Mozo reveals how Aussies can save up to $106,000 in just five days
27 Mar 2020
Whether it’s earning a free coffee, using a coupon code to save at the checkout or scoring a two for one deal on cookies, most Aussies know a good bargain when they see one.
But according to new Mozo research, there’s one mega bargain opportunity majority Aussies are forgetting: their home loan.
The data revealed that despite half of Aussie homeowners proudly calling themselves bargain hunters, a whopping 75% admitted they had not refinanced their home loan, potentially missing out on up to $106,000 in savings.
“There are hundreds of ways to keep costs down from chasing rewards to joining loyalty programs or buying in bulk. This may save you a few dollars here and there but the reality is, by not going with the most competitive lenders in the market, you could be losing tens of thousands of dollars over the course of your loan,” said Mozo Director, Kirsty Lamont.
“The average amount of time it takes to refinance is five days, meaning that you could be saving major amounts of money in less than a week.”
How to beat the home loan loyalty tax
Earlier this month the Reserve Bank lowered the official cash rate to 0.50%, which resulted in many lenders pass on the full rate cut to customers.
However, Mozo data has shown that the average big four home loan rate still remains 1% higher than the lowest rate in the market, leaving many Aussie homeowners stuck with a dud deal.
70% of homeowners even admitted they felt they were being hit with a loyalty tax by staying with their current lender, while 95% said they should be comparing and making the switch or pushing their lender for a better deal.
Lamont explained that while having a variety of lenders at your fingertips is an easy way to guarantee yourself the best deal, for many Aussies, it may also be the reason holding them back.
“For any bargain hunter, the prospect of saving up to $100k should be enough motivation to pick up the phone and start talking to their bank,” says Lamont.
“Admittedly it can feel overwhelming with hundreds of lenders fighting for your attention. This is why Mozo has done the hard yards through the Mozo Experts Choice Awards, identifying the top low cost lenders in the market.”
Launched today, the 2020 Mozo Experts Choice Home Loan Awards are designed to give Aussie borrowers an insight into the lenders our expert judges believe are worthy of consideration.
Analysing more than 400 home loans from over 80 providers, our judges uncovered award-winning products for every type of borrower, from investors to first home buyers.
So if you’d like to find out who made it onto this year’s winners list, head on over to our 2020 Mozo Experts Choice Home Loan Awards winners page.
And if you’d like to check out how our winners were chosen, have a read of our methodology report.
Compare home loans
Rates updated daily. Advertiser disclosure.
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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
$1234
Product details Close details
Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.85% p.a.variable for 24 months and then 2.25% p.a. variable
2.21% p.a.
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
Smart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
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1.85% p.a.variable for 24 months and then 2.25% p.a. variable
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2.21% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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Optional - with 0.10% additional interest
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$520
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80.00%
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$50,000
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$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Booster Home Loan
Details Close
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1.79% p.a.
fixed 1 year2.32% p.a.
$1234
Product details Close detailsUHomeLoan
Owner Occupier, Principal & Interest
1.79% p.a.
fixed 1 year2.32% p.a.
Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.
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1.79% p.a.
fixed 1 year -
2.32% p.a.
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$0
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$0.00
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$0.00
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yes - free up to $20,000 during fixed rate term
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no
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no
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$0
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80.00%
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$100,000
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$2,000,000
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Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$395 Establishment fee waived for fixed rate loans that settle by 30 September 2021.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
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2.09% p.a.
fixed 3 years2.32% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.32% p.a.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Basic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
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2.09% p.a.
fixed 3 years -
2.32% p.a.
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$0
-
$0.00
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$400.00
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yes - free
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yes - free
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no
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$0
-
70.00%
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$150,000
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$750,000
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Fixed
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a. variable
1.99% p.a.
$1234
Product details Close details Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
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1.99% p.a. variable
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1.99% p.a.
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$0
-
$0.00
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$0.00
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yes - free
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yes - free
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no
-
$0
-
60.00%
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$100,000
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$2,000,000
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Variable
-
Principal & Interest
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Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
Details Close
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1.99% p.a. variable
1.99% p.a.
$1234
Product details Close detailsVariable Home Loan
Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.
Variable Home Loan
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.
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1.99% p.a. variable
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1.99% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
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yes - free
-
yes - offset sub account
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$0
-
75.00%
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$100,000
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$2,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Monthly
-
Read our Mozo Review to learn more about the Variable Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
