Your selected home loans
Owner Occupier, LVR <80%
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.
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 our Mozo Review to learn more about the Unloan Unloan Variable
Your selected home loans
Package, Owner Occupier, LVR<60%, Principal & Interest
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Read our Mozo Review to learn more about the Macquarie Offset Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, LVR <90%
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Read our Mozo Review to learn more about the Bendigo Bank Express Home Loan
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Owner Occupier, Principal & Interest, LVR <60%
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about the ubank Neat Home Loan
Your selected home loans
Fixed, Owner Occupier, Principal & Interest, LVR<70%
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
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Owner Occupier, Principal & Interest, LVR 70-80%
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, <80% LVR
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.
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.
Read our Mozo Review to learn more about the ANZ Fixed Rate
You can this discuss this option and compare against 25+ lenders with our trusted partner Lendi.
Answer a few questions online about your current loan and Lendi will connect you with one of their experienced home loan specialists, who can guide you every step of the way.
Your selected home loans
Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
Read our Mozo Review to learn more about the ING Fixed Rate Loan with Orange Advantage
Your selected home loans
Investor, Principal and Interest, LVR<80%
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
Read our Mozo Review to learn more about the loans.com.au Variable Investor Home Loan 80
Your selected home loans
Owner Occupier, Principal & Interest, <80% LVR
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.
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.
Read our Mozo Review to learn more about the Aussie Elevate
Your selected home loans
LVR <70%
Enjoy a competitive rate on your SMSF home loan with Loans.com.au. Available for refinancers only. No application fee and no settlement fee. No monthly, annual or ongoing fees. Unlimited extra repayments. Online access via Smart Money App. 30% deposit required.
Enjoy a competitive rate on your SMSF home loan with Loans.com.au. Available for refinancers only. No application fee and no settlement fee. No monthly, annual or ongoing fees. Unlimited extra repayments. Online access via Smart Money App. 30% deposit required.
Read our Mozo Review to learn more about the loans.com.au SMSF Home Loan
Your selected home loans
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Every home loan is different, and so are home loan interest rates. The rate you get with your mortgage is going to play a major role in determining how much you pay over the life of the loan.
That’s why, when it comes to comparing home loans, finding the lowest home loan interest rate possible will be right at the top of the priority list for many borrowers.
After all, if you can find a way to reduce the interest on your mortgage repayments, why wouldn’t you?
Not every borrower is can snag the lowest home loan rate on the market, because there are a number of factors that banks and other lenders take into account when determining their rates.
Some of these include:
There are low rate home loans available for various types of borrowers. The key to finding them is to compare.
Interest rates have changed a lot over the decades. In the 1980s they used to be over 15%! Nowadays, most home loans range from 5% to 7%, depending on the year.
Interest rates reached a historic nadir in 2020-2022 due to pandemic-era economic stimulus policies.
However, home loan interest rates have been rising recently thanks to a series of hikes made by the Reserve Bank of Australia.
If you’re interested in keeping up to date with some of the latest home loan offers, it’s worth regularly checking in on the rates on this page, or visiting our other dedicated home loan pages for variable rates, fixed rates, refinancers and investors.
Different types of home loans come with higher and lower interest rates. This is largely a matter of risk (as calculated by lenders), which is why ‘less risky’ loans tend to come with lower rates.
Interest rates differ from one lender to the next, but there are some broad generalisations that hold true between different types of home loans. Here are a few examples.
On average, lenders offer lower rates to owner-occupiers than they do to investors because property investors are generally considered riskier.
That’s not to say that there aren’t low home loan rates available to investors, but they may not be eligible for some of the very sharpest rates around.
Many mortgage lenders offer customers the choice between making principal and interest or interest-only repayments.
Some borrowers, particularly investors, elect to go interest-only on their loans for a limited amount of time (generally up to 5 years), as it’s a way to initially make lower repayments.
However, interest-only home loans tend to come with higher interest rates than principal and interest home loans because interest-only borrowers are deemed to be at a higher risk of defaulting.
The loan-to-value ratio (LVR) is a major factor in determining your interest rate. In short, LVR is the amount you’re borrowing versus the value of the property, which is then used to calculate your risk as a borrower.
LVR (%) = Loan value / property value
Generally speaking, the more security you have in your home, the safer you're deemed to be. So, if your LVR is lower than 80% (either by having a large deposit or built up equity), you will often have access to lower rates.
