Top home loans round-up: October 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…
NRMA Insurance Variable Home Loan
- 5.98% p.a. variable rate (6.02% p.a. comparison rate*)
- Zero application fees to pay
- Free additional repayments and online redraw
Enjoy a competitive interest rate on up to a 30 year loan term with the NRMA variable home loan. There is no application fee to pay and you can make unlimited additional repayments to pay your home loan off sooner. You’ll get free online redraw and have the option to add a 100% offset account for a small fee. 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
First Option Bank 2-Year Variable Discounted Home Loan
- 5.54% p.a. variable discounted rate (5.90% p.a. comparison rate*) for 2 years
- Zero application fees to pay
- Mozo Experts Choice Low Cost Home Loan winner for 2024
Enjoy the benefits of a 100% member-owned lender with the First Option Bank Simple Variable Home Loan. Reap the benefits of free redraw and extra repayments to pay off your loan sooner. Plus, you’ll pay zero application and annual fees with this straight-forward home loan. Ideal for refinancers, investors and first home buyers. 40% deposit required.
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^
Interested in a HSBC home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
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
Interested in an ING home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
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.
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.
Latest fixed rate deals
Macquarie Basic Fixed Home Loan
- Competitive 5 year fixed rate of 5.39% p.a (6.07% 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 5 year rate is a low 5.39% p.a. (6.07% 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.
loans.com.au 3 Year Special Fixed Home Loan
- 3 year fixed rate of 5.69% p.a (6.16% p.a. comparison) for borrowers with a 90% LVR
- No monthly or ongoing fees
- Up to $10,000/yr extra repayment/year
Enjoy repayment security for new purchases or refinancers with the loans.com.au 3 Year Special Fixed Home Loan. There are no monthly or ongoing fees to pay and you can split your mortgage with a variable rate if desired. Pay up to $10,000/yr in extra repayment per year to help pay down your home loan sooner. Minimum 10% deposit required. $300 settlement fee and no redraw facility.
Bendigo Bank Express Fixed Home Loan
- 5.54% p.a. 2 year fixed rate (6.11% p.a. comparison rate*)
- Offset account and redraw facility
- 2024 Mozo Experts Choice Exceptional Home Lender^
The online-only Express Home Loan allows live-in borrowers to lock in a 2 year fixed rate of 5.54% p.a. (6.11% p.a. comparison rate*). Other fixed rate terms are available up to 5 years. You'll also net features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments (of up to 20% in fixed period). You can borrow up to $10 million and have the flexibility to split. Only a 10% deposit is required. Keep in mind that there is a $10 monthly service fee and a $134 electronic valuation 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
* 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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