Compare Home Loans from under 3.00% & Save

Looking to save money on your home loan? Rates are plunging below 3.00% so compare today's red hot offers in the table below and see how much you could save.

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How to find the best home loan interest rate

Getting the best value on your home loan has never been simpler. At Mozo, we help you to compare a range of home loans from the big banks, small online lenders and everything in between.
In our table, we list details like interest rate, fees, loan amounts and loan-to-value ratios, along with an estimated monthly repayment, to help you pick the best option.

What kind of home loans are available?

There are a number of different types of home loan on the market, which gives you the chance to find the perfect fit for your needs. From loans designed for first home buyers, to those perfect for refinancers or options tailored to investors, you’re sure to find what you’re looking for.
To narrow down your home loan comparison, just choose the type of loan you’re interested in from the drop down menu in our table below.

How do I apply for a home loan online?

That’s easy! Once you’ve found the loan of your dreams, just click the blue ‘go to site’ button next to it in our table. This will take you through to the lender’s website, where you can begin your application.

Home loan comparisons on Mozo - page last updated September 29, 2020

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.

I want to borrow

years

  • 2.49% p.a. variable

    2.52% p.a.

      Compare
    Details
  • Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)

    2.29% p.a.
    fixed 2 years

    3.28% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.48% p.a. variable

    2.50% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.49% p.a. variable

    2.49% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.39% p.a. variableApply now to get this rate from 30 Sep

    2.39% p.a.Apply now to get this rate from 30 Sep

      Compare
    Details
  • 2.54% p.a. variable

    2.55% p.a.

      Compare
    Details
  • 2.61% p.a. variable

    2.67% p.a.

      Compare
    Details
  • 1.99% p.a.variable for 24 months and then 2.50% p.a. variable

    2.93% p.a.

      Compare
    Details
  • 2.59% p.a. variable

    3.00% p.a.

      Compare
    Details
  • Hot Deal$2,500 cashback when you refinance your home loan to BOQ (T&Cs apply)

    2.25% p.a.
    fixed 3 years

    3.41% p.a.

      Compare
    Details
  • Hot DealSpecial rate applies to home loan applications submitted by 30th November 2020

    2.19% p.a. variable

    2.22% p.a.

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    Details
  • mozo-experts-choice-2020

    2.29% p.a.
    fixed 3 years

    2.82% p.a.

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    Details
  • 2.18% p.a.
    fixed 2 years

    3.72% p.a.

      Compare
    Details
  • Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)

    2.68% p.a. variable

    2.69% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.14% p.a.
    fixed 3 years

    2.41% p.a.

      Compare
    Details
  • 2.39% p.a.
    fixed 3 years

    3.08% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.54% p.a. variable

    2.89% p.a.

      Compare
    Details
  • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

      Compare
    Details
  • mozo-experts-choice-2020

    2.29% p.a. variable

    2.32% p.a.

      Compare
    Details
  • 2.59% p.a. variable

    2.63% p.a.

      Compare
    Details
  • Hot Deal$2,500 cashback when you refinance your home loan to BOQ (T&Cs apply)

    2.59% p.a. variable

    2.76% p.a.

      Compare
    Details
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*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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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Home loan resources

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

Home loan comparison made easy

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 deal, 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.

And to get you started on your search we’ve answered some of the most common home loan questions below.

What home loan interest rates are available?

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.

Home loan rate comparisons: how does your rate compare?

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.

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.

Interest-only
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.

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

Recent home loan tips

Home Loan Reviews

ANZ Home Loan review
Overall 10/10
Great!

We have our own specialised banker from ANZ who is a mobile lender and gives priceless advise. Also after a recent attempt at using our credit card the bank notified us immediately saving us from losing our money.

Read full review

We have our own specialised banker from ANZ who is a mobile lender and gives priceless advise. Also after a recent attempt at using our credit card the bank notified us immediately saving us from losing our money.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Felicity, Victoria reviewed about 9 hours ago
Commonwealth Bank Fixed Rate Home Loan (Wealth Package) review
Overall 1/10
I want out of Commonwealth Bank.

Customer service is failing. Change machines cashing coins always takes money from you. You cannot email them. Their rates are so high. No personal service here, always charge fees when something goes wrong. No goodwill or devotion to long term customers.

Read full review

Customer service is failing. Change machines cashing coins always takes money from you. You cannot email them. Their rates are so high. No personal service here, always charge fees when something goes wrong. No goodwill or devotion to long term customers.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
Pamela, Victoria reviewed about 9 hours ago
NAB Tailored Home Loan (Choice Package) review
Overall 7/10
Great home loan options and incentives.

Pros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.

Read full review

Pros: they offer a range of great fixed and variable rates. Cons: focus needs to be a little more on customers and returning calls, emails more efficiently.

Price
8/10
Features
7/10
Customer service
7/10
Convenience
10/10
Trust
7/10
Less
Yasmin, Victoria reviewed 3 days ago

Mortgage calculators

Recent home loan articles

ME Bank and Virgin Money slash Lenders Mortgage Insurance

As lenders compete for home loan customers amid continued rate cuts, some are offering significant reductions on Lenders Mortgage Insurance (LMI).Today, ME Bank announced a 25% cut to LMI for first home buyers combined with discount variable rates on the ME Flexible Home Loan. LMI is typically required on loans with a Loan to Value Ratio (LVR) below 80% (that is, when the deposit is less than 20% of the value of a property). Allowing borrowers with lower deposits to avoid this could cut thousands of dollars from the overall cost of a home loan. “We’ve combined our lowest-ever variable rate, no ongoing fees and our fully featured home loan product with an innovative LMI discount to help first home buyers smash through the deposit hurdle,” ME general manager of home lending, Andrew Bartolo said. To access ME's reduction and attractive new interest rates, borrowers must have a minimum 5% deposit, intend to live in the property, and start paying back the principal loan amount plus interest. Unlike many first home buyer offers, borrowers can still apply if they have previously or currently own a residential investment property.The top 2.58% p.a. rate will be reserved for customers with a LVR under 80%. However, those with smaller deposits will still see substantial interest rate drops from ME’s current 4.31% p.a. headline offer. These start from:- 2.79% p.a. for borrowers with an LVR between 80% and 90% - 3.59% p.a. for those with an LVR over 90%RELATED: St.George reduces Lenders Mortgage Insurance to just $1 for first home buyers.Virgin Money is going one step further and making LMI $0 for eligible borrowers, whether they’re first-time buyers or upgrading to a new property.To be eligible, home buyers must apply for a Reward Me Home Loan (OO, P&I) with a deposit of at least 15% of the property’s value. This offer also comes with discounted rates, including:- Variable rates starting from 2.89% p.a.- Fixed rates starting from 2.49% p.a.Home loan customers considering Virgin Money’s offer can apply until 29 November, but must have their loan settled by 30 May next year.At ME Bank, borrowers can apply from today until 20 November, 2020, and need to settle by 26 February, 2021.If you want to scan more mortgage options, check out the offers below or head to Mozo’s first home loan comparison page.