Your selected home loans
For the week of 25 November 2024, the average owner-occupier variable home loan rate in our database is 6.74% p.a., while the best rate is 5.89% p.a. (5.89% p.a. comparison rate*) for borrowers with 80% LVR. That’s an annual saving of $3,330+ on a $500k mortgage over 30 years.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
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Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
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Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read reviews and learn more about Unloan home loans
Go to siteEnjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.
Read reviews and learn more about IMB Bank home loans
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Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
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Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
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Your selected home loans
The Mozo database tracks 430 home loans from 96 Australian lenders, so you can compare rates, fees and home loan features side-by-side.
We have spent our days keeping tabs on rates, crunching numbers, and breaking down bank jargon to provide you with practical tips, breaking news and expert analysis since 2008.
We’re regulated by ASIC and are committed to bringing you a free service. You can search all providers in our database regardless of whether we get paid or not.
Mozo’s team of home loan experts include data analysts, finance journalists and compliance professionals. Meet the team
A lot of Australian homeowners and would-be buyers are facing an expensive property market and high home loan interest rates at the moment. But the good news is that inflation, one of the main drivers causing housing costs to soar, continues to ease.
After the September quarter Consumer Price Index (CPI) data came out, we’ve been handed a much clearer picture of where Australia’s inflation problem currently stands.
While headline inflation only grew 0.2% over the quarter, annual inflation still sits at 2.8%. The annual figure is a big drop from the June quarter rate of 3.8%, and has eased thanks to government energy rebates and lower global demand for oil.
However, the Reserve Bank of Australia (RBA) usually focuses on trimmed mean inflation – the inflation rate excluding irregular price changes such as energy and oil this quarter – when considering their next cash rate decision.
Annual trimmed mean inflation for September 2024 came in at 3.5%. While this is down from the 4% recorded in June, it is still outside the RBA’s target inflation band of 2-3%. That means we’re unlikely to see the RBA cut the cash rate any time soon – predictions are in for February 2025.
Until then, one of the best ways to save money on housing costs is to make sure you’re getting the most competitive home loan rate you can. Below is a roundup of some of the best home loan rates in November, according to Mozo’s database.
As at 1 November 2024, the lowest home loan rates for an owner-occupier with <80% LVR, making principal and interest repayments on a $400,000 home loan, according to the Mozo database, are:
If you don’t want to lock-in your interest rate, these are the lowest variable rates this month:
If you’re after the security of consistent repayments by locking in an interest rate, these are the lowest fixed rate home loans this month:
Small interest rate differences can amount to huge savings over time.
The graph below illustrates how lower rates can translate to interest savings, using the example of an $800,000 mortgage, with a 25-year term.
At 6.50% p.a., you would end up paying $820,497 in interest alone. In other words, you'd pay back your principal loan amount of $800,000 and pay an additional $820,497 in interest – that's over $1.6 million all up.
Comparing the 6.00% and 6.50% interest rate examples above, a difference of just 0.50% could save you almost $250 per month, or over $74,000 over the span of 25 years.
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In Australia, home loans are available from a wide range of lenders including the Big Four, customer-owned banks, credit unions and non-bank lenders.
The Big Four banks (ANZ, CommBank, NAB, and Westpac) however dominate the home loan market. Despite their popularity, Big Four home loans tend to have higher rates than the competition.
Compared to the average variable rate in the Mozo database, a borrower with an $800,000 home loan could spend an extra $225 per month, or over $67,000 over 25 years with a Big Four, as illustrated below. This is why it’s important to shop around and compare home loans before you commit to any one lender.
| Type | Average interest rate | Monthly repayment | Total repayment (25 years) |
| Big Four variable | 7.15% p.a. | $5,731 | $919,304 |
| All variable rates | 6.74% p.a. | $5,522 | $856,672 |
| Source: Mozo database, 18 November 2024. Interest rates based on a $400,000 owner-occupier variable home loan, with principal and interest repayments and <80% LVR over 25 years. Calculations based on a loan of $800,000. | |||
There are several factors that influence home loan rates in Australia. Competition between lenders and inflation are among the culprits, but recently the biggest influence on interest rates has come from the Reserve Bank of Australia (RBA).
To control inflation, the RBA manipulates the cash rate. When the cash rate is raised, interest rates tend to increase in response. This usually results in less spending by consumers and the eventual easing of inflation.
Over the past few years, the RBA cash rate has increased by 4.25% and this has pushed up interest rates on home loans as banks and lenders responded.
In April 2022, the cash rate was at just 0.10%, and the average variable home loan was 3.03% p.a. By November 2023, the cash rate had risen to 4.35%.
