What a leading home loan looks like in 2024

A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s well below the average home loan in Mozo’s database.^^ 

This is the bar set by the digital home loan brainchild of CommBank, Unloan.

Since its launch, Unloan has become a force in the home loans space and recently scooped back-to-back Mozo Experts Choice Awards^ in the best low cost home loan category. 

Designed to ‘undo’ your mortgage, Unloan comes with a competitive variable rate of 5.99% (5.90% comparison rate*) for owner occupiers (average for 80% LVR in Mozo database currently sits at 6.85% variable ^^). And in what Unloan says is an Australian-first, borrowers will receive an extra 0.01% p.a. discount, every single year, for a maximum of 30 years.

Unloan claims its online application process can be completed in as little as 10 minutes. Borrowers with at least 20% deposit or equity can apply now, for loans of up to $10 million.

“Now more than ever, borrowers are looking for ways to reduce their mortgage repayments,” said Mozo expert judge, Peter Marshall. “With the winning combination of low rates, unique features, the scrapping of fees, and big bank backing, Unloan continues to set the bar for what a leading home loan looks like in 2024.”

^^ Average variable interest rate Mozo Database for $400,000 owner-occupier loan (< 80% LVR) as at 12 February 2024

Unloan’s award winning home loan

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.

More low-rate digital loans we love

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.

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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* 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.

^^Average variable interest rate Mozo Database (November 23, 2023)

^ Mozo Experts Choice Home Loan Awards