Newcastle Permanent claims top home loan gong in Mozo 2018 Experts Choice Awards
Article by Ceyda Erem
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.
“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.
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.