Borrowers who stay put missing out on huge savings

Lenders are rolling out the red carpet to new home loan customers in a discounting frenzy that is driving huge bargains for savvy borrowers.  Discounted rates, fee waivers, cashback and rewards points are all on offer right now to entice borrowers, and these killer deals could save Aussies save a tonne on their mortgage.

Popular online lender Tic:Toc has launched a $1,000 cashback offer for all new customers, while competitor has dropped its variable rate below 3.50% to match Tic:Toc's ultra low rates. Homestar has a competitive low rate plus fee waiver offer on the market, while Virgin Money is enticing new customers with Velocity rewards points.

To help you cash in on the savings, the Mozo Editors have rounded up 4 of the best home loan specials available right now.

4 Killer Home Loan Deals - Smart Home Loan 80
  • Special 3.48% variable rate (3.50% comparison rate*)
  • No application or ongoing fees
  • Unlimited additional repayments and free redraws
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Popular online lender has been offering up bank beating home loans since 2011, and they've done it again with this new limited time offer. The ultra low 3.48% variable rate could save you thousands, and there are no application or ongoing fees to pay. With unlimited extra repayments, free redraw and multiple loan splits available, this loan really is the smart choice. It's available for loans of $1 million or less, with at least 20% deposit.

Tic:Toc - Variable Home Loan
  • $1,000 cashback when you settle your loan
  • 3.47% variable rate (3.48% comparison rate*)
  • ​Get full approval online
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Tic:Toc’s award-winning Variable Home Loan could save you thousands with low rates and no application, valuation or settlement fees. Flexible features include fee-free redraws and extra repayments, plus the option of adding an offset account for $10 per month. With all this on offer plus a $1,000 cashback, it's no wonder Tic:Toc took out the Mozo Experts Choice Award for Online Home Lender of the Year 2019.

Virgin Money - Reward Me Variable Rate Home Loan
  • 3.69% variable interest rates (3.83% comparison rate*)
  • Earn 20,000 Velocity Points for every $100,000 borrowed
  • Free extra repayments and offset facility
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If you like the sound of being rewarded for being a loyal customer, you'll love this offer from Virgin Money. Along with a low rate, you’ll get plenty of flexible features like free extra repayments, redraw and an offset account. On top of that, you’ll be rewarded with 20,000 Velocity Points for every $100,000 you borrow at the start of your loan, plus an extra 1,000 Velocity Points every month of your loan and 30,000 Velocity Points every 3 years when your loan balance remains above $50,000.

Homestar - Star Essentials Home Loan Refinance Special
  • 3.49% interest rate (3.49% comparison rate)
  • Free extra repayments and redraw facility
  • No ongoing or upfront fees if you apply by 28 June
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With a number of handy features - including free extra repayments and a free redraw facility - and a low 3.49% p.a. variable rate (3.49% p.a. comparison rate), the Homestar Star Essentials Home Loan gives owner occupiers plenty to get excited about. And if you’re a refinancer borrowing between $200,000 and $750,000, you can expect to have the $250 valuation fee and $265 legal fee waived if you apply and are approved by 28 June.

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Want more great value home loan options? Head over to our home loan comparison table to check them out.

* 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

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