Top home loan comparisons on Mozo - last updated 18 October 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.13% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    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.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.67% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    Compare
    Go to site
    Details
  • Hot DealGet a decision on your application fast
    placeholder
    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.49% p.a.

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

    Compare
    Go to site
    Details
  • placeholder
    Discount Variable Home Loan

    Owner Occupier, LVR<70%, over $700,000

    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.44% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    Compare
    Go to site
    Details
  • placeholder
    Well Balanced Fixed

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.84% p.a.
    fixed 1 year
    2.01% p.a.

    Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.

    Compare
    Go to site
    Details
  • placeholder
    Discounted Home Value Loan

    Investment, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.45% p.a.

    Competitive variable Investor rate. Unlimited extra repayments for free. Enjoy the flexibility to redraw additional payments at no charge. Receive a cashback of $3,288 when you refinance your current home loan to an HSBC one at a minimum of $250,000.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Evaporate Variable Home Loan

    60-70% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a. variable
    2.02% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Compare
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

    Compare
    Go to site
    Details
  • placeholder
    UHomeLoan (1 Yr Fixed)

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.79% p.a.
    fixed 1 year
    2.18% p.a.

    Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
    Go to site
    Details
  • placeholder
    Smart Home Loan 80

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.48% p.a. variable
    2.50% p.a.

    Low-rate variable home loan that could save you thousands. No ongoing fees. Unlimited extra repayments and free redraws. Maximum borrowing $1 million and at least a 20% deposit required.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.73% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Receive $3,000 cashback when you refinance your home loan from another lender, apply by 30 Sep 2021, settle by 31 Dec 2021 (T&Cs apply).

    Compare
    Go to site
    Details
  • placeholder
    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 3 years
    2.83% p.a.

    Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).

    Compare
    Go to site
    Details
  • placeholder
    Green Home Loan

    Owner Occupier

    interest rate
    comparison rate
    Initial monthly repayment
    2.08% p.a. variable
    2.36% p.a.

    Great low rate on investment loans when you package with your owner-occupied loan.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Liberate Variable Home Loan

    70-80% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.08% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Discounted Home Loan 3 Year Intro Rate

    Owner Occupier, LVR <80%, $200,000+

    interest rate
    comparison rate
    Initial monthly repayment
    2.15% p.a.variable for 36 months and then 2.48% p.a. variable
    2.81% p.a.

    Premier Package Low Rate Home Loan offering multiple offset accounts, discounted fees and flexible repayments. Apply before 24 November 2021, and Bank First will waive the annual fee for the first 12 months

    Compare
    Go to site
    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.64% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.

    Compare
    Details

^See information about the Mozo Experts Choice Home loans Awards

*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.

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.

Home loan lenders we compare at Mozo

Save with deals from the following well-known brands and many more...

See all home loan providers

Home loan resources

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

Home Loan FAQs
Guides & Tips
Home Loan Reviews
Home Loan Calculators
News

Home loan comparisons 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.

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.

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, News.com.au, Domain.com.au, 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 loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.


Home Loan Reviews

AMO Australian Mortgage Options Home Loan
Overall 9/10
Great service, repeat customer

My husband and I have worked with Frank Collum from AMO on multiple occasions over the last 5 or 6 years, buying our own home, refinancing and buying an investment property. We would highly recommend Frank and his team to anyone looking to take out a loan or refinance an existing loan. He is very helpful, responsive and wonderful to work with. We'll certainly be reaching out to him again next time!

Read full review

My husband and I have worked with Frank Collum from AMO on multiple occasions over the last 5 or 6 years, buying our own home, refinancing and buying an investment property. We would highly recommend Frank and his team to anyone looking to take out a loan or refinance an existing loan. He is very helpful, responsive and wonderful to work with. We'll certainly be reaching out to him again next time!

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Inez, New South Wales, reviewed 3 days ago
ANZ Fixed Rate
Overall 1/10
DON'T do it. ABSOLUTELY not worth it.

After 5 weeks of stress, hoops, red tape we applied with Commonwealth bank who had everything done in 4 days. ANZ I have never been more sick to the stomach with anything. Buying a second home with a fully paid off house and 3 incomes for a loan of $250k should NEVER have been that hard. I will NOT consider you again.

Read full review

After 5 weeks of stress, hoops, red tape we applied with Commonwealth bank who had everything done in 4 days. ANZ I have never been more sick to the stomach with anything. Buying a second home with a fully paid off house and 3 incomes for a loan of $250k should NEVER have been that hard. I will NOT consider you again.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Yolonda, Queensland, reviewed 4 days ago
Westpac Home Loan
Overall 1/10
2021 worth bank of the years

Winner of the worst bank of 2021. The bank produces 4 home loans documents incorrectly about 4 times and each time I have to be put back in the queue. When it’s comes to settlement, they keeps asking me for additional documents on numerous occasions. I have to rescheduled settlement twice. On top of that I have to resigned all loans documents twice due to the errors with loans documents. To this date, our purchase is still not settled. The bank put me through so much stressed and anxiety in the last couple of months. I have gone through so much stressed today, I ran to the toilet and vomited.

Read full review

Winner of the worst bank of 2021. The bank produces 4 home loans documents incorrectly about 4 times and each time I have to be put back in the queue. When it’s comes to settlement, they keeps asking me for additional documents on numerous occasions. I have to rescheduled settlement twice. On top of that I have to resigned all loans documents twice due to the errors with loans documents. To this date, our purchase is still not settled. The bank put me through so much stressed and anxiety in the last couple of months. I have gone through so much stressed today, I ran to the toilet and vomited.

Price
3/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Nikki, Queensland, reviewed 6 days ago
See
Home loan tips

Whether you’re after the lates home reno trends, money-saving tips or cheapest home loan deals, Mozo’s moneyvators have it covered. Check out our collection of money savvy articles and top tips.

See
Home loan case studies

Find out how you can save on your home loan or learn about loan options for refinancing and investing with this series of helpful case studies and home loan scenarios.

See
Home loan providers

Find the right home lender fast. Mozo details all home loan providers along with their home loan products right here so you compare rate, fees and features easily.

See more home loan resources