The low rate home loan hit-list: July 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 this month's lowest home loans and see how much you could be saving….
Low rate home loans in Australia: July 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.
Bendigo Bank Express Home Loan
- 6.01% p.a. variable rate (6.14% p.a. comparison rate*)
- Offset account and redraw facility
- 2024 Mozo Experts Choice Low Cost Home Loan winner
The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.01% p.a. (6.14% 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 $3 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.
UBank - Neat Home Loan
- Variable rates from 6.09% (6.11% comparison rate*) - min 40% deposit
- Fast and paperless online application process
- Free extra repayments
UBank has made a name for itself as one of Australia's best value online lenders, and its new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing.
Newcastle Permanent - Real Deal Home Loan
- 6.09% variable rate (6.13% comparison rate*)
- Free extra repayments
- Get up to $3,000 cashback by applying for a new purchase or refinancing online
Featuring a competitive interest rate and no ongoing service fees, the Newcastle Permanent Real Deal Home Loan is just that: the real deal. Not only is it easy on the wallet, but this loan also comes with features like the option to make free extra repayments, split your loan between fixed and variable rates and use a partial offset account. Plus, you could get up to $3,000 cashback by applying for a new purchase or refinancing online, if approved.
HSBC - Home Value Loan
- 6.14% variable rate (6.14% 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^
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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
Macquarie Basic Fixed Home Loan
- Competitive 3 year fixed rate of 6.25% p.a (6.20% 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 3 year rate is a low 6.25% p.a. (6.20% 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.
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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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