Your selected home loans
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 this Unloan Unloan Variable
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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 this ubank Neat Home Loan
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Get 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 this Bendigo Bank Express Home Loan
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Get repayment certainty with Police Credit Union’s 3 Year Fixed Rate Home Loan Special Offer. No annual or monthly fees to pay. Make additional repayments up to $20,000 per year. Available for first home buyers and refinancers. Member owned, but applications open to all Australians.
Read our Mozo Review to learn more about this Police Credit Union 3 Year Fixed Rate Home Loan Special Offer
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No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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Read our Mozo Review to learn more about this Macquarie Offset Home Loan
Go to siteCompetitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
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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 our Mozo Review to learn more about this Unloan Unloan Variable
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Enjoy a low variable rate with no application, ongoing or monthly fees to pay. Access your money via internet banking at any time with free redraws. Make additional repayments at any time. Available for owner occupied, investment and interest only repayments.
Read our Mozo Review to learn more about this First Option Bank Simple Home Loan Variable
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Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
Read our Mozo Review to learn more about this Bendigo Bank Fixed Express Home Loan
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Get 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 this Bendigo Bank Express Home Loan
Go to siteCompetitively-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 this ubank Neat Home Loan
Go to siteCompetitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Go to siteEnjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Go to siteAbility 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 this Macquarie Offset Home Loan
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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.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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Your selected home loans
Home loans come in many shapes and sizes, start comparing here based on your needs.
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Browse all home loans in Mozo's comparison database.
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Small rate differences can amount to huge savings so it pays to compare.
Home loans & rates expert
As we head into Spring property season in Australia, finding the right home loan for you and your new property is key. While we aren’t likely to see interest rates come down in 2024, a simple home loan comparison can help connect you with a range of competitive lenders and low interest rates, saving you the trouble of scouring individual bank pages to find a deal.
Recently, the Mozo database has tracked several cuts and hikes to home loan interest rates, including some from the Big Four. NAB and Westpac kicked off the cuts on select fixed rates, while CommBank followed suit on both fixed and variable-rate home loans.
While these big, household names now have slightly lower rates, there are plenty of more competitive home loan rates out there. In fact, some of the best home loan rates in September come from customer-owned and smaller lenders, which you can check out below. Otherwise, compare home loans at the top of this page to see some more options.
The average variable rate† in the Mozo database is 6.80% p.a., while the lowest home loan rate is Homeloans360’s Owner Variable Home Loan, at 5.89% p.a. (5.89% p.a. comparison rate*)††.
As at 1 September 2024, the lowest variable rates†† among lenders we track are:
†Average owner-occupied variable rate for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 1 September 2024.
††Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 1 September 2024.
A home loan, or a mortgage, is a financial product designed to help you purchase a property without needing to save up the full price of a home.
Instead, you borrow most of the money from a lender, like a bank or credit union, and pay for your home over 20 to 30 years in monthly instalments, known as mortgage repayments.
When you get a home loan, the property is used as collateral for the loan, and you are charged interest on the amount you borrow – this is how home loan lenders make their money.
When you make repayments, you pay down the original loan amount (the principal) and the interest you accrue.
Interest rates can be fixed, variable, or a mixture of the two – this is known as a split rate home loan.
Before a lender approves your home loan application, most require you to save up at least a 20% deposit, unless you’re a first home buyer eligible for government grants and schemes, who might only need a 2 to 5% deposit.
Your lender will also assess your finances to determine whether you can afford the home loan in the first place. They’ll review your credit score, income, and general financial stability.
Every buyer is different and therefore has different needs and wants in a home loan. But if you’re looking for a place to start, a home loan comparison can help you uncover some of the best home loans in Australia.
When you compare home loans, there are a few main factors to consider: interest rates, comparison rates, features, and eligibility requirements, and how all of these align with your home-buying goals and budget.
In general, the best home loans:
Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.
There are two main types of home loans: owner-occupied and investment home loans. The one you choose will depend on if you’re buying the property to live in as an owner-occupier, or if you intend to rent it out as an investor.
Owner-occupied and investment home loans also vary by features and repayment types. For example, principal & interest vs. interest-only. Buyers should always choose a type of home loan that serves their goals.
Home loan interest rates change with the market. The cash rate set by the Reserve Bank of Australia (RBA) influences how much interest you pay on your mortgage.
