Big bank home loan switching savings top $3,000 a year
Mozo
10 Jun 2021
If you’re one of the thousands of big 4 bank home loan customers who often ask themselves whether it would be worth it to go to the time and effort of switching to a cheaper lender, get ready for some eye-opening news.
Mozo’s comparison experts have crunched the numbers and found that the typical big 4 bank borrower with a $400,000 variable home loan could now save $3,917 a year by switching to the best available rate on the market.
That’s a big saving to digest, and if you’re now asking how it could possibly be so high, the reason is simple: challenger lenders have been racing to roll-out new rock bottom home loan rates ever since the Reserve Bank cut the cash rate last November, taking the lowest rates on the market under 2.00% for the first time.
On the other hand, the average big 4 bank variable home loan rate has remained stubbornly higher at 3.53%. So if you've been thinking about getting a better deal on your home loan, now is the time to compare rates and see how much you could save by switching...
TOP HOME LOANS JUNE 2021
Rates updated daily. Advertiser disclosure.
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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
$1234
Product details Close details
Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
Smart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
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1.85% p.a.variable for 24 months and then 2.25% p.a. variable
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2.21% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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Optional - with 0.10% additional interest
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$520
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80.00%
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$50,000
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$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Booster Home Loan
Details Close
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Mozo experts choice awards won:
- Investor Fixed Home Loan - 2021
- Split Home Loan - 2021
1.85% p.a.
fixed 3 years2.24% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Investor Fixed Home Loan - 2021
- Split Home Loan - 2021
UHomeLoan
Owner Occupier, Principal & Interest
1.85% p.a.
fixed 3 years2.24% p.a.
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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1.85% p.a.
fixed 3 years -
2.24% p.a.
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$0
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$0.00
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$0.00
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yes - free up to $20,000 during fixed rate term
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no
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no
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$0
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80.00%
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$100,000
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$2,000,000
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Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$395 Establishment fee waived for fixed rate loans that settle by 30 September 2022.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
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Hot Deal For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)
Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a. variable
1.99% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
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1.99% p.a. variable
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1.99% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
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$0
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60.00%
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$100,000
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$2,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
Details Close
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1.99% p.a. variable
1.99% p.a.
$1234
Product details Close detailsVariable Home Loan
Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.
Variable Home Loan
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.
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1.99% p.a. variable
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1.99% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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yes - offset sub account
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$0
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75.00%
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$100,000
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$2,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
Details Close
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2.09% p.a.
fixed 3 years2.32% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.32% p.a.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Basic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
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2.09% p.a.
fixed 3 years -
2.32% p.a.
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$0
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$0.00
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$400.00
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yes - free
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yes - free
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no
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$0
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70.00%
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$150,000
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$750,000
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Fixed
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Low Cost Home Loan - 2021
1.99% p.a. variable
2.02% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Low Cost Home Loan - 2021
Variable Home Loan Special
Owner Occupier, Principal & Interest, LVR <70%
1.99% p.a. variable
2.02% p.a.
Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.
Variable Home Loan Special
Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.
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1.99% p.a. variable
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2.02% p.a.
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$794
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$0.00
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$500.00
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yes - free
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yes - free
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Optional - $10 per month
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$794
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70.00%
-
$150,000
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$1,500,000
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Variable
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Special rate applies to home loan applications submitted by 31 October 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
Details Close
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2.09% p.a.
fixed 3 years2.86% p.a.
$1234
Product details Close detailsFixed Rate Home Loan Home Loan Package
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 3 years2.86% p.a.
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
Fixed Rate Home Loan Home Loan Package
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
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2.09% p.a.
fixed 3 years -
2.86% p.a.
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$270
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$390.00 yearly
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$300.00
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yes - free up to $10,000 p.a.
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no
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no
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$270
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80.00%
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$500,000
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$7,500,000
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Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 December 2021 and settle by 28 February 2022.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Details Close
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Hot Deal $590 Establishment Fee waived for eligible Prime loans submitted before 30 November.
2.44% p.a. variable
2.49% p.a.
$1234
Product details Close detailsPrime Home Loan
Owner Occupier, Principal & Interest, LVR <70%
2.44% p.a. variable
2.49% p.a.
Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.
Prime Home Loan
Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.
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2.44% p.a. variable
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2.49% p.a.
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$710
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-
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$250.00
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yes - free
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yes - free
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yes
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$710
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70.00%
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$100,000
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$1,250,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Prime Home Loan
Details Close
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1.89% p.a.
fixed 2 years3.67% p.a.
$1234
Product details Close detailsSpecial Fixed Rate Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
1.89% p.a.
fixed 2 years3.67% p.a.
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Special Fixed Rate Home Loan Premium Plus Package
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
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1.89% p.a.
fixed 2 years -
3.67% p.a.
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$0
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$395.00 yearly
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$0.00
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yes - free up to $25,000 p.a.
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yes - free
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no
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$0
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80.00%
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$5,000
-
-
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Fixed
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$2,000 cashback when you refinance your home loan from another financial institution when you apply by 17 December 2021 and are funded by 28 February 2022, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Details Close
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2.39% p.a. variable
2.44% p.a.
$1234
Product details Close detailsDiscount Variable Home Loan
Owner Occupier, LVR<70%, over $700,000
2.39% p.a. variable
2.44% p.a.
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
Discount Variable Home Loan
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
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2.39% p.a. variable
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2.44% p.a.
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$750
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$0.00
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$300.00
-
yes - free
-
yes - free
-
no
-
$750
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70.00%
-
$700,000
-
-
-
Variable
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Discount Variable Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
