With over 500 mortgages from 80 lenders to compare, Mozo’s handy comparison tables are ready to help you pick the best mortgage to suit your needs. So start comparing great value offers today and save yourself thousands down the line.
Read moreWith Mozo’s simple comparison tables you’ll be able to start your search in seconds. By plugging in the amount in the amount you want to borrow and your prefered term in the field below, our tables will do the rest by showing you the best mortgage available.
We know that your own search is going to be unique, which is why we compare mortgages from a range of lenders - from major banks to online lenders and loans best suited for investors to first home buyers.
Got any queries about the mortgage process? Our range of handy mortgage guides and tips will help you cut through the jargon and for help crunching all your figures - check out our mortgage calculators.
Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
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. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
2.34% p.a. variable
2.34% p.a.
Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
2.54% p.a. variable
2.54% p.a.
<60% LVR, Investment, Principal & Interest
2.54% p.a. variable
2.54% p.a.
Enjoy zero fees and a speedy online application process. Free extra repayments and redraw facility. Flexible loan repayments. Minimum 20% deposit required. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
2.04% p.a.
fixed 2 years
2.79% p.a.
Owner Occupier, LVR <80%, 300k+
2.04% p.a.
fixed 2 years
2.79% p.a.
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
2.19% p.a.
fixed 3 years
2.53% p.a.
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
2.19% p.a.
fixed 3 years
2.53% p.a.
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
2.19% p.a. variable
2.20% p.a.
Owner Occupier, Principal & Interest, LVR <60%
2.19% p.a. variable
2.20% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
1.89% p.a.
fixed 2 years
2.94% p.a.
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years
2.94% p.a.
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
2.09% p.a.
fixed 3 years
3.67% p.a.
Owner Occupier, Principal & Interest, Home Loan Package
2.09% p.a.
fixed 3 years
3.67% p.a.
A People’s Choice 4 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
2.59% p.a. variable
2.76% p.a.
Owner Occupier, Principal & Interest, <70% LVR
2.59% p.a. variable
2.76% 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%.
1.95% p.a.
fixed 3 years
2.27% p.a.
Owner Occupier, Principal & Interest
1.95% p.a.
fixed 3 years
2.27% p.a.
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
2.65% p.a. variable
2.68% p.a.
Owner Occupier, Principal & Interest
2.65% p.a. variable
2.68% 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.
2.59% p.a. variable
2.63% p.a.
Owner Occupier, Principal & Interest
2.59% p.a. variable
2.63% p.a.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. Partial offset 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
2.33% p.a.variable for 24 months and then 3.82% p.a. variable
3.71% p.a.
Owner Occupier, Principal & Interest
2.33% p.a.variable for 24 months and then 3.82% p.a. variable
3.71% p.a.
GMCU Basic Variable Special Offer 2.33% (3.71% comparison rate) intro variable rate for 24 months. Offset account, extra repayments and redraw facility available. Victoria customers only.
2.54% p.a. variable
2.55% p.a.
LVR<80%, Owner Occupier, Principal & Interest
2.54% p.a. variable
2.55% p.a.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
2.49% p.a. variable
2.49% p.a.
LVR<80%, Owner Occupier, Principal and Interest, >$150k
2.49% p.a. variable
2.49% p.a.
A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.
2.29% p.a. variable
2.23% p.a.
70-80% LVR, Owner Occupier, Principal & Interest
2.29% p.a. variable
2.23% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
2.34% p.a. variable
2.35% p.a.
Owner Occupier, Principal & Interest, LVR 70-80%
2.34% p.a. variable
2.35% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
1.88% p.a.
fixed 2 years
2.98% p.a.
Owner Occupier, Principal & Interest, LVR <80%
1.88% p.a.
fixed 2 years
2.98% p.a.
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Includes an HSBC Premier Master Card with HSBC rewards and no annual credit card fee allowing you to earn points. Mozo Experts Choice Fixed Home Loan 2020 winner^
2.48% p.a. variable
2.50% p.a.
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
2.19% p.a. variable
2.19% p.a.
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
^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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Views, news, tips and guides to help find the home loan for you.
A mortgage is likely to be the largest financial commitment you will ever make, so it makes sense to commit the time and research to finding the best mortgage deal you can - especially when you’re going to be making repayments over a period of decades.
