Mortgage brokers don't necessarily offer the best deals... here's why


07 Sep 2021

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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, 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.


Top Home Loans You Won’t Find Through a Broker Smart Booster Home Loan
  • 1.85% discounted variable rate for 2 years

  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

Expert verdict

This killer home loan from online lender,, could save you thousands. By cutting out branches and brokers, 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 to find out more >>

UBank UHomeLoan - Discount Offer
  • New 2.19% p.a. variable and comparison rate*

  • $0 upfront or ongoing fees plus free extra repayments and redraw

  • 2021 Mozo Experts Choice Award winner^

Expert verdict

With an ultra low interest rate and $0 application or ongoing fees, the UBank UHomeLoan is a great budget-friendly option for refinancers that comes with the security of being backed by NAB. The simple online application process makes it fast and easy to apply and UBank's local home loan experts can help you along the way. Available for loans of $200,000 plus with a minimum deposit of 20% or more.

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

Athena Celebrate Variable Home Loan
  • New 1.99% 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 >>

Nano Variable Home Loan
  • 1.99% variable and comparison rate* (owner occupier refinancers only)

  • Zero upfront or ongoing service fees

  • Free 100% offset sub account

Expert verdict

The Nano Variable Home Loan brings to the table one of the lowest variable rates around for refinancers with 75% LVR, and refreshingly it doesn't ask borrowers to give up on flexibility or features for the opportunity to save thousands. This feature-packed home loan comes with unlimited additional repayments, free redraw and a free 100% offset account, plus there's zero Nano fees to boot. It's available to refinancers with 75% LVR for loans of up to $2,500,000.

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

Yard Variable Home Loan Special
  • 1.99% variable rate (2.02% comparison rate*) - limited time only

  • 100% offset account option + free extra repayments and redraw

  • Available to borrowers with 80% equity in their property

Expert verdict

Looking for a home loan that could save you in the long run without having to sacrifice flexible features like an offset account and redraw facility? Then don’t miss the variable home loan from competitive new online lender Yard. This home loan ticks all the boxes, with an awesome low rate for borrowers with an 80% LVR plus unlimited additional repayments, free redraw, a 100% offset account for an extra $10 a month, and a simple online application that makes it easy to apply.

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

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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 loans Awards

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

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