The best home loans in Australia for 2022

the best home loans in australia

Taking out a home loan can be a monumental task. That’s why we’ve decided to make your life a bit easier by crowning Australia’s best home loans according to Mozo Experts Choice Awards^.

Our panel of Expert Judges have more than 65 years of combined experience in financial services, and they’ve analysed 441 home loans from 89 lenders for the 2022 Mozo Experts Choice Home Loan Awards^. Typically, loans that make it into the top 10% of products assessed in each award category are highlighted as the top contenders, so you can rest easy knowing the winners are the cream of the crop.

Depending on your individual situation, the best home loan for your home-buying needs may be different from your friends and family. There are hundreds of different home loan products available to Australian borrowers from a wide range of lenders, and not every offer may be the best value option for your personal and financial circumstances. 

To help you consider your options, our team of analysts have done some of the research leg work for you, assessing mortgage fees, features and interest rates for the awards.

Below, we’ve detailed some of this year’s winning products from just a few of the 12 different award categories we consider. You can start here to get a rundown of some of the award-winning loans, then head over to the Mozo Experts Choice Home Loan Awards page to see the full list of winners this year.

Want to know more about our judging process and how the winners are selected? Read all the details in the Mozo Experts Choice Home Loan Awards methodology report.

Best Home Loans for May 2022

Expert recommendations: Mozo Experts Choice Award-winning best home loans

mozo expert choice award for best home loans

Once a year Mozo’s team of expert data analysts and researchers do a comprehensive analysis of home loans available in Australia which we track in our product database. They collate and calculate publicly available information on loan costs and features to assess each product in terms of available facilities, interest rates and fees. After all the analysis is done, they award the Mozo Experts Choice Awards^ to remarkable Australian loans and lenders which stood out from the pack in terms of quality and value.

In 2022, the team analysed 441 home loans from 89 lenders, awarding titles to loans in the top 10% of the competition. You can check out the full list of winners and get all the details on the judging criteria at the Mozo Experts Choice Home Loan Awards page. Or by reading below, you can learn more about some of the mortgages that took home titles within just a few of the 12 award categories we assess.

Mozo’s Online Home Lender of the Year

Tic:Toc - Fixed Home Loan
  • Fixed rates from 3.47% p.a. (2.27% p.a comparison rate*)
  • Free extra repayments and redraw facilities
  • Optional offset account available
Find out more

Key loan features: Tic:Toc’s Fixed Home Loan offers fixed rates starting from 3.47% p.a. (2.27% p.a. comparison rate*) on a 1-year term for new owner-occupiers looking to borrow as much as 90% of the property’s value. You can lock in a fixed rate for one to five years, which come with features like a redraw facility, free extra repayments, no upfront fees and the option to pay $10 monthly for an offset account. What's more, Tic:Toc won seven Mozo Experts Choice Home Loan Awards^ this year, including 2022 Mozo Experts Choice Online Home Lender of the Year. 

Low Cost Home Loan award category

OneTwo - Variable Rate Home Loan
  • Rates from 2.09% p.a. (1.99% p.a. comparison rate*)
  • Free extra repayments
  • Match repayments up to $2,500 (T&C apply)

Key loan features: OneTwo offers a low variable rate from 2.09% p.a. (1.99% p.a. comparison rate*) for owner occupiers who are looking to refinance their existing home loan. It offers perks like free extra repayments, no upfront fees and even an interest rate discount of 0.03% each time you pay off 5% of your original loan principal (up to a max of 0.15%). Plus, OneTwo will generously match extra repayments you put towards the loan, up to a total of $2,500 (T&C apply). Since this loan focuses on minimising costs, it doesn’t offer additional features like an offset account or the capability to redraw on additional repayments.

