The low rate home loan hit-list: November 2024

By Mozo Editorial · Last updated Monday, 18 November 2024 · 1 min read

Fact Checked

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: November 2024

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Important disclosures and comparison rate warning*

Important disclosures

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We provide only general advice

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

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.

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^

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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.

Where do I get it? Head over to Unloan to find out more >>

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 Basic Variable Home Loan

6.14% and (6.16% comparison rate*)
Zero application or ongoing fees
Free redraw and extra repayments

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With competitive variable interest rates starting at 6.14% p.a. (6.16% p.a. comparison rate*), Macquarie’s Basic Home Loan brings with it minimal fees and a range of features like free extra repayments and a free redraw facility. Together with a split account option so you can split your loan between variable and fixed, the Basic Home Loan from Macquarie is available to owner occupiers and investors alike. 30% deposit required.

Where do I get it? Head over to Macquarie to find out more >>

IMB Bank Budget Home Loan

6.04% p.a. variable rate (6.07% p.a. comparison rate*)
Up to $4,000 cashback (T&Cs apply)
Unrestricted additional repayments

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Enjoy the benefits of a discounted variable home loan from IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You’ll get a Life-of-loan discount off IMB’s standard variable interest rate and the ability to make unrestricted additional repayments to pay your mortgage off sooner. Make free Internet and Mobile Banking redraws (T&Cs apply) and pay no monthly fees on a flexible loan term of up to 30 years. Plus, there’s only a 5% deposit required and the ability to split your home loan. No offset account.

Where do I get it? Head over to IMB Bank to find out more>>

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^

Find out more

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.

Mortgage Simplifier

6.14% p.a. variable rate (6.17% p.a. comparison*)
Free extra repayments, no monthly or annual fees
Only 20% deposit required

Compare 25+ lenders with our trusted partner, Lendi.

Book an appointment and enter the draw to win $30K (T&Cs apply)

I want to refinance

Winner of Australia’s Best Bank title in the Mozo Experts Choice Awards 2024^, ING is known for its great value products and the Mortgage Simplifier Home Loan is no exception. Not only does this home loan come with top features to help you pay off your home loan faster like a low variable rate, no annual or monthly fees, you’ll also have the freedom to make extra repayments or redraws, which are also free. Available to owner occupier borrowers with at least a 20% deposit or equity (T&Cs apply). Please note upfront fees of $299 and discharge fee of $250.