Compare Australian Home Loans

Mozo's expert home loan comparisons can help you find a great value home loan with the right features for your needs. We compare over 500 home loans from 80 plus lenders to help you find the right loan quickly and easily.

Read more

Getting started is easy

Simply compare today’s mortgage rates in the table below and enter your loan amount to calculate initial mortgage repayments for each loan. Use the comparison table to quickly view home loan interest rates and fees side-by-side, and to find loans with the right deposit requirements, flexible features and other options for your needs.

How to find a great home loan rate

Some of the home loans with the lowest rates on the market are from smaller lenders. At Mozo, we help you to compare a range of home loans from the big banks to smaller non-bank lenders and everything in between. Be sure to check the minimum deposit required for each loan, as this can vary from 5% to 30%.

Fees and features to look out for

Most variable home loans offer free extra repayments and redraw, but not all loans offer a mortgage offset account. Common fees to be aware of include upfront fees, ongoing fees and discharge fees. The comparison rate helps you compare the ‘true’ cost of the loan by combining interest and fees into one rate.

Home loan comparisons on Mozo - page last updated February 23, 2020

Initial monthly

I want to borrow


  • 2.78% p.a. variable

    2.80% p.a.

  • mozo-experts-choice-2019

    2.84% p.a. variable

    2.84% p.a.

  • 2.84% p.a. variable

    2.80% p.a.

  • 2.79% p.a.
    fixed 3 years

    3.67% p.a.

  • Hot DealHomestar will donate $250 to the bushfire appeal for every complete loan application received in Feb.

    2.69% p.a. variable

    2.72% p.a.

  • 2.88% p.a. variable

    2.90% p.a.

  • 3.03% p.a. variable

    3.09% p.a.

  • Hot DealHomestar will donate $250 to the bushfire appeal for every complete loan application received in Feb.

    2.74% p.a. variable

    2.77% p.a.

  • mozo-experts-choice-2019

    3.19% p.a. variable

    3.23% p.a.

  • 3.07% p.a. variable

    3.09% p.a.

  • 2.96% p.a. variable

    3.01% p.a.

  • 2.89% p.a. variable

    2.93% p.a.


Want more home loan options?

Browse all 548 home loans in Mozo's comparison database

Picture of Steve Jovcevski

Talk to a Mozo home loans expert

Buying your first home, refinancing your existing home or thinking of investing? Speak to Steve, our home loans expert today!

Your selected home loans

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loans Awards

Switch & Save Calculator

How much could you save by switching your home loan? Compare savings from over 500 home loans. Find out in a few clicks.

Get started


Home loan resources

Views, news, tips and guides to help find the home loan for you.

Home loan comparison made easy

Getting the best deal on your home loan

Saving you money is the reason we get out of bed in the morning, here at Mozo. One of the best ways to save some serious money is to get the best deal you possibly can on your home loan. For buyers entering the market, or those looking to refinance, that means researching the lowest rate on the market, from a range of credible lenders.

Naturally, we think we know the best place to do that.

Our comparison tables show important info, like interest rates and fees, to help you compare loans, side by side.

Knowing your repayment amount is vital to ensure you can afford the loan. To get an instant estimate of your repayments simply enter the amount you want to borrow in the Mozo calculator and the repayment amount will appear right in the table.

If this is all new to you, there’s a stack of info in the home loan guides. Things like how much deposit you’ll need and handy features like an offset account, which is a great way you can use your savings to reduce the amount of interest you pay. If you already have a mortgage, chances are you haven’t thought about it again, beyond making your monthly repayments. By refinancing your home loan, you could make serious savings. It’s surprising to know that most people never think of this, despite finding a multitude of ways to save money elsewhere.

It does take research and some work to refinance, but not really more than you spend shopping for other… things.

Head to to find out how you can save serious money and get the best deal on your home loans.

These days there are a tonne of home loan options out there on the market, which means there’s sure to be an option that suits your needs - but that it can seem like a huge job to find it! That's where Mozo’s simple comparison tools come in.

We compare home loans from lenders all over Australia to help you sniff out the best mortgage rates, whether you’re buying your first family home, investing in your fifth rental property or refinancing a mortgage you’ve already had for a decade.

Home loan comparison is not all that different from comparing a new phone or dishwasher. Essentially, you're after the best priced loan with all of the features you need. Like purchasing a new phone or dishwasher, you may also want to take out your home loan with a brand that you can trust and has good customer service. 

Let's break down the top three steps to comparing home loans in a bit more detail...

How to compare home loans

3 step checklist for comparing home loans

1. Home loan interest rates

With a home loan, the best price really comes down to the interest rate, so that's where to start your comparison. Fees like upfront fees and ongoing fees do come in to it, but the interest rate is usually the biggest factor in determining the overall cost of the loan. A good way to kick off your comparison is to start with the lowest rate home loan in the table and review the features it offers. The lowest mortgage rates on the market are usually offered by smaller lenders such as online lenders and smaller banks.