First Time Buyer Loan award category

HSBC - Discounted Home Value Loan
  • Low variable rate starting at 2.52% p.a. (2.53% p.a. comparison rate*)
  • $3,288 cashback offer (conditions apply)
  • Free extra repayments and redraw facilities

Key loan features: HSBC's Discounted Home Value Loan is the winner of the First Home Buyer Loan category for the 2022 Mozo Expert Choice Awards^. Variable rate start from 2.52% p.a. (2.53% p.a. comparison rate*) on LVRs below 80%, and you'll also be able to make unlimited extra repayments and access a free redraw facility. There are also no upfront fees, which is a plus. This loan also has a split account feature, which gives you the option of splitting your loan into two portions: one with a variable rate and the other with a fixed rate.

Packaged Home Loan award category

Queensland Country Bank - Ultimate Home Loan Package Special
  • Variable rates from 2.39% p.a. (2.78% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • Offset account
Find out more

Key loan features: You can bundle together your everyday banking with this competitive home loan from Queensland Country Bank. It offers a variable rate of 2.39% p.a. (2.78% p.a. comparison rate*) for buyers planning to live at the address with a maximum 80% LVR, as well as flexible features that could help you cut down mortgage costs. This includes fee-free extra repayments (up to $10,000 annually), redraws and an offset account. Alongside this, the package offers everyday banking access, discounts on home insurance through Queensland Country Bank (10% off your premium for the first year), the option to take out personal loans without establishment fees, and a Visa credit card with no annual fee. While there aren’t any establishment or discharge fees with the package, you will need to account for the $350 annual fee.

Fixed Rate Home Loan award category

Qudos Bank- Fixed Rate Home Loan
  • Fixed rates begin at 2.99% p.a. (2.76% p.a. comparison rate*)
  • Free extra repayments (up to $10,000 annually)
  • No upfront fees

Key loan features: Qudos Bank offers competitive fixed rate tiers from 2.99% p.a. (2.76% p.a. comparison rate*) for a 1-year term, with no application or annual fees, plus free extra repayments up to $10,000 a year. You can get up to a 5-year term as either an owner-occupier or investor, allowing you to lock in a deal that best fits your needs. The loan only requires up to a 10% deposit which is great for anyone trying to break into the property market. Qudos Bank also won two awards in 2022 Mozo Expert Choice Home Loan Awards^ in the Fixed Rate Home Loan and Split Home Loan categories.

Split Home Loan award category

Investor Home Loan award category

Yard - Variable Home Loan
  • Low variable investor rates from 2.14% p.a. (2.17% p.a. comparison rate*)
  • Free extra repayments and redraws
  • Optional offset account
Find out more

Key loan features: The Yard Variable Home Loan offers low interest rates for investors starting at 2.14% p.a. (2.17% p.a. comparison rate*). It comes with perks like free extra repayments, a free redraw facility and an optional offset account (for a $10 monthly fee). You can get this loan with just a 10% deposit. However, remember to budget an extra $530 to cover its upfront fees. As a winner in the Investor Home Loan category in the 2022 Mozo Experts Choice Home Loan Awards^, it could be an excellent option for financing an investment property.

Investor Fixed Home Loan award category

Well Home Loans - Well Balanced Fixed
  • Rates from 3.45% p.a. (2.25% p.a. comparison rate*)
  • Free extra repayments and redraws
  • Optional offset account
Find out more

Key loan features: The Well Balanced Fixed Home Loan offers fixed interest rates for investors from 3.45% p.a. (2.25% p.a. comparison rate*) on a 1-year term. It comes loaded with extra features like free extra repayments, a redraw facility (with a withdrawal minimum of $1), the option to get an offset account for a monthly $10 fee, and the chance to split your loan. Just remember to budget for the $785 in upfront fees. Well Home Loans is a six-time winner in the 2021 Mozo Experts Choice Home Loan Awards^, scoring wins in categories of Low Cost Home Loan, Offset Home Loan, Investor Home Loan, Split Home Loan and Investor Fixed Home Loan.

