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 27, 2020

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.

I want to borrow

years

  • 2.49% p.a. variable

    2.52% p.a.

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    Details
  • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

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  • mozo-experts-choice-2020

    2.49% p.a. variable

    2.49% p.a.

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  • 2.68% p.a. variable

    2.69% p.a.

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  • 2.54% p.a. variable

    2.55% p.a.

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  • mozo-experts-choice-2020

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

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  • 2.18% p.a.
    fixed 2 years

    3.72% p.a.

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  • 2.65% p.a. variable

    2.68% p.a.

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  • mozo-experts-choice-2020

    2.29% p.a. variable

    2.32% p.a.

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  • mozo-experts-choice-2020

    2.54% p.a. variable

    2.89% p.a.

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  • 2.59% p.a. variable

    2.76% p.a.

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  • 2.59% p.a. variable

    2.63% p.a.

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  • mozo-experts-choice-2020

    2.54% p.a. variableApply now to get this rate from 30 Sep

    2.46% p.a.Apply now to get this rate from 30 Sep

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  • mozo-experts-choice-2020

    2.48% p.a. variable

    2.50% p.a.

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  • mozo-experts-choice-2020

    3.04% p.a. variable

    3.04% p.a.

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  • mozo-experts-choice-2020

    2.39% p.a. variableApply now to get this rate from 30 Sep

    2.39% p.a.Apply now to get this rate from 30 Sep

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  • 2.61% p.a. variable

    2.67% p.a.

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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.

^See information about the Mozo Experts Choice Home loans 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.

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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.

Finding the right mortgage interest rate 

When it comes to finding the best mortgage for your needs, having a competitive interest rate is essential. And no matter if you’re buying your first home or investment property, shopping around on interest rates can save you a bundle over the long term. So if you’d like more information on how to find the best mortgage interest rates around, head on over to Home Loans Interest Rates page.

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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Home Loan Reviews

NAB Tailored Home Loan (Choice Package) review
Overall 7/10
Great home loan options and incentives.

Pros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.

Read full review

Pros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.

Price
8/10
Features
7/10
Customer service
7/10
Convenience
10/10
Trust
7/10
Less
Yasmin, Victoria reviewed 1 day ago
Bankwest Home Loan review
Overall 1/10
Worst experience with any financial institution.

I'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.

Read full review

I'm shocked and disgusted by the way this bank handles itself. Last year whilst overseas my card was used fraudulently to the tune of 14k all at a venue I was at for a short period of time. I asked them to investigate and send me the dockets which should highlight that the transactions were fraudulent and I was not in the same venue for 19 hours!!!.. which should have been an obvious giveaway something was not right in the first place! After 20 or so calls and emails they admitted they did not access the dockets/receipts and as most of the transactions used a pin it was down to me to pay and that was that, after reading the other reviews on here it seems like they just can't be bothered doing their job properly. I will be chatting to the ombudsman now as I can see I'm not on my own here. Move onto this year, as with most of us COVID has affected us all in some ways, after I put my mortgage on hold for a few months to see how things played out I just called to see what my options were moving forward and wanted to change from interest only to interest and principle which you think would be music to their ears given the current state of the economy and to decrease the interest that has accrued over the past few months but no! By way of background I have 9 months left of a fixed interest only mortgage and was told there is no way of me swapping to principal and interest without paying 11k break fees even though I was willing to keep the mortgage with them and lock in a new 3 or 5 year deal. How short sighted and economically irresponsible they are, they should be trying everything they can to assist long term customers especially with the current COVID financial climate but instead they look to make things harder. Surely someone at a senior level must have the hindsight to see their policies serve nothing but to annoy and drive customers away...? Come July I won't be a customer that's for sure... Shame on you Bankwest & Commbank for letting this happen and hopefully a potential customer reads this and goes with a bank with ethics.

Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Dominic, New South Wales reviewed 1 day ago
MOVE Bank Home Loan review
Overall 9/10
Move to a better way of banking.

I like this bank because everybody is treated the same, there are no discounts for "better" customers, the ethos from the non profit credit union it emerged from still rings true. There is only one bricks and mortar branch but they do everything they can to ensure that you don't need to go into it. All banking can be done online or by phone and they will accomodate these needs with excellent service representatives.

Read full review

I like this bank because everybody is treated the same, there are no discounts for "better" customers, the ethos from the non profit credit union it emerged from still rings true. There is only one bricks and mortar branch but they do everything they can to ensure that you don't need to go into it. All banking can be done online or by phone and they will accomodate these needs with excellent service representatives.

Price
7/10
Features
9/10
Customer service
10/10
Convenience
7/10
Trust
9/10
Less
Ruth, Queensland reviewed 1 day ago

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The Morrison government intends to scrap the red tape banks and lenders currently face when issuing home loans and other credit products, allowing customers to access loans without getting bogged down in rigorous application procedures.Introduced by the Labor government following the global financial crisis, the responsible lending framework is now seen as restricting the flow of credit to households and businesses at a time when economic recovery depends on it.Winding back the restrictions would shift the burden of responsibility from lenders to borrowers, allowing banks to take credit applicants at their word when disclosing income and spending information, unless there is strong reason not to. Treasurer Josh Frydenberg said the red tape reduction would eliminate the barriers to accessing credit and assist the economy in its road out of the COVID-19 recession.“Maintaining the free flow of credit through the economy is critical to Australia’s economic recovery plan,” he said.“By simplifying the loan application process for borrowers it will reduce barriers to switching between credit providers, encouraging consumers to seek out a better deal.”Currently, banks and other lenders are overseen by the Australian Prudential Regulation Authority, but they are also subject to strict lending rules by the Australian Securities and Investments Commission. The changes will reduce ASIC’s role in enforcing responsible lending obligations, freeing up the corporate regulator to focus its attention on payday lenders instead.Under the new controls, payday lenders will no longer be able to lend money if half of a borrower’s income comes from Centrelink and the repayments exceed 10% of their income. This increases to 20% if less than half a person’s income is from Centrelink.ASIC will also tighten its controls on consumer leases and other high-risk non-banking products, such as by introducing caps on interest.As for banks and non-bank lenders, the easing of restrictions is expected to undo the climate of risk aversion many believed was stifling lending activity. For more information on lending trends, be sure to visit or home loans statistics page.