Your selected home loans
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
Read our Mozo Review to learn more about this NRMA Insurance Fixed Home Loan
Go to siteCompetitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
Read our Mozo Review to learn more about this NRMA Insurance Fixed Home Loan
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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 2-Year Discounted - Simple Home Loan Variable
Go to siteCompetitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
Read our Mozo Review to learn more about this NRMA Insurance Variable 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
Go to siteEnjoy 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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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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Talk to one of their experienced home loan specialists by answering a few questions online.
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.
Read our Mozo Review to learn more about this ING Mortgage Simplifier
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
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.
Our experts track home loan rates, product changes and help you stay informed of industry trends. read more
Small rate differences can amount to huge savings so it pays to compare.
Home loans & rates expert
Inflation in Australia continues to ease, bringing us closer to home loan rate cuts in the coming months. However, consensus is split on whether the Reserve Bank of Australia (RBA) will cut interest rates in December 2024, or if borrowers will have to hold out for a cash rate cut until early 2025.
What the RBA wants to see is annual inflation fall within the 2-3% range. When the September quarter Consumer Price Index (CPI) is released at the end of this month, we’ll have a better idea of how inflation is tracking and whether the economy is ready for a cash rate cut in December.
Lenders sure seem ready for it, however, as the Mozo database recorded 200 fixed rate cuts last month alone. Lenders set their fixed rates based on where they predict interest rates are headed. So, this is a good sign.
The average variable rate† in the Mozo database is 6.76% p.a., while the lowest is Homeloans360’s Owner Variable Home Loan, at 5.89% p.a. (5.89% p.a. comparison rate*)††.
As at 1 October 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 October 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 October 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
We compare home loans from the following well-known providers and many more... See more home loan providers
These people are merciless. They have no care of concern for their customers. They also have no interest in helping or negotiating with you if you have less than a 1 million dollar loan with them. With a mortgage of $475K, I was told that I was an "easy loss" for the bank.
Read full reviewThese people are merciless. They have no care of concern for their customers. They also have no interest in helping or negotiating with you if you have less than a 1 million dollar loan with them. With a mortgage of $475K, I was told that I was an "easy loss" for the bank.
I like Suncorp Bank for a few key reasons. First, they offer a wide range of financial services, from home loans and savings accounts to insurance. It’s convenient having everything in one place. I’ve also found their interest rates to be pretty competitive, especially for home loans and savings accounts, which is important to me. Their customer service has been a positive experience, and I find their online and mobile banking platforms easy to use. It’s quick and simple to manage my accounts, pay bills, and transfer money. On the downside, I’ve noticed that some of their accounts have higher fees compared to other banks. This can be frustrating if you're not careful about which account you choose. Also, their branch network is somewhat limited, so if you prefer going into a branch for banking, it might not be the most convenient option depending on where you live. Another thing to watch out for is that while their interest rates are competitive, they can fluctuate, which might not always be in your favor. Lastly, the loan approval process can sometimes be slower, which can be a hassle if you’re applying for a home loan. If you’re thinking about Suncorp, I’d say the product variety and competitive rates are great, but definitely look at the fees and make sure there's a branch near you if that’s important.
Read full reviewI like Suncorp Bank for a few key reasons. First, they offer a wide range of financial services, from home loans and savings accounts to insurance. It’s convenient having everything in one place. I’ve also found their interest rates to be pretty competitive, especially for home loans and savings accounts, which is important to me. Their customer service has been a positive experience, and I find their online and mobile banking platforms easy to use. It’s quick and simple to manage my accounts, pay bills, and transfer money. On the downside, I’ve noticed that some of their accounts have higher fees compared to other banks. This can be frustrating if you're not careful about which account you choose. Also, their branch network is somewhat limited, so if you prefer going into a branch for banking, it might not be the most convenient option depending on where you live. Another thing to watch out for is that while their interest rates are competitive, they can fluctuate, which might not always be in your favor. Lastly, the loan approval process can sometimes be slower, which can be a hassle if you’re applying for a home loan. If you’re thinking about Suncorp, I’d say the product variety and competitive rates are great, but definitely look at the fees and make sure there's a branch near you if that’s important.
My home burnt down in March this year.I still have a mortgage with Comm Bank.The insurance company have been dragging out payment,which has left me financially compromised. Comm bank have been very supportive during this crisis and have provided me with hardship plans.They have been amazing.People be aware of NRMA insurance.I have paid money for over 50 years,never made a claim and since the fire they have turned ,are nasty and trying every trick in the book not to pay the policy,which is still ongoing I am 71,I think they hope I will die from the stress
Read full reviewMy home burnt down in March this year.I still have a mortgage with Comm Bank.The insurance company have been dragging out payment,which has left me financially compromised. Comm bank have been very supportive during this crisis and have provided me with hardship plans.They have been amazing.People be aware of NRMA insurance.I have paid money for over 50 years,never made a claim and since the fire they have turned ,are nasty and trying every trick in the book not to pay the policy,which is still ongoing I am 71,I think they hope I will die from the stress
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