Taking out a home loan with one of these lenders can be far cheaper than going with a big bank as the interest rates on offer can be over 1% lower, but you'll also need to weigh up what sort of features are on offer for the price and whether you're even eligible.

2. Home loan eligibility

These days, the best home loan rates are often reserved for the best quality borrowers, but how does a lender determine whether you're good quality or not? Much of it comes down to what type of borrower you are and how much deposit you have. Owner occupier borrowers looking for a principal and interest loan can generally access the lowest rates. By contrast, investor borrowers and those after an interest only home loan may find they have to pay higher interest rates.

Many lenders also offer lower rates to borrowers with lower loan to value ratios. As an example, say you're looking to refinance your current home loan and you have 30% equity in your property, that means you have a loan to value ratio (or LVR in industry speak) of 70% and may be able to access cheaper rates than a borrower with a higher LVR of say 90%. 

3. Home loan features

Important features to consider when comparing home loans include extra repayments, redraw, offset account and split loan functionality. Basic features like the ability to make free extra repayments and free redraws are pretty standard these days, even with the cheapest home loans on the market. However, if you want an offset account you may find your choice of home loan more limited. Some low interest rate loans do offer offset accounts, but by no means all.

Offset accounts can be great tools for reducing the amount of interest that you pay on your home loan, so it's worth shopping around for this feature if you think you can make good use of it by depositing your salary in the offset account in month. An offset account functions just like a normal transaction account, but the money in it is offset against your loan balance to reduce your interest bill.

Home Loan Offset Account

Now that you’ve read our 3 step checklist to comparing home loans, scroll back up to the top of this page to start your comparison. If you’d prefer to first learn a bit more about the different types of home loans available in Australia, keep on reading.

Types of home loans in Australia

1. Variable rate home loan

This is the most common type of home loan in Australia as historically variable rates are lower than fixed. With a variable rate home loan, your repayments can be affected by your interest rate going up or down when the Reserve Bank changes the cash rate or if your bank decides to be generous (or greedy) during your loan term. These loans suit borrowers who want flexibility such as the ability to make extra repayments and who aren't concerned by the possibility of their interest rate going up or down over the course of the loan.

2. Fixed rate home loan

A fixed rate means that your repayments are locked in for a fixed term (usually 1 - 5 years). At the end of the fixed term you will get the option to refix your loan at a new market rate or switch to a variable rate. Budgeting is made easier on a fixed rate home loan as you don't have to worry about your rate or repayments changing for the fixed loan term. The main drawback of a fixed rate loan is you won't benefit from any rate drops while you're on the fixed term, but the upside is that you're also protected from rate increases. Fixed rate loans can be less flexible than variable loans with limited ability to make extra repayments and if you pay out the loan early, you could be up for high fees and penalties.

3. Split rate home loan

A split rate home loan is when your lender splits your home loan so that a portion of the borrowed amount is on a variable rate and the remainder is on a fixed rate. This is a popular loan option as borrowers have the flexibility to make extra repayments and redraw on the variable portion of the loan, but are less exposed to rate increases and budgeting uncertainty by having part of the loan fixed.

4. Low deposit home loan

This is a type of loan that enables borrowers to borrow with as little as a 5-10% deposit, rather than the usual 20%. Low deposit home loans are popular with first home buyers as it is a way for them to get on the property ladder without having to save up a sizeable deposit. 

5. Investment loans

If you’re looking at borrowing money for an investment property your financing options will be different from an owner-occupier. Investment loans will have specific interest rates, fees, LVR requirements and repayment options tailored to investors.  

6. Offset home loans

A home loan with an offset account is a way for you to reduce the amount of interest you’ll pay back over the life of your loan. With an offset account, instead of being charged interest on your full mortgage amount, you’re only charged interest on how much you’ve borrowed, minus the balance of your home loan offset. So if you have a home loan of $500,000 and have $10,000 savings in your offset, you’ll only be charged interest on $490,000.

Picture of Kelly Emmerton
Kelly Emmerton
Money editor

Kelly Emmerton is the Money Editor at Mozo, and has over 4 years experience writing exclusively in the Australian finance space. Her in-depth knowledge spans all areas of personal finance, from home loans to travel money, and she leads our team of money writers in helping to demystify personal finance for everyday Australians. Kelly has a background in communications and when she’s not delving into finance industry stats and product disclosure statements, you’ll find her on the beach reading classic sci-fi.

More home loan FAQs

Am I eligible for a home loan?

