Staying put could cost big bank mortgage customers $2,388 a year

Mozo

08 May 2019

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If you've been thinking about switching your big bank home loan to a better value lender, here's some news that should get you moving pronto. New Mozo research has found that the average big 4 bank mortgage customer could be losing out to the tune of $2,388 a year by not switching to a cheaper lender.

The findings come as Mozo reveals its Experts Choice Home Loan Awards for 2019, which saw the comparison site analyse 436 loans from 85 lenders. Among the big winners this year were UBank, HSBC, Tic:Toc and loans.com.au. The message couldn’t be clearer - if you want to save it’s time to look past the big banks. 

To get started, take a look at some of the most competitive loans on the market and get switching!

BANK BEATING HOME LOANS - rates updated daily

  • Promoted

    loans.com.au

    2.88% p.a. variable

    2.90% p.a.

    $1234

    Product details Close details
    Smart Home Loan

    A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.

    • 2.88% p.a. variable

    • 2.90% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan

  • Promoted

    UBank

    2.84% p.a. variable

    2.84% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.

    • 2.84% p.a. variable

    • 2.84% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Athena

    2.84% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Get the low rate you deserve with Athena, one of Australia's newest direct lenders. No fees and fee-free redraw. The same low rates for new and existing customers. Score loyalty bonus for making repayments. Min 20% deposit.

    • 2.84% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Tic:Toc

    2.79% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^

    • 2.79% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $325.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Homestar

    2.74% p.a. variable

    2.77% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    One of the lowest home loan rates in town packed with essential features. No application or ongoing fees. Unlimited additional repayments with free online redraws. Min. loan size $150k, no construction loans.

    • 2.74% p.a. variable

    • 2.77% p.a.

    • $596

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    Well Home Loans

    2.82% p.a. variable

    2.86% p.a.

    $1234

    Product details Close details
    Well Balanced

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Best New Home Loan in Mozo Experts Choice Awards 2019.^

    • 2.82% p.a. variable

    • 2.86% p.a.

    • $785

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 80.00%

    • $200,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

  • Promoted

    Queensland Country Credit Union

    3.49% p.a.
    fixed 3 years

    3.90% p.a.

    $1234

    Product details Close details
    RateSaver

    No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.

    • 3.49% p.a.
      fixed 3 years

    • 3.90% p.a.

    • $500

    • $0.00

    • $0.00

    • yes - up to $10,000 per year

    • no

    • no

    • 90.00%

    • $100,000

    • $5,000,000

    • Fixed

    • Interest Only

    • Investor

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the RateSaver

  • Promoted

    IMB Bank

    3.13% p.a. variable

    3.19% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.

    • 3.13% p.a. variable

    • 3.19% p.a.

    • $799

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $75,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Budget Home Loan

  • Promoted

    CUA

    3.20% p.a. variable

    3.25% p.a.

    $1234

    Product details Close details
    Achieve Variable Home Loan

    No annual or monthly account keeping fees. Enjoy the flexibility of being able to make unlimited extra repayments without penalty. Borrow up to 90% of the property value.

    • 3.20% p.a. variable

    • 3.25% p.a.

    • $835

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • yes - partial up to $15,000 maximum

    • 90.00%

    • $100,000

    • $249,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Achieve Variable Home Loan

  • Promoted

    Bank of Queensland

    2.99% p.a.
    fixed 3 years

    3.72% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate 300k+

    Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.

    • 2.99% p.a.
      fixed 3 years

    • 3.72% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Fixed Rate 300k+

*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.

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