Top home loans round-up: December 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 6.75% p.a. read on for our Mozo Expert reviews and see how much you could be saving…

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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. 

IMB Bank Budget Home Loan
  • 6.04% p.a. variable rate (6.07% p.a. comparison rate*)
  • Up to $4,000 cashback (T&Cs apply)
  • Unrestricted additional repayments

Enjoy the benefits of a discounted variable home loan from IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You’ll get a Life-of-loan discount off IMB’s standard variable interest rate and the ability to make unrestricted additional repayments to pay your mortgage off sooner. Make free Internet and Mobile Banking redraws (T&Cs apply) and pay no monthly fees on a flexible loan term of up to 30 years. Plus, there’s only a 5% deposit required and the ability to split your home loan. No offset account.

Macquarie Basic Variable Home Loan
  • 6.14% and (6.16% comparison rate*)
  • Zero application or ongoing fees
  • Free redraw and extra repayments
Find out more

With competitive variable interest rates starting at 6.14% p.a. (6.16% p.a. comparison rate*), Macquarie’s Basic Home Loan brings with it minimal fees and a range of features like free extra repayments and a free redraw facility. Together with a split account option so you can split your loan between variable and fixed, the Basic Home Loan from Macquarie is available to owner occupiers and investors alike. 30% deposit required.

Bendigo Bank Express Home Loan
  • 6.09% p.a. variable rate (6.22% p.a. comparison rate*)
  • Offset account and redraw facility
  • 2024 Mozo Experts Choice Low Cost Home Loan winner
Find out more

The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.09% p.a. (6.22% 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 $10 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.

Latest fixed rate deals

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Important disclosures and comparison rate warning*
IMB Bank 2 year Fixed Rate Home Loan
  • 5.69% p.a. 2 year fixed rate (6.28% p.a. comparison rate*)
  • Up to $4,000 cashback (T&Cs apply)
  • Free Internet and Mobile Banking redraws

Get the peace of mind of a competitive fixed rate home loan for 2 years with IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You have the freedom to make up to 12 months repayments in advance without penalties, plus you’ll have free Internet and Mobile Banking redraws (T&Cs apply). There’s only a 5% deposit required and you have the flexibility to split your home loan as required. No offset account.

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^
Find out more

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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