Compare home loans for July

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.

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Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 472 home loans.
Last updated 18 July 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    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.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy 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.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    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.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability 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.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    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.

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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 home loans in Mozo's comparison database.

Meet our home loan experts

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.

Peter Marshall

Home loans & rates expert

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July Home Loans Snapshot

Last month, the Reserve Bank of Australia (RBA) held the cash rate at 4.35%, stating that the higher interest rate environment has been working to slow inflation. However, the decline of inflation has lost pace, which the RBA attributes to cost of living pressures and excess demand. 

On the question of when interest rates will finally come down, the May monthly Consumer Price Index (CPI) has thrown the Big Four forecasters for a spin. NAB joined ANZ in pushing their rate cut forecast back to May 2025 (previously November 2024), predicting one cut per quarter until the cash rate 3.10% in mid-2026. 

However, Mozo finance expert, Peter Marshall, says Big Four cash rate forecasts don’t influence the direction of the cash rate, despite the big focus the media puts on them.

“Big Four Banks shift cash rate forecasts as part of managing their profit margins on interest rates, as they have rates on long-term financial products like term deposits and fixed rate home loans that they need to lock in for up to five years.”

“Borrowers need to remember that shifts in the Big Four forecasts don’t mean that the RBA targets or decisions will move in response, but they can provide an indicator of where some of the leading economists in the country think the cash rate will be in a few years time.”

Marshall says the key for borrowers right now is to prepare for a higher-for-longer rate environment

Average home loan interest rates in July 2024

In the meantime, the average variable home loan rate† remains steady at 6.80% p.a., where it has stayed for over a month. In previous months, we saw a slight downward trend of 1 or 2 basis points. Lenders are clearly waiting to see what happens with the cash rate before raising or dropping rates.

As at 17 July 2024, the average home loan rates† by type are:

Best home loan interest rates in July 2024

The lowest home loan rate†† in July is 1% lower than the average home loan rate in the Mozo database.  The best home loan rate comes from G&C Mutual Bank, at 5.80% p.a. (5.83% p.a. comparison rate*)††. 

As at 17 July 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 17 July 2024. 

††Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 17 July 2024.

Home Loans Knowledge Hub

What is a home loan? 

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.

How do home loans work?

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.

How to compare home loans

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.

When you compare with Mozo, type in how much you want to borrow, and how much the property costs, then simply hit ‘search’.

To tailor your comparison further, click the filter button for more options, including the type of interest rate, and whether you only want to see home loans with an offset account, for instance.  

In general, the best home loans: 

  • 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.
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.

What types of home loans are there? 

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.

Why home loan interest rates matter

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 July 2024, the cash rate rose to 4.35%, doubling the average variable rate to 6.80% p.a. (rates based on OO, P&I, $400k, <80% LVR loans in the Mozo database, as of 16 July 2024).

Lenders offer different home loan interest rates. The Big Four charge around 7.31% p.a. on average for variable rates, while one 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 17 July 2024.

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 $557 per month, or $167,312 over 25 years.

What home loan features can I get? 

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.

Best home loans

To find the best home loan, it's important to look in the right places. The Mozo Experts Choice Home Loan Awards are a great place to start. 

Each year, Mozo’s expert judges evaluate hundreds of home loan offers based on value, quality, features, rates, and fees. Only the top 10% of home loans receive an award and are hand-picked from hundreds of mortgage deals from 99 lenders.

For more information about what makes these home loans the best, read the methodology report.

Mozo Experts Choice Home Loans Awards Badge 2024

Three reasons to 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.

1. Our lender database

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

2. Our expert knowledge

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

3. 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.

Home loan basics

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.

What is a home loan deposit and how much do I need?

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. 

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?

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.

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.

Jack Dona
Jack Dona
RG146
Money writer

Jack is RG146 Generic Knowledge certified, with a Bachelor of Communications in Creative Writing from UTS, and uses his creative flair to cut through the financial jargon and make home loans, insurance and banking interesting. His reader-first approach to creating content and his passion for financial literacy means he always looks for innovative ways to explain personal finance. Jack's research and explanations have been featured in government publications, and his work is regularly featured alongside major publications in Google's Top Stories for Insurance.

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

Commonwealth Bank Standard Variable Rate (Wealth Package)
Overall 4/10
Please shop around

I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.

Read full review

I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.

Price
3/10
Features
3/10
Customer service
3/10
Convenience
3/10
Trust
5/10
Less
Jess, Victoria, reviewed 9 days ago
Commonwealth Bank Fixed Rate Home Loan (Wealth Package)
Overall 8/10
Fixed interest home loan was best rate for us

I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.

Read full review

I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Sarah, Queensland, reviewed 9 days ago
Bankwest Complete Variable Home Loan (Package)
Overall 6/10
User-Friendly digital services

Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.

Read full review

Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.

Price
6/10
Features
7/10
Customer service
8/10
Convenience
5/10
Trust
5/10
Less
Daniel, New South Wales, reviewed 9 days ago

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