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.”

Unloan’s award winning home loan

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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.

For investors

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Important disclosures and comparison rate warning*
Unloan Variable Investment Home Loan
  • 6.29% p.a. variable rate (6.20% p.a. comparison rate*)
  • Zero upfront or ongoing fees

For investors, Unloan's low variable rate comes in at a competitive 6.29% p.a. (6.20% p.a. comparison rate*), with the same increasing loyalty discount rate up to thirty years. There are no application or other upfront fees, and no ongoing fees and investors get the same loan features as owner occupiers, including free extra repayments and redraws. Available for investment loans of up to $10M. Minimum 20% deposit.

More low-rate digital loans we love

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Important disclosures and comparison rate warning*
Macquarie Basic Variable Home Loan
  • Rates from 6.14% variable (6.16% comparison rate*)
  • Free extra repayments and redraw facility
  • No upfront or ongoing fees
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. 20% deposit required.

loans.com.au - Variable Home Loan 90
  • 6.04% variable rate (6.06% comparison rate*)
  • Free extra repayments and redraw + optional offset account
  • Available to borrowers with 90% LVR
  • 2024 Mozo Experts Choice Award winner^
Find out more

Aussie owned loans.com.au has been taking on the banks with low rate online home loans since 2011, and the Variable Home Loan 90 boasts a competitive rate for borrowers with a 10% deposit or equity or more. Our judges rated it among the best for first home buyers in the  2024 Mozo Experts Choice Awards^ but it is also a suitable choice for refinancers or new home buyers. Flexible features include unlimited free extra repayments, free redraw and an optional offset account for 0.10%, plus there are no pesky ongoing fees to pay. The loan settlement fee is $300. Available for loans of up to $2 million.

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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 (December 19, 2024)

^ Mozo Experts Choice Home Loan Awards