Unloan opens books to new borrowers on self-discounting home loan

By Jack Dona · · 2 min read
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A model house held on a person's palm

From today, CommBank’s fully digital home loan, the Unloan Variable, scraps its refinance-only rule and opens its books to new borrowers.

When Unloan launched in 2022, only those refinancing an existing home loan could access the Mozo Experts Choice Award^ winner's annual interest rate discount.

“Now that new borrowers have the option ... I think a lot of people will consider it when they compare home loans.”

Winner of the Best New Home Loan^ award in 2023 and a Low Cost Home Loan^ award in 2024, Unloan commits to applying a 0.01% discount to your interest rate each year, up to a total discount of 0.30% after 30 years (T&Cs apply).

With a variable rate starting at 5.99% p.a. (5.90% p.a. comparison rate*), it’s a very competitive home loan that comes in well below the average variable rate in the Mozo database of 6.83% p.a. (OO, P&I, $400k, <80% LVR).

Key features of the Unloan Variable home loan

  • Competitive interest rate
  • No upfront or ongoing fees
  • Auto-discounting interest rate 
  • Free extra repayments
  • Free redraw facility

Competitive rate, features, and loyalty discount make it an attractive option

Mozo finance expert Peter Marshall says it’s great to see new buyers can now access such a competitive rate.

“Buying a property is a huge expense, so ensuring you have a low rate from day one is crucial,” Marshall said. 

“Since the Unloan Variable launched, it has been an incredibly competitive home loan with great features, like the automatic loyalty discount, and low fees. 

“Now that new borrowers have the option to make it their first choice, I think a lot of people will consider it when they compare home loans.”

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
  • Annual rate discount of 0.01%, up to 0.30% after 30 years (T&Cs apply)
  • Free extra repayments and redraw facility

  • No offset account available

Unloan’s Variable Home Loan took out a Mozo Experts Choice Awards 2024^ in the low cost home loan category. 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. Now available for new loans and refinance loans of up to $10M. Minimum 20% deposit. 

Where do I get it? Head over to Unloan to find out more >>

How does Unloan compare to other home loan lenders?

The interest rate on the Unloan Variable stacks up quite well compared to the average variable rate in the Mozo database. 

At 5.99% p.a. (5.90% p.a. comparison rate*), Unloan comes in well below the database average of 6.83% p.a. (OO, P&I, $400k, <80% LVR). 

The average mortgage size in Australia, according to ABS lending indicators, is about $599,000. Here's how Unloan compares to the average variable rate in the Mozo database (as at 8 April 2024):

Interest rateMonthly repayments
Unloan Variable5.99% p.a. (5.90% p.a.*)$3,856
Average rate6.83% p.a.$4,169

As always, it’s important to compare home loans to find the right one for you. The average variable home loan (OO, P&I, $400k, <80% LVR) in the Mozo database may be 6.83% p.a., but the lowest we track comes in at 5.80% p.a. (at the time of writing). 

So check out a few of the highlighted home loans below, or check out some more award-winners named as the best home loans in Australia. 

Last updated 3 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available
Showing 8 results from 415 home loans. Use the filters to see more

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* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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