Thankfully the days of needing to go into your branch to negotiate a deal with your bank manager are long gone, with hundreds of great mortgage offers available to make it easier to find the right deal for you. That’s where Mozo comes in! We compare over 500 mortgage interest rates and products from 80 different lenders, including from the Big Four banks, credit unions and even online lenders, so you know you’re getting a great overview of some of the best deals on the market.
But before you start your search, there are a few questions you should ask yourself.
Whether you’re a young Australian entering the property market for the first time, an investor looking for their next opportunity, or a family on the hunt for a cheaper mortgage to cut down their repayments, it’s always important to compare a range of deals to find one that’s best suited to you. But to narrow down your search, a great first step to take is to figure out what kind of borrower you are.
Are you a first home buyer, or are you looking to switch to a better deal? As a first home buyer you may want a deal that comes with a lower deposit requirement on top of the cheapest mortgage rate you can get, whereas if you’re refinancing, you may be on the lookout for a low rate deal which also offers features that can help you save - such as an offset account or the potential to make free extra repayments.
Meanwhile, for property investors, a key consideration might be whether to opt for an interest only mortgage, or principal and interest. On the one hand, interest only investment loans could save you money and increase your cash flow in the short term:
But on the other hand, interest only loans generally cost you more in the long run:
Now that you’ve figured out what kind of borrower you are, the next step is determining which type of mortgage rate fits your situation, as each comes with its own set of pros and cons.
The type of rate you go with influences how you’ll make your repayments - fixed rate loans have more structure, so you can expect to repay the same amount every month, while variable rate loans offer a lot more flexibility, including the ability to make additional repayments which can lower the total interest you pay over the life of the loan.
Variable interest rate
The most common type of mortgage in Australia, variable rate mortgages are typically dictated by the movement of the official RBA cash rate, though it’s not uncommon for banks to move their rates out of cycle.
A variable rate mortgage could be a great option for borrowers who like the idea of flexibility in terms of being able to make extra repayments, or in the potential to make lower repayments if rates go down. Obviously a mortgage rate drop is great news for borrowers with a variable loan, but there’s always the possibility they will go up - meaning you’d need to pay more. That’s why it’s important to factor in the possibility of a rate rise before you borrow, or stash away savings to act as a buffer.
Fixed interest rate
A fixed rate mortgage provides borrowers with absolute certainty when it comes to making repayments, as the rate is (no surprises) “fixed” for a set period of time - usually between 1-5 years. On the plus side this could mean that you’re insulated from mortgage rate rises over that period, though it also means you could miss out on making lower repayments if they fall.
Once the fixed period is over, borrowers will have the option of fixing again for another set period, or switching to a variable rate mortgage.
Just bear in mind that you might not have access to all of the features you would with a variable rate offer should you opt for a fixed rate mortgage, and they also tend to come with higher rates.
Split interest rate
One option you might not be aware of as a borrower is your potential to split your mortgage. While not every lender will offer you this possibility, if they do you’ll be able to pay off part of the amount you borrow at a fixed rate while leaving the other portion on a variable rate. This means borrowers can make the most of the flexibility and features of a variable loan and the repayment certainty of a fixed rate.
Taking out a mortgage is a massive financial commitment for many Aussies, so it makes sense to want to find a mortgage rate that’s the right fit for you. And since there are a few mortgage rate options around to choose from, it can be tricky to know how they compare. That’s where our Mortgage Interest Rates page comes in - it can help you compare some of the available interest rates around, as well as fees and mortgage features. Easy as.
Speaking of repayments, it’s always a good idea to see just how much you can afford to borrow before you start comparing mortgages, as borrowers able to make principal and interest repayments will generally be able to snag cheaper rates than borrowers who make interest-only repayments.
There are a number of factors that go into the size of the loan you’ll be able to borrow from your lender, including:
But one of the biggest factors that affects your borrowing power is the actual deposit you can put down. In Australia the general preference among lenders is to keep your LVR (Loan to Value Ratio) under 80%, which means you’ll be required to save up at least a 20% deposit. However, some mortgage providers do offer loans with LVRs of up to 95% (a 5% deposit), though you’ll generally have to take out Lenders Mortgage Insurance (LMI) if you can’t come up with a 20% deposit.
Lenders also set minimum and maximum loan amounts which could impact the amount you’re able to borrow and the mortgage rate you’re offered, with values typically ranging anywhere from tens of thousands to millions of dollars.
Want to see just how much you’ll be able to borrow? Wonder no more by plugging your details into the Mozo home loans borrowing calculator.