Best New Home Loan award category

Nano - Variable Home Loan
  • Variable rates from 2.24% p.a. (2.54% p.a. comparison rate*)
  • Free extra repayments and redraw facilities
  • Free offset sub account
Find out more

Key loan features: Nano’s Variable Rate Home Loan is available for owner-occupiers and investors looking to refinance their current loans. To get the low rate of 2.24% p.a. (2.54% p.a. comparison rate*), you’ll need a loan-to-value ratio of 75% or less. The loan comes packed with features like extra repayments, a redraw facility, no upfront or ongoing fees and an offset sub-account. The offset account comes with a Nano Visa debit card that’s compatible with Apple Pay and Google Pay, and it can be used overseas with no international transaction fees. This loan won in the Best New Home Loan and the Low Cost Home Loan categories for the 2022 Mozo Expert Choice Awards^.

One of the other major award categories included the Green Home Loan award, which was won by Gateway Bank for their Green Plus Home Loan (Premium Package).

Customer favourites: Best home loans from Mozo’s People Choice Award winners

Mozo's people choice award for best home loans

Each year Mozo conducts customer-focused research for the People’s Choice Awards. To highlight the financial institutions which won the hearts (and wallets) of their customers, we commissioned a survey of close to 4,000 Australians asking how they rate their banks, insurance companies and other service providers. 

The winners were selected based on the level of customer satisfaction, customer service, trust, and whether customers would recommend the financial services to others. The banks are awarded at the provider level, but we’ve selected a few standout home loans from two winners to showcase below.

Newcastle Permanent Variable Home Loan (Premium Plus Package)
  • Competitive rates starting at 2.94% (3.34% comparison rate*)
  • Free extra repayments and redraws
  • 100% offset account

What you need to know: With this package loan, owner-occupiers making principal and interest repayments could grab variable rates as low as 2.94% p.a. (3.34% p.a. comparison rate*). This loan comes with flexible features like the option to make extra repayments towards the loan balance, a free redraw facility in case you need to recall those funds for other purposes, and an offset account to help you save on interest. There is an annual service fee of $395.

ING Mortgage Simplifier
  • Variable rates from 2.34% p.a. (2.37% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • $3,000 cashback for refinancing (T&C apply)
Find out more

What you need to know: ING’s Mortgage Simplifier offers starting variable rates from 2.34% p.a. (2.37% p.a. comparison rate*) for owner-occupiers and starting variable rates of 4.25% p.a. (4.27% p.a. comparison rate*) for investors. If you are an owner-occupier you can take out this loan with a 10% deposit, plus access features like free extra repayments, a redraw facility and the option to get a split loan. When applying for this loan, be mindful of the $299 upfront fee. 

Editor’s pick of the month: Best home loan deals on Mozo in May

editor's pick for best home loans

Below are some awesome home loan offers that stood out to the Mozo editors this month. If you want to compare the loans below against other options, check out our home loan comparison page to explore our complete database.

Loans.com.au - Smart Booster Home Loan
  • 2.10% p.a. variable rate (2.46% p.a. comparison rate*) for first 2 years
  • Offset account option available
  • Optional offset account available

Key details: The Smart Booster Home Loan from loans.com.au comes with an amazing introductory variable rate of 2.10% p.a. (2.46% p.a. comparison rate*) for the first two years of the loan if you have at least a 20% deposit. After that period, the rate converts to 2.50% p.a. (2.46% p.a.) This loan also comes with features like extra repayments, free redraws and the option to split your loan. Additionally, there is the option to have an offset account (for an additional 0.10% on your interest rate). It also comes with a $520 upfront fee you will need to consider.

