Mortgage brokers don't necessarily offer the best deals... here's why
Mozo
02 Feb 2021
Thousands of Australians each year use mortgage brokers to refinance or get a new home loan, but did you know that some of the best value home loans on the market aren’t available through brokers?
Some of Australia’s most popular low-cost lenders like loans.com.au, UBank and Athena choose to bypass brokers and deal direct with borrowers. As they don’t pay broker commissions, you won’t find their home loans on broker panels.
Mozo Money Expert Kirsty Lamont says, “Brokers are a useful resource for those who need expert advice and assistance, but it’s important for borrowers to understand that you may be able to get a better home loan deal by shopping around yourself.”
So if you’d like to see what sort of deals you can access by comparing and applying online yourself, here are 5 killer home loans you won’t find by going through a mortgage broker.
5 Top Home Loans You Won’t Find Through a Broker
UBank UHomeLoan
1.75% fixed rate for 3 years (2.22% comparison rate*) - Limited time only!
Free extra repayments up to $20,000 p.a.
Fast and easy online application process
Expert verdict
With a fast and streamlined application process, a sub 3.00% rate for 3 years and the freedom to make free additional repayments up to $20,000 a year, this flexible home loan could be a great choice for borrowers who want the security of fixed repayments as well as the flexibility to pay the loan off sooner. UBank is backed by NAB and has home loan experts on tap to help you through the online application process.
Where do I get it? Head over to UBank to find out more >>
loans.com.au Smart Booster Home Loan
1.99% intro variable rate for 1 year
Rolls over to low ongoing 2.48% (2.47% comparison rate*)
Optional offset account plus free redraws and extra repayments
Expert verdict
This killer home loan from online lender, loans.com.au, could save you thousands. By cutting out branches and brokers, loans.com.au is able to pass on savings to customers in the form of lower rates and fees. Flexible features include unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. What's more, there are no ongoing monthly or annual fees. Available to borrowers with a 20% deposit for loans of up to $1 million.
Where do I get it? Head over to loans.com.au to find out more >>
Well Home Loans Well Balanced
2.17% variable rate (2.20% comparison rate*)
Free extra repayments and redraw facility
Offset account available (for $10 per month)
Expert verdict
As one of the cheapest home loans in the market thanks to a new ultra-low variable rate, you can find your inner balance with the Well Balanced home loan from Well Home Loans. Winner of a Mozo Experts Choice Award 2021 for Best Low Cost Home Loan, this loan boasts a list of waived fees and charges to help you save even more money. You’ll also get free extra repayments, redraw and an optional offset account for $10 a month, so you can customise your loan to suit you.
Where do I get it? Head over to Well to find out more >>
Athena Celebrate Variable Home Loan
New 2.19% variable & comparison rate* for borrowers with 60% LVR
Fast online application with no fees, free extra repayments + free redraw
Mozo Experts Choice Home Loan Innovation 2021 Winner
Expert verdict
New online mortgage challenger Athena is taking on the banks with a customer first approach and some of the best value mortgages on the market, helping borrowers around the country to save money and pay off their mortgages faster. Plus, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to refinancers and home buyers buying an established property in a capital or major regional city with a 60% LVR.
Where do I get it? Head over to Athena to find out more >>
UBank UHomeLoan - Discount Offer
Low 2.34% p.a. variable and comparison rate*
$0 upfront or ongoing fees plus free extra repayments and redraw
Flexible repayment options
Expert verdict
With an ultra low interest rate and $0 application or ongoing fees, the UBank UHomeLoan is a great budget-friendly option for borrowers with 20% deposit that comes with the security of being backed by NAB. The simple online application process makes it fast and easy to apply direct and get approval in principle, and UBank's local home loan experts can help you along the way. Available for loans of $200,000 plus.
Where do I get it? Head over to UBank to find out more >>
^See information about the Mozo Experts Choice Home loans Awards
Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
Each year the comparison experts at Mozo rate Australia's best value home loans and other products for the Mozo Experts Choice Awards. Find out more here.
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