In April 2022, the cash rate was 0.10%, with the average variable home loan around 3.03% p.a. By August 2024, the cash rate rose to 4.35%, more than doubling the average variable rate to 6.79% p.a. (rates based on OO, P&I, $400k, <80% LVR loans in the Mozo database, as of 2 September 2024).
Lenders offer different home loan interest rates. The Big Four charge around 7.27% p.a. on average for variable rates, while one of the lowest home loans in the Mozo database is Homeloans360’s Owner Variable Home Loan, at 5.89% p.a. (5.89% p.a. comparison rate*), as of 2 September 2024 (OO, P&I, $400k, <80% LVR).
That’s why comparison is crucial for finding cheap home loans.
For instance, on the average Australian mortgage of $626,055, getting the lower home loan rate could save you $541 per month, or $163,465 over 25 years.
Many home loans come with features that help save you money, too, such as:
Expert tip: Features like offset accounts and free extra repayments are more common with variable home loans.
The 2024 Mozo Experts Choice Awards reveal the best home loans in Australia for this year, based on which home loans deliver the best value for Australian borrowers. Out of 475 home loans from 99 lenders, the best home loans include:
To view the full list of winners, click the button below, or read the awards criteria in the methodology report found here .
*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate displayed is for a secured $150,000 loan with monthly principal and interest repayments over 25 years
Here at Mozo, we believe comparison makes your money count for more. We work hard to ensure you have the most up-to-date product information and home loan insights at your fingertips. Read more about our fact-checking process here.
We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including Mozo award-winning providers.
Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.
Mozo’s comparison tools and services are free! You won’t pay any extra for using our site or taking out a product by clicking one of our provider links.
Mortgages are usually repaid over a 20 to 30-year period. This period of time is called the “loan term”. The standard loan term in Australia is 25 years, though some can go as long as 40 years.
Different types of home loans suit different types of buyers. First home buyers should look for first home loans with lower interest rates, while investors should use investment home loans. See our home loan types guide for more information.
A home loan is a financial product sold by a bank or lender. A mortgage is a home loan that’s in progress, meaning the borrower is already making repayments.
A home loan deposit is a downpayment you give the lender to use as security. A standard deposit size is 20% of the property's purchase price.
The average home deposit size is $191,860.
The deposit also establishes your loan-to-value ratio (LVR) and home equity. In some cases, larger deposits can help you access lower interest rates from your lender.
Home loan interest rates come in a few varieties. Fixed interest rates stay the same for a fixed term (usually 1-5 years), while variable interest rates can change at the lender’s discretion.
Each type of interest rate has pros and cons. Fixed rates give borrowers consistent repayments for a time, but variable home loans have greater features and flexibility. Compare fixed vs. variable home loans in our guide.
Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.
A comparison rate is an interest rate that includes any charges like lending fees. A comparison rate is a more accurate estimation of how much a home loan costs over time.
This will depend on your needs, preferences, and budget, so it’s vital to compare options to see what could work.
Many home loan lenders have won awards for their incredible offers. Check out the winners of the 2024 Mozo Experts Choice Home Loan Awards.
To apply for a home loan, assemble your paperwork, choose a property to buy, and compare lenders to find the right home loan for you.
When your documents are in order, fill out the home loan application form, pay any applicable fees, and submit your application.
The home loan paperwork you need to have includes:
How long it takes to apply for a home loan varies. Lodging the application itself could take anywhere from a few minutes to a few hours, depending on the application and lender.
It will also depend on how prepared you are. Your paperwork and information must be ready to apply, including at least three months of consistent income, spending, and savings. Preparation to apply could take weeks or months.
Crunch the numbers with our range of home loan calculators! See all calculators
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
No ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Read full reviewNo ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Great home loan rates and work with our families needs. Good loan products and enjoy having an offset account
Read full reviewGreat home loan rates and work with our families needs. Good loan products and enjoy having an offset account
Easy to navigate our home loan online and see current balance. Redraw is swift and easy. Unloan has a very competitive interest rate and we are overall very happy with the ease of use and customer service we have received to date!
Read full reviewEasy to navigate our home loan online and see current balance. Redraw is swift and easy. Unloan has a very competitive interest rate and we are overall very happy with the ease of use and customer service we have received to date!
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