Digital banking trailblazer Up scoops up multiple home loan awards

By Kylie Moss · Thursday, 15 February 2024 · 2 min read

Fact Checked

While digital bank Up is probably better known by Australians for its innovative banking app, everyday and savings accounts, behind the scenes, it’s also been making headways in the home loan space.

In fact, UP Home has just scooped three home loan awards - Offset Home Loan, Fixed Rate and First Home Buyer - in the recently released 2024 Mozo Experts Choice Awards.

As part of these awards, Mozo’s money experts assessed 475 home loans from 99 lenders in Australia, only awarding the top value loans in each category.

“Up’s mantra has always been to help people reimagine their relationship with money,” said Peter Marshall, Mozo Awards judge. “And the Up Home loan ticks a lot of boxes for borrowers - competitive rate options, no upfront or ongoing fees, money-saving features like an offset account, and low deposit requirements.”

Borrowers have a choice of a variable interest rate or a fixed rate option which can be locked in for a period of between 1 - 5 years. The loan can be linked to UP Savers, providing an offset facility which reduces the amount of interest payable. Free extra repayments and redraw are also available, though extra repayments are capped at $30,000 for the fixed rate option.

There are no application, monthly, annual, redraw, or discharge fees to pay and borrowers only need a 10% deposit or equity to apply (though for loans with less than 20% lenders mortgage insurance is required).

There are a few restrictions to be aware of. Up is an app-only bank so you’ll need to apply and manage your home loan through the app. This loan is also only available to owner-occupiers who are purchasing or refinancing properties in major Australian capital cities.

Curious to learn more? Read on for the detailed snapshots of the fixed and variable options available. And in case you’re wondering about its origins, Up is 100% owned by Bendigo Bank.

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.

Important disclosures and comparison rate warning*

Important disclosures

Advertiser disclosure

Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.

We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.

We provide only general advice

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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

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.

Up - Variable Home Loan

6.15% p.a. variable rate (6.15% p.a. comparison rate*)
No application, monthly, annual, redraw, or discharge fees
Multiple Mozo Experts Choice Award Winner 2024^

Find out more

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation.

Up - Home fixed rate home loan

4 year fixed rate of 5.80% p.a (6.02% p.a. comparison*)
Only 10% deposit required
No application, monthly or annual fees
Mozo Experts Choice Award Winner 2024^

Find out more

If you like the idea of fixed monthly repayments, the Up Home fixed rate option is worth checking out. Our experts rated it as one of the best fixed rate home loans in the 2024 Mozo Experts Choice Awards^. There’s a choice of fixed terms from 1-5 years, with the 4 year fixed rate at a competitive 5.80% p.a. (6.02% p.a. comparison). And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city. Up will also cover the first $400 of your property valuation.

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

^* 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

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.