best mortgages home loans

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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Fact Checked

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 - last updated 25 January 2022

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Smart Booster Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Compare
    Details
  • Mozo Expert Choice Badge
    UHomeLoan - Discount Offer
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

    Compare
    Details
  • Mozo Expert Choice Badge
    Celebrate Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a. variable
    1.89% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Details
  • Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Same low variable rate for all. No upfront or ongoing fees. Approval in minutes not weeks with a fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet (Apple and Google Pay). Refinance only. 25% deposit or equity required.

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    Details
  • Basic Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

    Compare
    Details
  • Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.38% p.a. variable
    2.41% p.a.

    Yard’s low-rate variable home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Only a 10% deposit needed.

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    Details
  • Special Real Deal Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.22% p.a. variable
    2.26% p.a.

    No application or service fees. Flexibility to choose your repayment schedule ( weekly, fortnightly or monthly) . $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent.

    Compare
    Details
  • Discounted Home Value Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.97% p.a. variable
    1.98% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Plus, $3,288 cashback offer (conditions apply).

    Compare
    Details
  • Mozo Expert Choice Badge
    Evaporate Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.94% p.a. variable
    1.91% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Compare
    Details
  • Mozo Expert Choice Badge
    Variable Home Loan Special
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st January 2022. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.

    Compare
    Details
  • Basic Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.74% p.a.
    fixed 2 years
    2.32% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Compare
    Details
  • Economy Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a. variable
    2.15% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%. Refinance to BOQ by 31 January 2022 and get $3,000 cashback (T&Cs apply).

    Compare
    Details
  • Budget Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.25% p.a.

    Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.

    Compare
    Details
  • Discount Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.24% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    Compare
    Details
  • Variable Rate Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.89% p.a.

    OneTwo’s Variable Rate Home Loan brings features a low variable rate for owner-occupier refinancers. It has low fees and rewards borrowers for repaying the loan by lowering their rate. (T&Cs apply). Available to refinancers in metro NSW and Victoria only.

    Compare
    Details
  • Own Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.34% p.a.
    fixed 2 years
    2.59% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Details
  • Mozo Expert Choice Badge
    Smart Booster Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.

    Compare
    Details
  • UHomeLoan
    interest rate
    comparison rate
    Initial monthly repayment
    1.79% p.a.
    fixed 1 year
    2.18% p.a.

    Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
    Details
  • Basic Variable
    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.24% p.a.

    Enjoy a great low variable rate with no monthly or annual fees with the Great Southern Bank’s Basic Variable Home Loan. It features $0 establishment fee and $0 security admin fee when you apply online. Unlimited fee-free repayments and free redraw. Bonus $3000 cashback offer for refinancers (conditions apply).

    Compare
    Details
  • Mozo Expert Choice Badge
    Liberate Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.93% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Details
  • Mozo Expert Choice Badge
    Discount Fixed Rate
    interest rate
    comparison rate
    Initial monthly repayment
    2.59% p.a.
    fixed 2 years
    3.17% p.a.

    Lock in a competitive rate for 2 years. Only 20% deposit required. Flexible repayment options and make up to $5,000 in additional repayments annually. Refinance to BOQ by 31 January 2022 and get $3,000 cashback (T&Cs apply).

    Compare
    Details
  • Special Fixed Rate Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.54% p.a.
    fixed 2 years
    3.78% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    Compare
    Details
  • Mozo Expert Choice Badge
    Fixed Rate Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 1 year
    2.44% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.

    Compare
    Details
  • Fixed Rate Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a.
    fixed 2 years
    3.11% p.a.

    Compare
    Details
  • Offset Variable
    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.44% p.a.

    Save on interest with the Great Southern Bank’s Offset Variable Home Loan. Handy 100% offset account. $0 establishment fee and $0 security admin fee when you apply online. Unlimited fee-free repayments and free redraw. Bonus $3000 cashback offer for refinancers (conditions apply).

    Compare
    Details
  • Back to Basics Special
    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.00% p.a.

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.

    Compare
    Details
  • Discount Variable Home Loan
    interest rate
    comparison rate
    Initial monthly repayment
    2.24% p.a. variable
    2.29% p.a.

    A great low rate from one of the largest customer-owned banks in Australia. No monthly administration or ongoing fees. Ability to make extra repayments and redraws. Only 20% deposit required.

    Compare
    Details
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^See information about the Mozo Experts Choice Home loans Awards

*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.

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.

Home loan lenders we compare at Mozo

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FAQ

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.


Home Loan Reviews

Homestar Home Loan
Overall 4/10
Rates are great but service is abysmal

The only reason my home loan is with Home Star is because their rates are so cheap. Aside from that, the customer service is frustrating to deal with and their app needs enhancing.

Read full review

The only reason my home loan is with Home Star is because their rates are so cheap. Aside from that, the customer service is frustrating to deal with and their app needs enhancing.

Price
10/10
Features
6/10
Customer service
2/10
Convenience
3/10
Trust
5/10
Less
Sam, New South Wales, reviewed 12 days ago
ANZ Home Loan
Overall 1/10
Absolutely Useless

No communication and no respect for their customers. Continual extensions on property settlement because ANZ can't get their act together costing us money that they don't care about!

Read full review

No communication and no respect for their customers. Continual extensions on property settlement because ANZ can't get their act together costing us money that they don't care about!

Customer service
1/10
Less
Colleen, Queensland, reviewed 13 days ago
Pepper Money Home Loan
Overall 8/10
Interest rate to high for the size of the loan tha

I think that interest I pay on my loan is excessive.

Read full review

I think that interest I pay on my loan is excessive.

Price
1/10
Customer service
10/10
Convenience
9/10
Trust
9/10
Less
Lou, Victoria, reviewed 13 days ago

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