There are heaps of home loans on offer these days, designed to cater to a wide variety of borrowers and their needs. That means that if you’re over 18 years old and an Australian citizen or resident, chances are you’ll be able to find a mortgage suitable for you.

The best home loan rates are often reserved for the best quality borrowers, but how does a lender determine whether you're good quality or not? Much of it comes down to what type of borrower you are and how much deposit you have. Owner occupier borrowers looking for a principal and interest loan can generally access the lowest rates. By contrast, investor borrowers and those after an interest only home loan may find they have to pay higher interest rates.

Lenders also look at a number of factors including your credit history, your income, your regular expenses and other financial commitments and how much you’re hoping to borrow when deciding whether you’re a reliable borrower.

How much money will I be able to borrow?

Buying a home is exciting, but before you get carried away dreaming about seafront mansions, it’s a good idea to come down to earth and crunch the numbers on just how much you can borrow.

How much a bank will lend you will depend on a number of different factors, and the end figure might be a lot different to what you’re expecting. We’ve made it easy to see what kind of budget you might have, with our home loan borrowing calculator. So take it for a spin before you set your heart on a property.

How much should I save as a deposit?

Saving up a deposit is the first hurdle to buying your home - but how much do you need? As a rule of thumb, you should aim to save at least 20% of the property’s value as your deposit. This gives you a loan-to-value ratio (LVR) of 80%, which is pretty standard for home loans, and often means you can score some of the best interest rates around.

To help borrowers get into the market quicker, there are also home loans available for borrowers with deposits of 5% or 10% of the property’s value. But if you have a smaller deposit like this, remember that you will need to pay Lenders Mortgage Insurance (LMI) on top of your loan, which can add thousands of dollars to your total cost.

How are monthly home loan repayments calculated?

There are two different types of home loan repayments: interest-only and principal and interest. Which one you choose will make a difference to your monthly repayments.

An interest-only home loan is just what it sounds like - your monthly repayments will only be paying off the interest you owe, and not chipping away at your principal loan amount. While this means your monthly repayments will be lower, keep in mind you’ll also wind up with the lump loan amount to pay off at the end.

The other thing to remember is that usually, an interest-only term lasts for up to 5 years - after that, your lender may let you roll over into another interest-only term, or you might have to start making principal and interest repayments.

Principal and interest loans
This is what’s called an amortizing loan, which means your bank has done the math so that if you pay the same amount each month of your loan, by the end of the loan term, you’ll have paid off all the interest, along with the initial loan principal.

This means that your monthly repayments will be a bit higher than with an interest-only loan, but the good news is you won’t have a lump sum to pay off at the end.

What home loan features will help me save money?

A home loan is a huge financial commitment, so every dollar you can save makes a difference! Apart from finding an offer with a killer interest rate, there are a few money-saving home loan features that you can look for when choosing a mortgage.

  • Free extra repayments. One of the most common features included with home loans is the chance to make free extra repayments. By using any spare cash you have to pay a bit more off your loan, you’re lowering your loan amount quicker, and therefore saving on interest. Check out our extra repayments calculator to see how much of a difference it will make.
  • Redraw facility. While having access to a redraw facility won’t necessarily save you money, it is handy to have. If you’ve been making extra repayments and find you need that money back for an unexpected bill, you can get it through the redraw facility.
  • Offset account. An offset account is a great, low effort way to save on interest. It works more or less like a normal bank account, except that every dollar in your account is offset against your loan amount, so that you pay less interest.
  • Split rate option. Another common feature is the option to have half of your loan on a fixed rate, and the other half on a variable rate. This means you can get the best of both worlds - the certainty of fixed rate repayments, combined with the flexibility (and often lower interest rate) of a variable loan.

One last thing to remember - variable rate loans usually come with more features and flexibility than fixed rate options, which might not include any of these features.

What home loan fees will I need to budget for?

There are a number of fees that may apply to your home loan and which you’ll need to budget for. These include:

  • Application fee. This is an upfront fee that you pay in order to first apply for a home loan.
  • Service fee. This might be charged monthly or annually, and covers the cost maintaining your loan. Generally, the more bells and whistles included in your loan, the more likely it is to include a service fee.
  • Legal, valuation and settlement fees. Other fees you may pay upfront, these cover the cost of legal paperwork, as well as the cost for someone to value your property and be present at the settlement of your loan.
  • Discharge fee. You might wind up paying a discharge fee when you pay your loan off in full.
  • Feature fees. You may also pay a fee for certain features included in your home loan, such as extra repayments, a redraw facility or an offset account. Not all home loans charge fees for these, so make sure you’re not paying a fee when you don’t have to.

What is the comparison rate?

The comparison rate is shown next to the interest rate in our table and is designed to help you get an accurate idea of the ‘true’ cost of a home loan. It takes into account both interest and guaranteed fees that apply to a loan.

