How to crush your mortgage this financial year
Mozo
08 Jul 2019
With a new financial year upon us and interest rates sitting at new record lows, now is the perfect time to resolve to crush your home loan. Borrowers around Australia are celebrating back to back RBA cuts, but did you know that you can use the record low rates environment to your advantage to pay down your mortgage even faster?
By simply putting an extra $100 a month into your mortgage, the typical owner occupier borrower with a $400,000 home loan at the average variable rate of 3.89% could cut almost 3 years off their mortgage and save $29,924 in interest over 30 years.
That's an impressive figure, but there's a way to crush that mortgage even faster. Switching from the average rate to the lowest on the market of 2.89% would save the typical borrower $79,777 in interest. And, if you make the switch but maintain your original repayment amount, you could cut 5 years off your loan term and save a whopping $117,514!
Ready to make your new financial year resolution to crush that mortgage? Get started by comparing low rate home loans in the table below...
Top Home Loans to Crush Your Mortgage - rates updated daily
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Promoted
loans.com.au2.88% p.a. variable
2.90% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
2.88% p.a. variable
2.90% p.a.
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.
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.
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2.88% p.a. variable
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2.90% 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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no
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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 Home Loan
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Promoted
UBank
2.84% p.a. variable
2.84% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.84% p.a. variable
2.84% p.a.
Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.
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^.
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2.84% p.a. variable
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2.84% 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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80.00%
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$200,000
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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 UHomeLoan - Discount Offer
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Promoted
Athena2.84% p.a. variable
2.80% p.a.
$1234
Product details Close detailsAthenaVariable Home Loan
Owner Occupier, Principal & Interest
2.84% p.a. variable
2.80% p.a.
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.
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.
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2.84% p.a. variable
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2.80% 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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80.00%
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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 Variable Home Loan
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Promoted
Well Home Loans 2.82% p.a. variable
2.86% p.a.
$1234
Product details Close detailsWell Home Loans Well Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.82% p.a. variable
2.86% p.a.
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.^
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.^
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2.82% p.a. variable
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2.86% p.a.
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$785
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$0.00
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$300.00
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yes - free
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yes - free
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Optional - $10 per month
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80.00%
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$200,000
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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 Well Balanced
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Promoted
Tic:Toc 2.79% p.a. variable
2.80% p.a.
$1234
Product details Close detailsTic:Toc Variable Home Loan
Owner Occupier, Principal & Interest
2.79% p.a. variable
2.80% p.a.
Tic:Toc’s award-winning online platform could save you thousands. No fees, fee-free redraws and an optional offset account for $10 per month. Minimum 10% deposit. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
Variable Home Loan
Tic:Toc’s award-winning online platform could save you thousands. No fees, fee-free redraws and an optional offset account for $10 per month. Minimum 10% deposit. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
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2.79% p.a. variable
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2.80% p.a.
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$0
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$0.00
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$325.00
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yes - free
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yes - free
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Optional - $10 per month
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90.00%
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$50,000
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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 Variable Home Loan
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Promoted
Homestar2.74% p.a. variable
2.77% p.a.
$1234
Product details Close detailsHomestarStar Essentials Home Loan
Owner Occupier, Principal & Interest
2.74% p.a. variable
2.77% p.a.
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.
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.
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2.74% p.a. variable
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2.77% p.a.
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$596
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$0.00
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$535.00
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yes - free
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yes - free
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no
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80.00%
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$150,000
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$850,000
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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 Star Essentials Home Loan
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Promoted
Queensland Country Credit Union3.49% p.a.
fixed 3 years3.90% p.a.
$1234
Product details Close detailsQueensland Country Credit UnionRateSaver
Investor, Interest Only, Fixed
3.49% p.a.
fixed 3 years3.90% p.a.
No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.
RateSaver
No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.
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3.49% p.a.
fixed 3 years -
3.90% p.a.
-
$500
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$0.00
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$0.00
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yes - up to $10,000 per year
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no
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no
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90.00%
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$100,000
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$5,000,000
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Fixed
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Interest Only
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Investor
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the RateSaver
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Promoted
IMB Bank3.13% p.a. variable
3.19% p.a.
$1234
Product details Close detailsIMB BankBudget Home Loan
LVR 70-90%, Owner Occupier, Principal & Interest
3.13% p.a. variable
3.19% p.a.
Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.
Budget Home Loan
Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.
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3.13% p.a. variable
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3.19% p.a.
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$799
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$0.00
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$350.00
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yes - free
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yes - free
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no
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90.00%
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$75,000
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$5,000,000
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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 Budget Home Loan
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Promoted
HSBC 2.95% p.a. variable
2.97% p.a.
$1234
Product details Close detailsHSBC Discounted Home Value Loan
Owner Occupier, Principal & Interest
2.95% p.a. variable
2.97% p.a.
Unlimited free extra repayments and no ongoing service fees when you apply by the 31st January 2020. (T&Cs apply). Get help with the application process with an HSBC relationship manager, requires a minimum of 10% deposit at a max of 80% LVR. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
Discounted Home Value Loan
Unlimited free extra repayments and no ongoing service fees when you apply by the 31st January 2020. (T&Cs apply). Get help with the application process with an HSBC relationship manager, requires a minimum of 10% deposit at a max of 80% LVR. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
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2.95% p.a. variable
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2.97% p.a.
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$150
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$0.00
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$300.00
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yes - free
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yes - free online
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no
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80.00%
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$50,000
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$7,500,000
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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 Discounted Home Value Loan
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Promoted
Bank of Queensland2.99% p.a.
fixed 3 years3.72% p.a.
$1234
Product details Close detailsBank of QueenslandDiscount Fixed Rate 300k+
Owner Occupier, Principal & Interest
2.99% p.a.
fixed 3 years3.72% p.a.
Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.
Discount Fixed Rate 300k+
Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.
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2.99% p.a.
fixed 3 years -
3.72% p.a.
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$450
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$10.00 monthly
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$320.00
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yes - free up to $5,000 p.a
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no
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no
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80.00%
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$300,000
-
-
-
Fixed
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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 Discount Fixed Rate 300k+
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