Newcastle Permanent claims top home loan gong in Mozo 2018 Experts Choice Awards
At Mozo, we’ve got a big reason to celebrate, as we’ve just announced the winners of our 2018 Experts Choice Home Loan Awards.
To determine the winners, our experts rolled up their sleeves and dived into the Mozo database, analysing 525 home loan products from 88 Aussie lenders.
Some of the categories we looked at included Low Cost Home Loans, Packaged Home Loans and Investor Home Loans.
And while our winners came in all forms, it was Newcastle Permanent who won the hearts of our experts, as they were awarded the title of Home Lender of the Year.
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“Our experts have left no stone unturned and found the best of the best for home loans in a number of categories, reflecting every type of borrower”, said Mozo Director, Kirsty Lamont.
The makings of a winner
In order to calculate our variable rate winners, our experts looked at a 25 year loan that was held for 5 years at the current interest rate and then discharged.
Similar calculations were also used for our fixed rate winners, however, it was assumed that the loan was held only for the fixed rate period.
The loans were then ranked in order of total interest and mandatory fees, like application, settlement or discharge fees.
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Greater Bank was recognised as one of the big winners, taking home 5 Mozo Experts Choice Awards across 4 of the 8 categories, including Fixed home Loans and Split Home Loans.
But it was Newcastle Permanent who won the hearts of our experts, as they were awarded the title of Home Lender of the Year.
“This win is proof that it’s time for Aussies to look beyond major lenders for their home loan,” says Lamont.
“Over the last few months, we’ve seen smaller players give the big banks a run for their money with competitive rates and low cost fees.”
If you’d like to find out which provides are proudly taking home a Mozo Experts Choice Award, here are the full list of winners.
* 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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