Best Mortgages Australia

Looking for the best mortgage rates around? Finding the perfect mortgage for you can save you a tonne of cash in the long run and here at Mozo, we’ve made comparing mortgages from a range of lenders in Australia easier than ever.

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Is a mortgage different to a home loan?

Generally, when people talk about home loans and mortgages, they really mean the same thing.

But technically speaking, they are a little different. A “home loan” is the money a bank lends to you, while a mortgage is the document that protects a lender by allowing them to sell your house to recover their money if you default on the loan.

When we talk about mortgages here, we’re using it in the same way as “home loan.”

How to find the best mortgage rates

Start by doing a mortgage comparison using our table below. Compare mortgage interest rates, fees and features and crunch the numbers on your potential repayments. When you’ve found a mortgage deal that’s right for you, just click the blue ‘Go to site’ button next to it to be taken through to the lender’s website. From there you can get more information or start an application.

Best mortgages comparisons on Mozo  - page last updated September 22, 2019

interest
rate
comparison
rate*
Initial monthly
repayment**

I want to borrow

years

  • 3.03% p.a. variable

    3.05% p.a.

      Compare
    Details
  • 3.09% p.a. variable

    3.05% p.a.

      Compare
    Details
  • 2.99% p.a. variable

    3.02% p.a.

      Compare
    Details
  • 3.18% p.a. variable

    3.19% p.a.

      Compare
    Details
  • 3.31% p.a. variable

    3.37% p.a.

      Compare
    Details
  • 2.99% p.a.
    fixed 3 years

    3.79% p.a.

      Compare
    Details
  • mozo-experts-choice-2019

    3.09% p.a. variable

    3.09% p.a.

      Compare
    Details
  • mozo-experts-choice-2019

    3.17% p.a. variable

    3.19% p.a.

      Compare
    Details
  • 3.22% p.a. variable

    3.24% p.a.

      Compare
    Details
  • 3.04% p.a. variable

    3.08% p.a.

      Compare
    Details
  • mozo-experts-choice-2019

    3.35% p.a. variable

    3.36% p.a.

      Compare
    Details
  • mozo-experts-choice-2019

    3.07% p.a. variable

    3.10% p.a.

      Compare
    Details
  • 3.38% p.a. variable

    3.42% p.a.

      Compare
    Details

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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, loan amount and term entered. 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.

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Mortgage comparison made easy

Whether you’re buying you're a first home buyer, refinancing an existing mortgage or getting your hands on an investment property, taking out a mortgage and buying a home is often the biggest financial commitment Aussies make - so getting it right is super important.

That’s where Mozo comes in. We’ve made it easy to compare deals from Australian mortgage providers with our comparison table above. From fees, to repayments options, interest rate to Loan-to-Value ratio, all the need-to-know information is included in our table to help you create a shortlist of the best mortgages for you.

Then, once you’ve picked the perfect option for you, you can also get the ball rolling on your application from right here, by clicking on the blue ‘Go to Site’ button next to the mortgage of your choice.

How to calculate your mortgage repayments

One important part of any good mortgage comparison is crunching the numbers using your loan amount and budget, so that you get a personalised, accurate idea of what a mortgage might cost you.

But if the idea of revisiting your high school maths homework has you breaking out in a cold sweat, don’t fear - we’ve got a bunch of mortgage calculators to help you do the hard yards.

If you want to work out how much a mortgage will cost you in monthly repayments and over the life of your loan, take our mortgage repayments calculator for a whirl. If you’re tossing up between two mortgage deals and want to know which one will be kindest to your wallet, plug the details of both into our mortgage repayment comparison calculator.

Do I need a mortgage broker?

Navigating the mortgage market and finding the right option for you can seem like a daunting task and enlisting the help of a mortgage broker has benefits - including that they may have the inside rail on a number of great mortgage deals.

On the other hand, a broker’s interests may not necessarily be in line with yours - mortgage brokers are paid a fee or commission when they sign you up for a loan with one of their partner lenders. The mortgage deals that are best for them, may not always be best for your wallet.

