Best home loans to crush your mortgage in 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 Smart Home Loan 80
  • 2.63% variable rate (2.65% p.a. comparison rate*)

  • $0 application or ongoing fees

  • Unlimited free extra repayments and redraw facility

Our verdict

Popular online lender 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 to find out more >>


UBank UHomeLoan - Discount Offer
  • 2.59% 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 >>


Homestar Star Essentials Home Loan
  • 2.39% p.a. variable rate (2.39% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • No monthly or ongoing account fees

Our verdict

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. 

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


Suncorp Fixed Home Loan Special Offer
  • 2.29% fixed rate for 2 years (3.32% comparison rate*)

  • Free extra repayments - up to $500 each month

  • $2,000 cashback bonus - limited time offer

Our verdict

The Home Package Plus mortgage from Suncorp lets owner occupier borrowers lock in a super low rate for 2 years to enjoy peace of mind over your mortgage repayments and protection against future rate rises. Plus, you’ll even score a $2,000 cash bonus when you take out a loan of $250,000 or more (T&Cs apply). Together with no loan establishment fee and up to $500/month extra repayments, this is one home loan that must be seen to be believed!

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


HSBC Discounted Home Value Loan
  • 2.65% variable rate (2.66% comparison rate*)

  • No ongoing fees, plus free extra repayments and redraw

  • Relationship manager to guide you through the application process

Our verdict

HSBC has come out with a superb value home loan offer here, winning awards for Low Cost Home Loan and First Home Buyer Loan. Not only can you take advantage of a super low interest rate that's discounted for the life of the loan, you'll also pay no application or service fees. Great features include free extra repayments, a redraw facility and the option to split your loan between fixed and variable rates, plus you'll get a dedicated relationship manager to help you with the application process and a complimentary Feng Shui report on your property. Be quick, apply by July 31!

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


Athena Variable Home Loan
  • 2.59% variable rate (2.55% 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, not to mention a loyalty bonus each year for 5 years just for making your repayments on time. It also offers free extra repayments and a free redraw facility. Available to refinancers with at least 70% equity, living in a capital or major regional city.

Where do I get it? Head over to Athena 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.

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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