The low rate home loan hit-list: December 2023

Off the back of relentless rate rises, 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.

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 November's lowest home loans and see how much you could be saving….

Low rate home loans in Australia: December 2023

Unloan - Variable Home Loan
  • 5.74% p.a. variable rate (5.65% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 5.74% p.a. variable rate (5.65% 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 refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Free offset accounts available

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

Macquarie - Offset Home Loan
  • Variable rates from 6.44% (6.69% comparison rate*) - minimum 40% deposit
  • 100% offset account, redraw facility and extra repayments
  • Best Packaged Home Loan Winner 2023^

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. Variable Home Loan 90
  • 6.04% p.a. (6.06% p.a. comparison rate*)
  • No application fees to pay
  • 2023 Mozo Experts Choice Award winner

If you're in the market for a competitive rate on a variable home loan, online lender 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).

Well Money Well balanced Home Loan
  • 5.87% p.a. variable rate (5.89% p.a. comparison rate*)
  • Free online redraw available
  • 100% Bank-backed Offset available ($10 p/mth)

Enjoy great low rates and some useful features with Well Money’s Well Balanced Principle and Interest Home Loan. Make free online redraws and get the added bonus of a 100% offset account for a small fee ($10 p/mth). Get a free evaluation (Valued up to $300) Minimum loan amount $100K. 20% deposit required.

4 Year Fixed Rate Deal

UP Home fixed rate home loan
  • 4 year fixed rate of 6.40% p.a (6.24% p.a. comparison) *
  • Just 10% deposit required
  • No application, monthly or annual fees

With one of the lowest^^ 4 year fixed rates on the market at 6.40% (6.24% p.a. comp*), the Up Home fixed rate option is worth checking out if you like the idea of fixed monthly repayments. And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app only bank so you will need to apply through the app (use code UPHOMEMOZO and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank. 

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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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