Mozo reveals how Aussies can save up to $106,000 in just five days

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 - last updated 1 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Home Fixed Rate

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.80% p.a.
    fixed 3 years
    5.91% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Compare
    Details
  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.24% p.a.

    Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

    Compare
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Compare
    Details

* 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

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 PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.