This simple mortgage trick saved one family $4,500 a year

If you’re anything like the typical mortgage holder, it’s probably been a while since you compared home loans to see if your rate is still competitive. But as one Aussie family found, this mistake could be costing you thousands of dollars a year in higher interest charges, particularly now that challenger lenders are fighting it out with unbelievably low home loan rates.
The Lamont family from Sydney’s north thought their home loan was a good deal, having switched a few years ago from a big bank to a cheaper lender. In reality, it had become seriously uncompetitive after a series of out of cycle rate hikes pushed their rate much higher than they realised they were paying.
After comparing home loans on Mozo, the Lamont's refinanced with an online lender, hassle-free. This simple process saved them a massive $4,500 a year in interest and fees on their Sydney-sized mortgage.
So if you haven’t reviewed your home loan lately, why not do it today. Who knows how much you could save by switching? Here are the Mozo Editors Picks of some of the top home loans on the market to get you started….
Low Rate Home Loans under 3.50%
UBank UHomeLoan - Discount Offer

New 2.84% variable rate (2.84% comparison rate*)
No hidden fees plus free extra repayments and redraw
Best Low Cost Home Loan and Split Home Loan Winner
The UBank UHomeLoan is a multiple award winner, and with amazing value on offer it's not hard to see why. As an online bank, UBank is able to offer super sharp rates and get rid of hidden costs like application and ongoing fees. You’ll need a minimum deposit of 20%, and get an online application process that is fast and super simple. You'll also have the security of knowing that UBank is backed by NAB.
loans.com.au Smart Home Loan 80

New 2.88% variable rate (2.90% comparison rate*)
No application or ongoing fees
Unlimited extra repayments and free redraws
The Smart Home Loan from popular online lender loans.com.au offers a super low rate plus handy features like free extra repayments, free redraw and the option to split your loan between fixed and variable rates. Its no wonder loans.com.au is a multiple Mozo Experts Choice Awards winner. If you’re borrowing $1 million or less and have at least a 20% deposit saved up, the Essentials Variable 80 might be the mortgage for you.
Homestar Star Essentials Home Loan

2.74% p.a. variable rate (2.77% p.a. comparison rate*)
Free extra repayments and redraw facility
No monthly or ongoing account fees
Boasting one of the lowest variable rates on the market, the Star Essentials Home Loan could help you save thousands over the life of your loan. This everything you need and nothing you don’t loan from Mozo Experts Choice winning non-bank lender, Homestar, gives owner occupiers plenty to get excited about, with $0 ongoing fees and a number of handy features such as unlimited extra repayments, free online redraws, multiple loan splits and a choice of weekly, fortnightly or monthly repayments.
Suncorp Fixed Home Loan Special Offer

2.89% fixed rate for 3 years (3.70% comparison rate*)
Free extra repayments - up to $500 each month
$2,000 cashback bonus - limited time offer
Winner of the 2019 Mozo Experts Choice Awards for best Fixed Rate Home Loan, the Home Package Plus mortgage from Suncorp is giving back to its borrowers with a fabulously low sub 3.00% interest rate with the security of a fixed rate for 3 years. Plus, you’ll even score a $2,000 cash bonus when you take out a loan of $250,000 or more (T&Cs apply). Together with no loan establishment fee and up to $500/month extra repayments, this is one home loan that must be seen to be believed!
^See information about the Mozo Experts Choice Home loans Awards
Want to compare more home loans? Check out the latest mortgage rates from 80+ lenders at Mozo's home loan comparison hub.
Rates correct at time of writing. How much you could save by refinancing your home loan depends on your personal circumstances.
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