Beware the home loan vampire this Halloween

By Jack Dona · · 2 min read
Fact Checked
Advertiser disclosure
A young boy dressed as a vampire in a Victorian-era living room

As we sink our teeth into the spooky season, a spine-tingling cautionary tale about a creature most foul and cunning, confined to the shadowy corners of your finances until it’s time to strike.

Those looking to compare home loans or refinance, take heed, because the home loan vampire is a very real beast. In fact, it might already be in your midst… 

‘Yeah, righto,’ you might be thinking, ‘everyone knows you have to actually invite a vampire in. That’s Dracula 101.’  

To that I say, you’re right. And the home loan vampire is no different. Only… you might not have realised you let them in in the first place. 

A home loan vampire isn’t after blood. No, its true desire is to be a drain on your finances, slowly and methodically extracting your hard-earned cash without you even realising it. We are, of course, referring to… fees! 

Ongoing home loan fees add up in the long run 

While most home loans come with up-front and discharge fees, a careful comparison of home loans reveals that some even charge annual or monthly fees. 

A monthly home loan fee of $10 doesn’t sound all that bad, but you may end up feeding the home loan vampire an extra $3,000 after 25 years. Or, if you’re being charged $400 annually, you’re looking at an extra $10,000 by the time your 25-year loan is paid off. 

But the home loan vampire’s reach doesn’t stop at ongoing fees. 

Home loan features with fees attached 

If you’re looking for home loan features like redraw facilities or offset accounts, make sure you compare home loans to ensure the options you shortlist don’t charge fees. 

While not all home loan providers offer these sorts of features, you can often find loans that come with fee-free redraw facilities or optional offset accounts that don’t charge you any account-keeping fees. 

Due diligence the silver bullet to vanquish the home loan vampire 

Whether you’ve yet to purchase your new home, or if you’re already on the property ladder, one way to fight the home loan vampire is to do your research. 

Mozo’s home loan comparison page features a range of products, complete with the ability to estimate your initial monthly repayments, a quick overview of a product’s features, and some more detailed info, like what fees are included. 

It’s also worth checking out the best home loans in 2023 for some award-winning loans, including some that the Mozo editors thought were worth mentioning. 

For now, keep your eyes peeled for unnecessary fees, and check out some of the featured home loans below… 

Happy Halloween!

Home loan comparisons on Mozo - last updated 3 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, Refinance Only, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.74% p.a. variable
    5.65% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Home Variable Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Go to site
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.39% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

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    Details
  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.19% p.a. variable
    6.43% p.a.

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Variable Rate Home Loan Special Offer

    Package, Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

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    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 3 years
    6.56% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.

    Go to site
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Details
  • Basic Home Loan

    Owner Occupier, LVR<70%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.

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    Details
  • Well Balanced Special Offer

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.12% p.a. variable
    6.14% p.a.

    Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.

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    Details
  • Mozo Expert Choice Badge
    Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% p.a.

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.

    Go to site
    Details

* 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

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 PDS or offer documentation, or seeking independent advice.

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