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. Advertiser disclosure.
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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
$1234
Product details Close details
Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
Smart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
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1.85% p.a.variable for 24 months and then 2.25% p.a. variable
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2.21% 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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Optional - with 0.10% additional interest
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$520
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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 Booster Home Loan
Details Close
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Mozo experts choice awards won:
- Split Home Loan - 2021
- Low Cost Home Loan - 2021
2.19% p.a. variable
2.19% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Split Home Loan - 2021
- Low Cost Home Loan - 2021
UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
UHomeLoan - Discount Offer
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
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2.19% p.a. variable
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2.19% 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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$0
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80.00%
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$100,000
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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
Details Close
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Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a. variable
1.99% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
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1.99% p.a. variable
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1.99% 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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$0
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60.00%
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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 Celebrate Variable Home Loan
Details Close
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1.99% p.a. variable
1.99% p.a.
$1234
Product details Close detailsVariable Home Loan
Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
Variable Home Loan
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
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1.99% p.a. variable
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1.99% 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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yes - offset sub account
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$0
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75.00%
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$100,000
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$2,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
Details Close
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2.14% p.a. variable
2.14% p.a.
$1234
Product details Close detailsBasic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
2.14% p.a. variable
2.14% p.a.
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
Basic Home Loan
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
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2.14% p.a. variable
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2.14% p.a.
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$0
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$0.00
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$400.00
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yes - free
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yes - free
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no
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$0
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60.00%
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$150,000
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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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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Low Cost Home Loan - 2021
1.99% p.a. variable
2.02% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Low Cost Home Loan - 2021
Variable Home Loan Special
Owner Occupier, Principal & Interest, LVR <80%
1.99% p.a. variable
2.02% p.a.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.
Variable Home Loan Special
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.
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1.99% p.a. variable
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2.02% p.a.
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$530
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$0.00
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$500.00
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yes - free
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yes - free
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Optional - $10 per month
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$530
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80.00%
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$150,000
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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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Special rate applies to home loan applications submitted by 31 January 2022.
Read our Mozo Review to learn more about the Variable Home Loan Special
Details Close
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1.99% p.a. variable
1.89% p.a.
$1234
Product details Close detailsVariable Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
1.99% p.a. variable
1.89% p.a.
OneTwo’s Variable Rate Home Loan brings features a low variable rate for owner-occupier refinancers. It has low fees and rewards borrowers for repaying the loan by lowering their rate. (T&Cs apply). Available to refinancers in metro NSW and Victoria only.
Variable Rate Home Loan
OneTwo’s Variable Rate Home Loan brings features a low variable rate for owner-occupier refinancers. It has low fees and rewards borrowers for repaying the loan by lowering their rate. (T&Cs apply). Available to refinancers in metro NSW and Victoria only.
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1.99% p.a. variable
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1.89% 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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no
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no
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$0
-
80.00%
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$20,000
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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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Fortnightly, Monthly
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Read our Mozo Review to learn more about the Variable Rate Home Loan
Details Close
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2.24% p.a.
fixed 2 years3.73% p.a.
$1234
Product details Close detailsSpecial Fixed Rate Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
2.24% p.a.
fixed 2 years3.73% p.a.
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Special Fixed Rate Home Loan Premium Plus Package
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
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2.24% p.a.
fixed 2 years -
3.73% p.a.
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$0
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$395.00 yearly
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$0.00
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yes - free up to $25,000 p.a.
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yes - free
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no
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$0
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80.00%
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-
-
-
-
Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$2,000 cashback when you refinance your home loan from another financial institution when you apply by 31 March 2022 and are funded by 31 May 2022, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Details Close
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2.34% p.a.
fixed 2 years2.59% p.a.
$1234
Product details Close detailsOwn Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <60%
2.34% p.a.
fixed 2 years2.59% p.a.
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Own Home Loan
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
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2.34% p.a.
fixed 2 years -
2.59% p.a.
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$250
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$250.00 yearly
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$0.00
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yes - free up to $20,000 per fixed rate term
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yes - free
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yes
-
$250
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60.00%
-
-
-
-
-
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 Own Home Loan
Details Close
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Featured Product
2.23% p.a. variable
2.25% p.a.
$1234
Product details Close detailsPrime Home Loan
Owner Occupier, Principal & Interest, LVR <70%
2.23% p.a. variable
2.25% p.a.
Bluestone's lowest ever variable rates from 2.23%* (2.25% comparison rate**). No risk fees or LMI. No credit scoring, fee-free offset account.
Prime Home Loan
Bluestone's lowest ever variable rates from 2.23%* (2.25% comparison rate**). No risk fees or LMI. No credit scoring, fee-free offset account.
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2.23% p.a. variable
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2.25% p.a.
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$1,110
-
-
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$250.00
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yes - free
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yes - free
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yes
-
$1,110
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70.00%
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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 Prime Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
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