While the RBA hasn’t raised rates since then, the average variable rate has doubled which has put a lot of pressure on mortgage holders. As at 18 November 2024, the average variable home loan rate is now 6.74% p.a. according to the Mozo Database (based on OO, P&I, $400k, <80% LVR loan).
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Each year we conduct a review of all home loans in our database for the Mozo Experts Choice Home Loan Awards.
We run a number of scenarios across 11 categories to find the home loans that deliver the best value for Australian borrowers. Out of 475 home loans from 99 lenders we compared for this year’s awards, here’s some of the award winners:
To view the full list of winners, click the button below, or read the awards criteria in the methodology report found here.
Our expert guides will give you the knowledge you need to manage your mortgage from search to settlement. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
A home loan is an amount of money that you borrow to finance the purchase of a property.
A home loan works in a similar way to any other loan. You borrow an amount of money to fund the purchase of a property or land and you pay that money back (principle), plus interest, over a period of time.
There are a range of different factors that determine the repayment amount.
There are two types of home loans: owner-occupied and investment home loans.
Looking to see if you can switch and save, fix your rate, or finance an investment property purchase?
How much a home loan lender lets you borrow will depend on several factors, including:
You can use a borrowing power calculator to estimate the amount of money a lender may let you borrow based on your income, your expenses, and other debts you might have.
Crunch the numbers with our range of handy home loan calculators! See all calculators
Using a home loan comparison service like Mozo means you can compare a wide variety of options quickly, easily, and for free.
When you compare home loans, ask yourself the following questions:
These questions can help point you in the right direction and make it easier for you to decide on the right home loan for you.
The standard deposit in Australia is 20% of the value of a property. Although, it is possible to buy a home with a deposit of less than 20% by using government schemes, such as the First Home Guarantee scheme, and by opting for a low-deposit home loan.
The interest on your home loan is calculated daily, based on your outstanding balance.
Your lender will multiply your loan balance by your interest rate, then divide that number by 365 days to find your daily interest amount. They will then add all of your daily interest charges together for the month, which you will pay for as part of your mortgage repayment.
If you make weekly or fortnightly payments, it follows that you’ll pay the accumulated daily interest for the week or fortnight.
Read our guide on calculating interest on a loan for more information.
Home loan interest is not tax-deductible for owner-occupiers. However, property investors can claim interest as a tax deduction if they have an investment home loan.
An offset account is a transaction account that allows you to reduce how much interest you’re charged. You won’t pay interest on your loan balance equal to the amount of money you hold in your offset account.
For example, if you have a $500,000 home loan debt and $50,000 in your offset account, your home loan interest will be calculated on just $450,000.
Read our guide on how offset accounts work for more information.
The right time to refinance will be different for each individual’s circumstance but we recommend that you review home loan offers at least every two years to make sure that your home loan remains competitive.
If you stand to save money by refinancing, it’s a good idea. This means weighing up the risks and the costs of refinancing compared to sticking with your current home loan, and judging for yourself if it’s the right move.
The process of applying for a home loan involves working out how much you can borrow, saving up for a deposit, comparing home loan options, getting pre-approval from a lender, and gathering all of your documents to submit as part of your application.
LVR stands for loan-to-value ratio. This is the amount you borrow, expressed as a percentage of the value of the property you buy.
When you first apply for a loan, your LVR is determined by your deposit size. The higher your deposit is, the lower your LVR will be.
But your LVR can also change over time, as you pay off more of your home loan, or as your property value goes up and down.
Lenders Mortgage Insurance (LMI) is an insurance product designed to protect your lender financially if you default on your home loan. You are usually required to pay for LMI if you apply for a home loan with a loan-to-value ratio (LVR) over 80%. This is because borrowers with high LVRs present more risk to the bank.
Having student loan debt won’t stop you from getting a home loan. However, as with any liability you have, a HECS-HELP debt will diminish your borrowing power and mortgage serviceability.
This is because the income you would otherwise have to spend on mortgage repayments is being taken up by your other financial obligations. This is a potential red flag for lenders when assessing if you’re a good fit for their product.
To work out what home loan you can afford, plug your income and expenses into a borrowing power calculator. You’ll get an estimate how much you might be able to borrow from a lender at different interest rates and how much your borrowing power changes by eliminating other expenses.
We compare home loans from the following well-known providers and many more... See more home loan providers
It does not provide support for people in financial distress.
Read full reviewIt does not provide support for people in financial distress.
Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
Read full reviewSuncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
Read full review**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
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