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. Refinancers 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
  • Refinancers only
  • 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 refinance loans of up to $10M. Minimum 20% deposit.

More low-rate digital loans we love

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Multiple Mozo Experts Choice Award Winner 2024^

If you like the idea of fixed monthly repayments, the Up Home fixed rate option is worth checking out.  Our experts rated it as one of the best fixed rate home loans in the 2024 Mozo Experts Choice Awards^. There’s a choice of fixed terms from 1-5 years, with the 4-year fixed rate at a competitive 5.80% p.a. (6.02% p.a. comparison).  And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit, but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app-only bank, so you will need to apply through the app (use code UPHOMEMOZO, and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank.

ubank - Neat Home Loan
  • Variable rates from 6.09% (6.11% comparison rate*) - min 40% deposit
  • Fast and paperless online application process
  • Free extra repayments

ubank has made a name for itself as one of Australia's best value online lenders, and its new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. Plus, ubank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing.

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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