Top ways to squash your mortgage in 2022
Refinancing to a lower rate, making extra repayments and opening an offset account are three of the best ways to reduce your home loan faster, and with interest rates on the rise it’s little wonder so many Aussie mortgage holders are looking to switch and save right now.
Our analysis reveals that there is a huge difference between the average home loan rate and the lowest in our database. In fact, the average big 4 bank borrower with a $400K owner occupier home loan could save up to $4,024 a year by switching.
Mozo compares over 500 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 lowest rate home loans on the market right now.
So if you're keen to cut your home loan down to size, read on for our Mozo Expert reviews of some of August’s lowest home loans and see how much you could be saving….
Mozo Editors Choice Low Rate Home Loans
loans.com.au - Variable Home Loan 70
- 3.10% variable rate (3.12% comparison rate*)
- Free extra repayments and redraw + optional offset account
- Available to borrowers with 70% LVR
This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. You can borrow up to $2 million with 30% deposit or equity, and pay no monthly or ongoing fees. What's more, loans.com.au's streamlined online process lets you find out if you pre-qualify in less than a minute and complete your application online.
Where do I get it? Head over to loans.com.au to find out more >>
Unloan - Variable Home Loan
- 3.14% variable rate (3.06% comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 3.14% variable rate (3.06% 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 refinance loans of up to $3M. Minimum 80% LVR.
Where do I get it? Head over to Unloan to find out more >>
Mozo Experts Choice Best Value Home Loans
OneTwo - Variable Rate Home Loan
- 3.09% variable rate (3.00% p.a. comparison rate*)
- Zero fees + score discounts as you pay off your loan
- $5,000 refinance cashback for loans over $500K (t&cs apply)
New digital lender, OneTwo Home Loans, took out a Low Cost Home Loan Award 2022^ for this innovative variable home loan that combines a low rate and zero fees with features that reward you for paying down your loan. Each time you pay off 5% of your original loan, OneTwo will drop your rate by 0.03% (discount capped at 0.15%). On top of this, OneTwo will match any extra repayments made in the first 6 months (up to $2,500). Available to refinancers in metro and inner regional NSW, Victoria and SA. 80% LVR.
Where do I get it? Head over to OneTwo to find out more >>
Macquarie - Offset Home Loan
- Variable rates from 3.69% (3.94% comparison rate*) - minimum 40% deposit
- 100% offset account, redraw facility and extra repayments
- Best Packaged Home Loan Winner 2022^
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 upfront fees to worry about.
Where do I get it? Head over to Macquarie to find out more >>
* 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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