On the flip side, low deposit home loans tend to come with higher rates.
You'll need to decide whether you want to lock in a fixed rate for a few years or go with a variable rate. There are positives and negatives for each option, including the features and loan flexibility on offer, but you’ll also need to weigh up the rates on offer.
For instance, fixed rates shield you from rate hikes, but they also trap you out of savings if interest rates get cut.
At present though there’s not too much difference between some of the lowest home loan rates available on both fixed rate and variable rate loans, which means there’s plenty of choice.
Nabbing a low interest home loan is the major priority for many borrowers, but it won’t be the only consideration. There are plenty of other factors to weigh up in a home loan, too, such as:
Lenders take many factors into account when it comes to the rates they offer.
But whether you’re an owner occupier, investor, refinancer or first home buyer, there are some of the minimum requirements you’ll typically need to meet to get a low rate home loan:
In Australia the home loan market is dominated by the Big Four banks: ANZ, Commonwealth Bank, NAB, and Westpac.
While these major players have the most customers, they often don’t provide the lowest home loan interest rates around. So who does?
If you are on the hunt for a sharper rate, comparing loans from a range of different lenders is a clever move. Some kinds of lenders to consider include:
Comparison rates are designed to provide borrowers with a better reflection of the true cost of the loan. That’s because the comparison rate not only takes into account the advertised or ‘headline’ interest rate, but also things like fees and charges plus the amount being borrowed, the loan term and the repayment frequency.
Some lenders offer variable rate home loans that come with an introductory rate, generally for 1 or 2 years. Introductory rates tend to be quite competitive as they’re used by lenders to draw in customers, but it’s always worth weighing any intro rate up against the ongoing variable rate attached to the loan.
In short, not always.
While finding a low home loan rate is a great starting point to reducing the amount you pay on your mortgage, you’ll also need to consider any ongoing or one-off fees that come with the loan as well as the revert rate (if it’s a fixed loan).
That’s because these costs will also contribute to the overall amount you'll earn, which is why it’s always worth looking at the comparison rate as well as the headline interest rate.
While home loan interest rates do tend to move in tandem with the Reserve Bank’s official cash rate, it’s a common misconception that mortgage lenders need to pass on any RBA rate cut in full to their customers.
Before you purchase a property you’ll want to know how much you’ll need to budget for in the way of home loan repayments.
Our home loan repayments calculator can help you work out how much your regular repayments will be and how much total interest you’ll end up paying on your loan. All you’ll need to do is plug in your loan amount, loan term and your interest rate to get started!
If you're purchasing a property for the first time you may be eligible for a number of first home owner grants and deposit schemes in Australia.
These include the various state-based first home owners grants, as well as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme and the Family Home Guarantee.
Yes! In order to access some of the lowest home loan interest rates around borrowers will typically need a deposit of at least 20%, but that doesn’t mean that there aren’t plenty of low deposit home loans available to those with deposits as low as 10% or even 5%.
Bear in mind is that lenders mortgage insurance (LMI) may be required of anyone with a deposit under 20% though.
At the end of the day there’s no single best home loan: it all depends on your wants and needs as a borrower. That’s not to say that there aren’t loans which stand out above the pack though.
Every year our expert judges analyse hundreds of Australian home loans as part of our Mozo Experts Choice Awards, naming winners in a range of categories including best Low Cost Home Loans, best First Home Buyers Loans and best Investor Home Loans.
To find out more, check out our run through of some of the best home loans in Australia or visit the Mozo Experts Choice Home Loan Awards page for a full list of winners and a copy of the award methodology report.
If you’re ready to compare a range of low rate home loans on rates, fees, features and more, then a great place to start is our comparison table at the top of this page.
Plug in your loan amount and loan term and you’ll be able to see your initial monthly repayment displayed next to each loan, or to compare even more loans, head over to our main home loan comparison hub.
Calculate how to lower your home loan costs! See more
Learn what you need to know about mortgages and money management in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
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We compare home loans from the following well-known providers and many more... See more home loan providers
The representative is the reason for the positive review. Rebecca Wickham at BCU was attentive and patient.
Read full reviewThe representative is the reason for the positive review. Rebecca Wickham at BCU was attentive and patient.
FLEXIBLE AND ACCESSIBLE
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I have banked with all the major banks and a few smaller and by far Westpac is the best
Read full reviewI have banked with all the major banks and a few smaller and by far Westpac is the best
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