There are a lot of different home loans options out there, but when you compare based on the comparison rate, you know you’re looking at different options on equal footing.

One thing to remember is that the comparison rate can’t reflect things like offset accounts or other features that might save you money, so while it’s an important part of home loan comparison, it’s not the only thing you need to consider.

You should also keep in mind that the comparison rates shown in Mozo’s tables are based on a specific example of a secured loan of $150,000 with monthly principal and interest repayments over 25 years, just to help you compare your options. You’ll likely have a different loan amount or loan term, so your personal comparison rate may be considerably different to what’s shown here.

How much stamp duty will I need to pay? 

The amount of stamp duty that you'll need to pay depends on a number of factors. Each Australian state and territory has different stamp duty rates and concessions so to help you to find out how much you'll need to pay, we've developed a range of Stamp Duty Calulators to help you crunch the numbers:

What is Lender’s Mortgage Insurance or LMI? 

LMI is an insurance that the borrower pays if they do not have at least 20% equity or a 20% deposit, to insure the bank or lender in case of a loan default. Lenders Mortgage Insurance is different to mortgage protection insurance, as this covers the borrower if they are unable to meet repayments. 

Glossary of home loan terms  

Here’s some of the most common jargon you’ll need to get across when shopping around for a home loan , check out our full guide home loan terms

  • Comparison rate: this helps you to compare the true cost of loan. It combines the interest rate with fees. 
  • Loan to value ratio (LVR): The percentage of money you borrow  compared to the value of the property. 
  • Offset account: a transaction account linked to your home loan which enables you to offset the balance in this account against the interest you’re charged on your mortgage.  
  • Redraw: If you’re ahead on your mortgage repayments some home loans will allow you to make a redraw if you need access to cash.

I’m still stuck - where should I start?

Right here at Mozo! We’ve got heaps of resources set up to help you work out which home loan is best for you, no matter which stage of the journey you’re at.

If you want some more background on the nitty gritty of borrowing, head over to our home loans guides section where we’ve covered everything from a step-by-step look at buying your first home to how to work out what monthly repayments you can afford.

Or, if you’re trying to sort your budget out, take our home loan calculators for a whirl. You’ll be able to work out what your monthly repayments might be, how much you should budget for stamp duty and how a rate rise will affect your bottom line, no head scratching maths required!

For refinancers, make sure you check out our Switch and Save calculator to see just how much you could put back in your pocket by snagging a better deal.

And if you’re ready to dive right in, then our home loan comparison table above is the perfect place to start your home loan search.

Home loan guides

Read more home loan guides

Recent home loan tips

Read more home loan tips

Home loan news

Read more home loan news

Mortgage calculators

  • Switch and Save

    How much could you save by switching home loans?

    See calculator
  • Repayments calculator

    How much will my repayments be?

    See calculator
  • Rate change calculator

    How will rate changes affect my repayments?

    See calculator
  • Comparison calculator

    Which home loan will cost me less?

    See calculator
  • Extra repayments calculator

    How much will I save with extra repayments?

    See calculator
  • Borrowing calculator

    How much can I afford to borrow?

    See calculator
  • Stamp duty calculator

    How much do I have to pay?

    See calculator
Visit home loan resources

Home Loan Reviews

St.George Portfolio Loan (Advantage Package) review
Overall 9/10
I just wish they hadn't closed branches near us.

The mobile lending service we got was excellent.

Read full review

The mobile lending service we got was excellent.

Customer service
Suzanne, Western Australia reviewed 1 day ago
firstmac Home Loan review
Overall 0/10
Not recommended.

The process to apply for a Firstmac loan was agonising and time consuming. We used Lendi to apply and experienced poor communication, changing requirements/documentation requirements. From first contact it took 4 weeks to obtain pre-approval and now they request further information, not even mentioned during the original request e.g. they now want a retirement strategy in case we still have a loan when we retire, our assets to debt ratio is 5 to 1 and investment income is more than required to pay the loan. The delays and stress are not worth it.

Read full review

The process to apply for a Firstmac loan was agonising and time consuming. We used Lendi to apply and experienced poor communication, changing requirements/documentation requirements. From first contact it took 4 weeks to obtain pre-approval and now they request further information, not even mentioned during the original request e.g. they now want a retirement strategy in case we still have a loan when we retire, our assets to debt ratio is 5 to 1 and investment income is more than required to pay the loan. The delays and stress are not worth it.

Customer service
Cade, New South Wales reviewed 1 day ago
NAB Base Variable Rate Home Loan review
Overall 5/10
High interest rates.

Not very competitive at the moment. I'm looking at changing banks.

Read full review

Not very competitive at the moment. I'm looking at changing banks.

Customer service
Emma, New South Wales reviewed 1 day ago