Mortgage shake-up! Meet the lenders taking on the big banks
With the RBA cutting rates for the second time in this year, and many of Australia’s home lenders following suit, now is a good time to compare your home loan to see where your loan rate stacks up against the market.
The average big 4 home loan rate according to our database^ is 6.60% p.a., and the good news is that many rival lenders have rates well below this. But with so many different options available, it can be hard to know which lenders really stand out from the pack.
That’s where Mozo’s money experts come in. We compare home loans for a living and know a good home loan deal from a dud.
Unloan, a digital-only lender backed by CommBank continues to impress. It immediately passed on the full rate cut, has no fees and a unique loyalty discount. Aussie icon NRMA Insurance has recently picked up several home loan awards for delivering great value , while Member owned IMB has a cash back offer of up to $4000 depending on the loan amount and LVR up to 80%.
To learn more about these players and some of the other rival banks taking on the big 4, read on for our expert rundown of top home loans currently on offer.
Unloan - Variable Home Loan
- Rate cut now live!
- New 5.49% p.a. variable rate (5.40% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Low cost home loan winner - Mozo Experts Choice Awards 2023, 2024 & 2025^
Unloan’s Variable Home Loan has taken out a low cost home loan award for an impressive third year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.49% p.a. variable rate (5.40% 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.
NRMA Insurance Variable Offset Home Loan
- 5.53% p.a. variable rate (5.74% p.a. comparison rate*)
- Zero application fees to pay
- Free additional repayments and online redraw
Enjoy a competitive interest rate on up to a 30 year loan term with the NRMA variable offset home loan. There is no application fee to pay and in addition to the 100% offset you can make unlimited additional repayments to pay your home loan off sooner. You’ll also get free online redraw. 10% minimum deposit and $15 monthly service fee. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
loans.com.au Variable Home Loan 90
- Variable interest rate from 5.54% p.a. (5.58% p.a. comparison rate*) for LVR < 90%
- 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).
IMB Bank Budget Home Loan
- 5.54% p.a. variable rate (5.57% p.a. comparison rate*) for borrowing up to 80% loan to value ratio
- Up to $4,000 cashback (T&Cs apply)
- Unrestricted additional repayments
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.
Ubank Flex Variable Home Loan
- Rate cut now live!
- 5.64% p.a. variable rate (6.89% p.a. comparison rate*)
- Multiple offset accounts available
- Free extra repayments and redraw facility
Whether you’re buying or refinancing, uBank’s Flex Variable Home Loan gives you lots of options. You can get a 100% interest offset across multiple Spend, Bills and Save accounts and make as many additional payments as you want at no extra charge (T&Cs apply). On top of all that, this loan offers the perfect balance of flexibility and security, that you can split your Flex variable home loan with a uBank fixed home loan too. 40 % deposit required. Annual fee to pay.
Fixed Rate Deals
SWS Bank Premium 'Special' Fixed Rate
- Competitive 3 year fixed rate 4.99% p.a. (6.15% p.a. comparison rate*)
- Free redraw
- Available on loans from $800K up to $2.5 million
Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Premium Special Fixed Rate Home Loan. Get the flexibility of loan split options and redraw facility. There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a 20% deposit and a speedy online application. No offset account. 800k minimum loan up to $2.5 million. Other fees may be applicable. T&Cs apply.
BCU Fixed Rate Home Loan
- 5.49% p.a. for 2 years (5.77% p.a. comparison rate*)
- No establishment or annual ongoing fee
- Just 5% deposit required
Member-owned BCU's fixed rate home loan has no establishment fee, no ongoing annual fee, and competitive rates. You can lock in up to 5 years (rates may vary) and there is an option to make weekly, fortnightly or monthly repayments. During the fixed period you can also make extra repayments of up to $25,000. The loan is also available with just a 5% deposit. Other fees may apply. No offset account.
IMB Bank 2 year Fixed Rate Home Loan
- 5.29% p.a. 2 year fixed rate (5.72% p.a. comparison rate*)
- Up to $4,000 cashback (T&Cs apply)
- Free Internet and Mobile Banking redraws
Get the peace of mind of a competitive fixed rate home loan for 2 years with IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You have the freedom to make up to 12 months repayments in advance without penalties, plus you’ll have free Internet and Mobile Banking redraws (T&Cs apply). There’s only a 5% deposit required and you have the flexibility to split your home loan as required. No offset account.
^ According to the Mozo Database as at 05/03/2025 based on an owner occupied variable rate home loan (P&I) of $400,000 over 25 years with a LVR <80%.
* 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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