Compare home loans for April

Mozo’s home loan comparison tools, calculators, and expert tips are here to help, from your first home loan to your latest investment property. Compare home loans below.

Fact Checked
Young couple comparing home loans

Home loan comparisons on Mozo - last updated 21 April 2024

Search promoted home loans below or do a full Mozo database search. Important disclosures
image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

Interest rates change regularly - stay informed.

Compare more home loan options

Home loans come in many shapes and sizes, start comparing here based on your needs. 

Search the Mozo Database

Browse all 463 home loans in Mozo's comparison database.

Meet our home loan experts

Our experts track home loan interest 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.

Peter Marshall

Home loans & rates expert

Image of camera lens

April Home Loans Monthly Snapshot

Home loan interest rates continue to come down as we head into April, off the back of another Reserve Bank of Australia (RBA) cash rate hold last month. 

While RBA Governor Michele Bullock hasn’t ruled out further hikes to the cash rate, it’s looking like inflation is on track to hit the RBA’s target rate of 2-3% per year. 

It would take a very big upset to steer the RBA’s course back towards a rate hike, so things are looking good for home loan borrowers across the country right now. 

Currently, the Mozo database average interest rate for variable home loans is 6.83% p.a. (OO, P&I, LVR <80%). This takes the average variable home loan rate down 2 basis points from last month. 

The Mozo database’s average 3-year fixed interest rate is currently 6.29% p.a. (OO, P&I, LVR <80%). Fixed home loan rates are coming down, especially on 3-year terms.

As always, the key to finding the right mortgage for you is to compare home loans. 

Lowest variable home loan rates in April 2024 

At the time of writing, these are some of the cheapest variable interest rate offers from lenders in the Mozo database. 

  • G&C Mutual Bank | Essential Worker Home Loan | 5.80% p.a. (5.83% p.a. comparison rate*)
  • Homeloans360 | Owner Variable Home Loan | 5.89% p.a. (5.89% p.a. comparison rate*)
  • Pacific Mortgage Group | Standard Variable Home Loan | 5.89% p.a. (5.89% p.a. comparison rate*)
  • The Mutual Bank | Special Budget Home Loan | 5.89% p.a. (5.90% p.a. comparison rate*)
  • G&C Mutual Bank | First Home Buyer Loan Special | 5.90% p.a. (5.93% p.a. comparison rate*).

Rates are for a $400,000 loan (OO, P&I, LVR < 80%).

Home Loans Knowledge Hub

How to choose the right home loan for you

Every buyer is different, so no single home loan is best for everyone. Instead, choosing the right home loan is about matching your property aims and budget.

In general, the best home loan will:

  • Lend you enough money to buy the property you want. (See borrowing power). 
  • Come with useful features that save you money and time over the loan's lifetime. 
  • Have a low interest rate compared to similar home loans.

Once you choose the right home loan, all you have to do is check the eligibility criteria, prepare your finances, and apply. 

Person excited about choosing the right home loan for them

Why compare?

Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.

Comparing types of home loans

The type of home loan you choose will depend on your budget and plans. The two main types of home loans are:

  • Owner-occupier. You plan to live in the property as a home.
  • Investor. You do not plan to live in the property.

Owner-occupied and investment home loans also vary by features and repayment types (principal & interest vs. interest-only). Buyers should choose a home loan that serves their goals.

Features to compare in a home loan

Home loan features impact your long and short-term costs. Comparing home loan features lets you see which could fit your needs and budget.

Interest rate

An interest rate is a lending fee charged on your mortgage repayments

The three main types of home loan interest rates are: 

  • Fixed interest rates. Your rate stays the same for a period of time, called a fixed term.
  • Variable interest rates. Your rate changes at the lender’s discretion. 
  • Split loan interest rates. Your rate is a mixture of fixed and variable interest.

Each interest rate type has pros and cons to compare.

Calculator interest rate
Piggy bank deposit size

Deposit size

A home loan deposit is a downpayment you give the lender to use as security. 

The deposit also establishes your loan-to-value ratio (LVR) and home equity.

Usually, large deposits give you lower interest rates. A standard deposit size is 20% of the property's purchase price.

Other home loan features

Many home loans come with features that help save you money, too, such as:

  • Offset accounts. An offset account is a savings account attached to your home loan that lowers your interest. 
  • Free extra repayments. Making extra repayments reduces the size of your home loan, saving you time and money.
  • Redraw facilities. A home loan redraw lets you take back extra repayments you made.

Expert tip: Features like offset accounts and free extra repayments are more common with variable home loans.

Woman excited about other home loan features

Why compare with Mozo

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.

Our lender database

Our lender database

We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including award-winning providers. 

Our experts

Our experts

Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.


Free and easy to compare

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.

Best home loans

What are the best home loans? That’s tricky, but Mozo’s Experts Choice Awards are a great place to start. 

Every year, Mozo’s expert judges compare hundreds of home loan offers to find the best value, quality, features, rates, fees, and more. 

Only the top 10% of home loans get an award – and we look at hundreds of deals from 99 lenders.

Check out the winners at the 2024 Mozo Experts Choice Home Loan Awards page, or click below. 

For more top deals, including editor picks, head to our best home loans hub.

Mozo Experts Choice Home Loans Awards Badge 2024

Home loan basics

What is a home loan?

A home loan is money borrowed from a bank or a lender to buy property. The debt is repaid in instalments, called mortgage repayments, with interest, over 20 to 30 years.

What is the typical length of a mortgage?

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.

What type of home loan do I need?

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.

What’s the difference between a mortgage vs. home loan?

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.

Comparing home loans

Comparing home loan rates: Should I pick a fixed or variable rate?

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.

What home loan features are available in Australia?

Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.

What is a comparison rate?

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.

How do I choose the best home loan?

The best home loan for you 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 Mozo’s top picks at our best home loans hub.

Applying for a home loan

How do I apply for a home loan?

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.

What home loan paperwork do I need?

The home loan paperwork you need to have includes:

  • Three months of bank statements (to show your income, spending habits, and living costs).
  • Employment records.
  • Debts and assets.
  • Primary and secondary identity documents like passports and driver’s licences
  • Details on the property you intend to buy, if relevant.
How long does it take to apply for a home loan?

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.

Picture of evlin-dubose

Evlin DuBose

Senior Money Writer

Evlin is RG146 certified for general advice (Tier 2) and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

Picture of jp-pelosi

JP Pelosi

Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian,,, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He likes a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

Home loan customer reviews

BCU Bank Home Loan
Overall 10/10
BCU representative Rebecca Wickham was great.

The representative is the reason for the positive review. Rebecca Wickham at BCU was attentive and patient.

Read full review

The representative is the reason for the positive review. Rebecca Wickham at BCU was attentive and patient.

Customer service
Kirsty, Queensland, reviewed 19 days ago
Commonwealth Bank Standard Variable Rate
Overall 6/10
Supportive and helpful


Read full review


Customer service
Tessa, Queensland, reviewed 19 days ago
Westpac Home Loan
Overall 9/10
Trustworthy and great products

I have banked with all the major banks and a few smaller and by far Westpac is the best

Read full review

I have banked with all the major banks and a few smaller and by far Westpac is the best

Customer service
Kirsty, Queensland, reviewed 19 days ago

More home loan reviews