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 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

    Macquarie

    3.09% p.a. variable

    3.09% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Competitive low rate. No application or account management fees. Get the flexibility to split your loan and set different repayment types. Enjoy fee free withdrawals of your savings.

    • 3.09% p.a. variable

    • 3.09% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • 70.00%

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Monthly

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

  • Promoted

    Bank of Queensland

    2.89% p.a.
    fixed 2 years

    3.76% 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.

    • 2.89% p.a.
      fixed 2 years

    • 3.76% 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+

  • Promoted

    Athena

    3.34% p.a. variable

    2.99% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    With Athena's loyalty bonus, receive 0.01% discount for each of the first 5 years, just for making your repayments. Athena doesn't charge any fees and you can make extra payments to reduce your loan balance to save interest

    • 3.34% p.a. variable

    • 2.99% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Interest Only

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • 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

    Newcastle Permanent

    3.19% p.a. variable

    3.23% p.a.

    $1234

    Product details Close details
    Special Real Deal Home Loan

    No ongoing fees. Ability to split your loan between fixed and variable. First home buyers receive $2,500 cash back on loans $250K and above. Cash back will be deposited to the borrower’s NPBS Everyday Account after settlement.

    • 3.19% p.a. variable

    • 3.23% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - fees apply

    • yes - partial only

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • First Home Buyers can receive $2,500 for applications for loan amounts of $250,000 or more received before 30 April 2020 and settled by 30 June 2020 with a Newcastle Permanent Everyday Account.

    Read our Mozo Review to learn more about the Special Real Deal Home Loan

  • Promoted

    loans.com.au

    3.08% p.a. variable

    3.10% p.a.

    $1234

    Product details Close details
    ZIP Home Loan

    A super-low-rate home loan that comes with a $5,000 limit Visa Debit Card that is interest free for the life of the loan. No monthly or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount. Best New Feature in Mozo Experts Choice Awards 2019.^

    • 3.08% p.a. variable

    • 3.10% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $250,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Heritage Bank

    3.07% p.a. variable

    3.12% p.a.

    $1234

    Product details Close details
    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.

    • 3.07% p.a. variable

    • 3.12% p.a.

    • $750

    • $0.00

    • $250.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

*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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