Top home loans round-up: July 2024

Home loan repayments are likely your biggest regular expense, so every cent that you can save on your home loan is more money for you. If you are looking to purchase property this year, or refinance an existing home loan, you’ll want to be in the know where you can get low home loan rates and secure a great value deal.  

With the big shift to digital banking, many lenders now offer online only home loans, which not only have competitive rates and features but also come with speedy application and approval processes.  

Mozo compares over 450 home loans from more than 80 lenders, and our experts have done the hard work for you by scouring our database to uncover some of the top low rate home loans on the market right now. 

With the average variable rate in our database* at 6.80% p.a. read on for our Mozo Expert reviews and see how much you could be saving…

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans.
Last updated 13 July 2024 Important disclosures and comparison rate warning*
Unloan - Variable Home Loan
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^

Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit. 

Macquarie - Offset Home Loan
  • Variable rates from 6.14% (6.16% comparison rate*) - minimum 40% deposit
  • 100% offset account, redraw facility and extra repayments
  • Get up to 10 free offset accounts per loan

This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.

Bendigo Bank Express Home Loan
  • 6.01% p.a. variable rate (6.14% p.a. comparison rate*)
  • Offset account and redraw facility
  • 2024 Mozo Experts Choice Low Cost Home Loan winner

The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.01% p.a. (6.14% p.a. comparison rate*). It also comes with generous features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments. You’ll be able to borrow up to $3 million and have the flexibility to split. Just a 10% deposit is required and Bendigo says you could get fast online approval in as little as an hour.

HSBC - Home Value Loan
  • 6.09% variable rate (6.09% comparison rate*)
  • Enjoy free extra repayments, online redraw and no ongoing monthly service fees
  • Settlement fee waived for promotional offer (T&Cs apply)
  • 2024 Mozo Experts Choice Award - Low Cost Home Loan^

HSBC is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. In addition to a low variable rate for borrowers with 70-80% LVR, this loan is loaded with features, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. $300 variation fee for changes to your loan. It also took out a 2024 Mozo Experts Choice Award^ in the low cost home loan category.

Mortgage Simplifier
  • 6.14% p.a. variable rate (6.17% p.a. comparison*)
  • Free extra repayments, no monthly or annual fees
  • Only 20% deposit required

Winner of Australia’s Best Bank title in the Mozo Experts Choice Awards 2024^, ING is known for its great value products and the Mortgage Simplifier Home Loan is no exception. Not only does this home loan come with top features to help you pay off your home loan faster like a low variable rate, no annual or monthly fees, you’ll also have the freedom to make extra repayments or redraws, which are also free. Available to owner occupier borrowers with at least a 20% deposit or equity (T&Cs apply). Please note upfront fees of $299 and discharge fee of $250.

Latest fixed rate deals

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans.
Last updated 13 July 2024 Important disclosures and comparison rate warning*
Macquarie Basic Fixed Home Loan
  • Competitive 3 year fixed rate of 6.25% p.a (6.20% p.a. comparison) for live in borrowers with a 70% LVR
  • No annual or application fee
  • Fast turnaround times

The key essentials of a great value home loan are low rates and low fees, and the Macquarie Fixed Basic home loan has both. For owner-occupiers, you’ll have a range of fixed terms to choose from 1 to 5 years and interest rates are scaled depending on your loan to value ratio. The 3 year rate is a low 6.25% p.a. (6.20% p.a.) for borrowers with at least 30% deposit or equity. The loan also does away with common fees so you won’t pay an application, monthly or an annual loan fee (but there are break cost fees if you do need to exit the loan early). You can make up to $10,000 a year in extra repayments and access them via a redraw. There is also a split loan option but no offset account. The loan is 100% digital and Macquarie boasts market-leading turnaround times and a straightforward application.  

ING Fixed Rate Loan 3yr Fixed
  • 6.09% p.a. 3 year fixed rate (6.15% p.a. comparison rate*)
  • No monthly, annual fee or transaction fees
  • Free additional repayments (less than $10,000 p.a.)

Enjoy the security of a fixed rate with the ING Orange Advantage 3 Year Fixed Rate Home Loan. Manage your money with no monthly, annual fee or transaction fees to pay. Plus, you can make free additional repayments (less than $10,000 p.a.) to get ahead even more. Valid for loans of $50,000 up to $2,000,000. 80% LVR required. $499 application and $299 settlement fee.

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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

*As at 11 July 2024. Based on $400,000 owner occupier variable home loan (P&I) 80% LVR