The low rate home loan hit-list: June 2024

Off the back of relentless rate rises last year, there'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 February's lowest home loans and see how much you could be saving….


Low rate home loans in Australia: June 2024

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.

Macquarie - Offset Home Loan
  • Variable rates from 6.14% (6.16% 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.

Heritage Bank Discount Variable Home Loan
  • 5.99% p.a. variable rate (6.01% p.a. comparison rate*)
  • No application or monthly admin fees
  • Unlimited extra repayments and free online redraw

If you’re an owner occupier looking for competitive interest rates and flexible features, then the Heritage Bank Discount Variable Rate Home Loan has got you covered. Take advantage of no application or monthly administration fees to pay as well as free unlimited extra repayments and free online redraw. Plus, with flexible repayment options, managing your mortgage has never been easier. 30% deposit required. Establishment and discharge fees apply.

loans.com.au Variable Home Loan 90
  • 6.04% p.a. (6.06% p.a. comparison rate*)
  • No application fees to pay
  • Optional offset

If you're in the market for a competitive rate on a variable home loan, online lender loans.com.au has come through with the goods. There are no application fees to pay and you only require a 10% deposit to get started. You can borrow between $50,000 to $2,000,000, plus, you’ll have the freedom to make free extra repayments, and redraw them without penalty too. $300 settlement fee applies. (T&Cs apply).

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.

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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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