers wanting repayment certainty, with a 3 year fixed offer of just 2.49% (2.94% comparison rate*). There’s more good news, because there are no upfront or ongoing fees to budget for, plus you’ll be able get ahead on your loan by making use of the extra repayments feature (free up to $10,000 per year).
Where do I get it? Head over to Qudos Bank to find out more >>
Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
^This is just a selection of our Mozo Experts Choice Home Loan winners, announced in 2020. Head over to our dedicated Awards page if you want to see the full list of winners.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Product providers don’t pay to be in the running and we don’t play favourites. Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo.
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