The low rate home loan hit-list: October 2024

With the high cost of living, here's never been a better time to compare your current home loan against the best on market and see how much you could save by switching home loans in 2024.

Our analysis reveals that there is a huge difference between the average home loan rate and the lowest in our database. In fact, the average big 4 bank borrower with a $400K owner occupier home loan could save up to $4,024 a year by switching.

Mozo compares over 500 home loans from more than 80 lenders, and our experts have done the hard work for you by scouring our database to uncover some of the lowest rate home loans on the market right now.

Read on for our Mozo Expert reviews of some of this month's lowest home loans and see how much you could be saving….


Low rate home loans in Australia: October 2024

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Unloan - Variable Home Loan
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^

Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.

Bendigo Bank Express Home Loan
  • 6.09% p.a. variable rate (6.22% p.a. comparison rate*)
  • Offset account and redraw facility
  • 2024 Mozo Experts Choice Low Cost Home Loan winner
Find out more

The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.09% p.a. (6.22% p.a. comparison rate*). It also comes with generous features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments. You’ll be able to borrow up to $10 million and have the flexibility to split. Just a 10% deposit is required and Bendigo says you could get fast online approval in as little as an hour.

Macquarie - Offset Home Loan
  • Variable rates from 6.14% (6.39% comparison rate*) - minimum 40% deposit
  • 100% offset account, redraw facility and extra repayments
  • Get up to 10 free offset accounts per loan

This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.

HSBC - Home Value Loan
  • 6.09% variable rate (6.09% comparison rate*)
  • Enjoy free extra repayments, online redraw and no ongoing monthly service fees
  • Settlement fee waived for promotional offer (T&Cs apply)
  • 2024 Mozo Experts Choice Award - Low Cost Home Loan^

HSBC is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. In addition to a low variable rate for borrowers with 70-80% LVR, this loan is loaded with features, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. $300 variation fee for changes to your loan. It also took out a 2024 Mozo Experts Choice Award^ in the low cost home loan category.

Fixed Rate Deals

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Macquarie Basic Fixed Home Loan
  • Competitive 5 year fixed rate of 5.39% p.a (6.07% p.a. comparison) for live in borrowers with a 70% LVR
  • No annual or application fee
  • Fast turnaround times

The key essentials of a great value home loan are low rates and low fees, and the Macquarie Fixed Basic home loan has both. For owner-occupiers, you’ll have a range of fixed terms to choose from 1 to 5 years and interest rates are scaled depending on your loan to value ratio. The 5 year rate is a low 5.39% p.a. (6.07% p.a.) for borrowers with at least 30% deposit or equity. The loan also does away with common fees so you won’t pay an application, monthly or an annual loan fee (but there are break cost fees if you do need to exit the loan early). You can make up to $10,000 a year in extra repayments and access them via a redraw. There is also a split loan option but no offset account. The loan is 100% digital and Macquarie boasts market-leading turnaround times and a straightforward application.

loans.com.au 3 Year Special Fixed Home Loan
  • 3 year fixed rate of 5.69% p.a (6.16% p.a. comparison) for borrowers with a 90% LVR
  • No monthly or ongoing fees
  • Up to $10,000/yr extra repayment/year
Find out more

Enjoy repayment security for new purchases or refinancers with the loans.com.au 3 Year Special Fixed Home Loan. There are no monthly or ongoing fees to pay and you can split your mortgage with a variable rate if desired. Pay up to $10,000/yr in extra repayment per year to help pay down your home loan sooner. Minimum 10% deposit required. $300 settlement fee and no redraw facility.

Bendigo Bank Express Fixed Home Loan
  • 5.54% p.a. variable rate (6.11% p.a. comparison rate*)
  • Offset account and redraw facility
  • 2023 Mozo Experts Choice Home Lender of the Year^
Find out more

The online-only Express Home Loan allows live-in borrowers to lock in a 2 year fixed rate of 5.54% p.a. (6.11% p.a. comparison rate*). Other fixed rate terms are available up to 5 years. You'll also net features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments (of up to 20% in fixed period). You can borrow up to $10 million and have the flexibility to split. Only a 10% deposit is required. Keep in mind that there is a $10 monthly service fee and a $134 electronic valuation fee.

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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

^^ Based on owner-occupier 4 year fixed rate home loans (80% LVR) in the Mozo Database as at 24 Oct, 2023.


* 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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