If you’re eager to free yourself from your mortgage sooner rather than later, a variable rate mortgage could be a better fit. That’s because you have access to more flexible repayment options and can also refinance whenever you’d like without having to worry about break costs or exit fees (that may apply to fixed rate mortgages).
Here are some savvy tips for repaying your mortgage faster:
Written by: Kelly Emmerton, Mozo’s Money Editor
While your mortgage interest rate is probably the main feature you’ll be interested in, many of the best mortgages also come packed with a bunch of other handy features. These typically include offset accounts and the potential to make extra repayments which could help you pay off your loan faster, to a redraw facility which will allow you to dip into those repayments, and even repayment holidays which allow you to (you guessed it) take a break from repayments.
Just bear in mind that while some of these features may come included at no added cost, many mortgage lenders will charge extra fees or a higher rate for the privilege.
When it comes to finding a mortgage, looking at the interest rate is a good place to start, but you’ll also need to take into account any fees you may be charged by your lender as well as other expenses you may have to shell out.
While they differ between mortgage providers, some of the more common expenses you can expect to pay include:
Application fee: Also known as an establishment fee, this is a one off fee (usually in the hundreds of dollars) you can expect to pay for your lender to set up your mortgage.
Valuation, Legal and Settlement fees: You may also be charged other upfront fees by your lender in order for a professional to value your property, for any legal costs and upon the settlement on the mortgage. If you don’t pay for these through your mortgage, you’ll likely have to pay them independently anyway.
Ongoing service fee: Also called an administrative fee, this is a fee charged by your lender to administer your mortgage and is generally payable on a monthly or yearly basis. Not all mortgages have these fees - usually the more features you’re getting, the more likely you are to pay an ongoing fee.
Discharge fee: Simply put, this is a fee you could be charged when you finish paying off or ‘discharge’ your mortgage.
If you go above the 80% LVR mark you’ll also generally be required to pay LMI (Lenders Mortgage Insurance) which comes as a one off payment upon settlement, or can sometimes be rolled into your mortgage repayments. Depending on your situation, you could also be liable to pay stamp duty. This can be a significant cost depending on the state you live in, the cost of your property, the type of property you’re buying and whether or not you’re a first home buyer, so to find out how much extra you might need to factor in, check out our stamp duty calculator.
By refinancing! It’s a smart move to review your mortgage once every few years to ensure you’re still signed up to a low rate deal. In the wake of RBA cash rate cuts, lenders have slashed their mortgage rates to record lows, so it’s likely that by switching to a better deal, you could be saving thousands of dollars.
Just keep in mind that if you’re on a fixed rate mortgage and want to refinance, you’ll likely have to pay an early termination fee, so make sure to check that these costs don’t outweigh your potential interest savings.
A comparison rate is essentially a tool to help mortgage borrowers get a clearer picture of what they’ll actually be paying for their loan. It not only includes the headline interest rate, but also the fees and costs charged for a particular loan - making it easier to accurately compare mortgage rates between providers.
You’ll be able to compare mortgage comparison rates using our comparison tables, but just bear in mind that while it may give you a clearer picture than the mortgage rate itself, the comparison rate doesn’t take into account government charges or redraw and early repayment fees.
After looking at the difference between some mortgages, you might be questioning the value of comparing mortgage interest rates at all, especially when the difference between most offers is within 1%.
But hold on for one moment, because while the interest rate difference may seem small, the sheer size of your mortgage combined with the long period of time you’re paying it off (generally 25 to 30 years), means you’ll be forking out a considerable amount of interest over that period - we’re talking hundreds of thousands of dollars. That’s why opting for a more competitive mortgage rate could end up saving you a huge amount of money.
Let’s look at an example using the Mozo mortgage repayments calculator.
Sarah is a first home buyer and wants to take out a $400,000 loan to buy a two bedroom apartment in her city (she has her 20% deposit). If Sarah opted for a 3.75% ongoing mortgage interest rate over a 25 year loan, making principal and interest repayments on a monthly basis, she would need to pay $2,057 each month or a total of $216,957 in interest over the life of the loan.
Conversely, if Sarah chose a mortgage with an interest rate of 4% she would end up paying $2,111 each month or a total of $233,404 over the life of the loan. That works out to a sizeable $16,447 difference between the two loans.
Great customer service, still waiting to hear back about interest rates for loans after a week.
Read full reviewGreat customer service, still waiting to hear back about interest rates for loans after a week.