There’s so much information out there about home loans these days, that doing your own work to find the best mortgage deal for you is easier than ever, so you don’t really need a mortgage broker if you don’t want one. And even if you are using a broker, comparing mortgages yourself first can help you make sure you’re being offered the best possible deal.

How much can I borrow on my mortgage?

Before you get carried away hunting for your perfect home, it’s handy to know how much a mortgage lender will actually be willing to fork over. This can depend on a heap of different factors, and what you think you can borrow could be totally different to what you can actually borrow. To help you get an idea of what kind of budget you’ll have, take our mortgage borrowing calculator for a spin.

What kind of mortgage fees apply?

Aside from the interest you pay on a mortgage, the next biggest cost may be the fees you need to shell out for. Each mortgage is different, and some are completely fee free, but some common fees to keep an eye out for include:

  • Application fee - paid upfront when you apply for the mortgage. It’s usually not refundable, even if you aren’t approved for the home loan
  • Ongoing service fee - usually paid monthly or yearly
  • Legal, valuation and settlement fees - these are usually paid upfront. Sometimes they’re set by your lender, but where organising valuations or legal parts of the process is up to you, then so is determining the cost
  • Discharge fees - this is sometimes charged if you refinance your mortgage or pay the entire thing off early

While paying fees is no one’s favourite thing, some of the best mortgages around have a number of fees included. Why? Because in return for that fee you get a host of extras, like money-saving features, repayment flexibility and in the case of packaged mortgages, maybe even discounts on other financial products.

So, as with most other decisions about your finances, it’s up to you to weigh up the costs and benefits to decide which mortgage is better for you.

What mortgage features should I look for?

The features included in your mortgage can make a big difference to how much interest you wind up paying. Some features you might want to search for include:

  • Free extra repayments. One money-saving feature that some of the best mortgages may have is the ability to make free extra repayments. By making extra repayments on your mortgage, you’re not only paying it off quicker, but also saving on interest by chipping away at your principal amount. Want to know how much you can save on your mortgage by making free extra repayments? Head over to our extra mortgage repayments calculator to find out!
  • Free redraw facility. So you’ve been cutting down on interest by making free extra repayments. Great! But then, what if you have an unexpected vet or mechanics bill? If your mortgage also comes with a redraw facility, you can use this to reclaim some of that extra cash when you need it.
  • Offset account. An offset account is another feature that could save you big bucks - and you’ll barely have to lift a finger. By parking your savings in your mortgage’s offset account, you lower the amount of interest you pay every single day. Head over to our offset mortgage comparison table for more information on how it works and to check out some of the best deals around.

One thing to keep in mind is that a mortgage with more features often comes with slightly higher interest rates or fees as well. As part of your search, you should weigh up the benefits of having these features against the extra cost - there’s no point opting for a mortgage with a higher rate if you won’t even use any of the extra features it buys you.

Online, big bank, member-owned: who are the best mortgage lenders?

Choosing a mortgage deal is not the only thing you need to consider - picking out a lender you can trust and which works with your lifestyle is also important.

Different mortgage lenders have different benefits for borrowers. Here’s a quick snapshot of some of the main types of lenders to help you decide what’s right for you.

  • Online lenders are often able to offer some of the best mortgage deals around, because they don’t have the overhead costs of running a physical branch to consider. These savings can then be passed onto customers in the form of low rates and fees. The downside is there are no bank branches to visit - so you need to be comfortable managing your loan online or over the phone.
  • Big banks offer customers convenience and peace of mind. Many people already have their banking set up with a big bank, so going to the same place when looking for a mortgage is super easy. The downside is that big banks usually aren’t offering the best interest rates around - so the price of convenience might be higher than you think.
  • Mutuals and credit unions are customer owned, so usually keep their rates as low as possible, so members can cash in on the best mortgage deals. Borrowing from a member-owned bank often means becoming a member yourself.


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Mortgage calculators

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  • Repayments calculator

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  • Comparison calculator

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  • Extra repayments calculator

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  • Borrowing calculator

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