Low rate home loans round-up: December 2023
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Interest in low-rate home loans is surging in the wake of the Reserve Bank's rate hikes, and savvy borrowers are refinancing in record numbers to save money on their home loan in 2023. With so many online lenders and rival banks still offering competitive variable rates well below the market average and wooing refinancers with cash backs and discounts, it’s no wonder a growing wave of borrowers are hitting comparison sites like Mozo right now to check the latest rates and secure a great value deal.
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 August’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.^
loans.com.au 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 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).
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.
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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.
* 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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