Athena - AcceleRATES Variable Home Loan
  • Low variable rates from 2.24% p.a. (2.18% p.a. comparison rate*)
  • Free extra repayments, redraws and an offset account
  • Automatic discounts as loan is paid off

Key details: Athena’s AcceRATES Variable Home Loan offers ultra low competitive variable rates to owner-occupiers and investors with low loan-to-value ratios (LVR). You’ll need an 80% LVR or lower to qualify for the loan, and with it you could get a low variable rate of 2.24% p.a. (2.18% p.a. comparison rate*). As you pay off your loan, you’ll receive variable discounts depending on your loan details until you reach a 60% LVR which could bring your rate as low as 2.14% p.a. (2.14% p.a. comparison rate*). The loan comes with great features like free extra repayments, a redraw facility and an offset account, all of which could help you pay off your loan quicker and minimise interest costs. To top it all off, there are no upfront, ongoing or discharge fees to worry about.

Macquarie - Basic Home Loan
  • Fixed rates from 3.59% p.a. (2.54% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • No upfront or ongoing fees

Key details: Macquarie’s Basic Home Loan offers fixed rates starting from 2.59% p.a. (2.54% p.a. comparison rate*) for owner-occupiers with a maximum loan-to-value ratio of 70%. The loan offers numerous competitive features like free extra repayments (up to $10,000 per year), a redraw facility, and a repayment holiday option. To top it all off, you can get the frequent flyer option for an extra 0.05% which gives you the chance to earn 10,000 Qantas Points per $100,000 borrowed. This loan also comes with no upfront or ongoing fees, which is always a major plus.

Most common FAQs about home loans

Why should I take out a home loan?

Australia’s real estate market has experienced significant growth over the last few years, with the market valued at $9 trillion towards the end of 2021 and the average house seeing record-breaking price rises throughout the last year. So, for the majority of people who want to own property, borrowing money from a lender or bank is likely going to be a necessity. 

Whether you plan to live at the address or rent it out as an investment, a home loan is used to finance a property purchase so you don’t have to pay the entire amount upfront. Instead, you pay it back – aka ‘service the mortgage’ – over an agreed upon timeframe (usually somewhere between 20 and 30 years) plus interest repayments at a rate set by your lender.

Should I look for the best comparison rate?

A loan comparison rate is designed to help you to get a better idea of the true cost of a home loan (you can see it next to the interest rate on Mozo’s comparison tables). It takes into account both interest and guaranteed fees that are applied to a loan.

Assessing the myriad mortgage products out there based on this broader calculation gives you more detailed information, and thus may help you find the best home loan to suit your needs.

One thing to keep in mind is that comparison rates don’t reflect features that might save you money, like an offset account or the ability to make extra repayments when you have available funds. So while finding the best comparison rate is important, it shouldn't be the only thing to consider.

The comparison rates shown in Mozo’s tables are based on the example of a secured loan of $150,000 with monthly principal and interest payments over 25 years. It’s likely that you’ll have a different loan amount or loan term, so your personal comparison rate might differ from what’s shown above.

How do I find the best home loan for me?

This all depends on your personal finance situation and the value of the property you own or are thinking of buying. 

But to help you make your search a bit easier, every year Mozo analyses hundreds of home loans available in Australia for the Mozo Experts Choice Home Loan Awards^. With a range of different award categories, we’ve made it easier to find the best home loan for you.

We’ve highlighted a couple of them at the start of this page that may work for different types of borrowers. If you are a first time home buyer, maybe Australia’s cheapest home loans could be the best home loan for you. Or maybe you’re tired of your traditional bank and want to try a home loan from the best online mortgage lenders

To learn more, see the full list of Mozo Experts Choice Home Loan Award winners for 2022.

What are the best home loan features that’ll help me save money?

Again this all depends on your financial situation – what might be a great feature for someone might not be ideal for you. However, we can all agree having a home loan that can help you save money could be a great bargain.

There are a few money-saving features that you can look for when choosing the best home loan for yourself.

  • Free extra repayments. A common home loan feature is the availability to make free extra repayments. If you have the available cash, you can put it towards your home loan, decreasing your total loan amount quicker and saving on interest payments in the long run. Some loans may have limits on how much extra you can shave off your loan, or may charge a fee for this option.
  •  
  • Redraw facility. Having a redraw facility doesn’t necessarily save you money, but it can come in handy. With this feature you can access the extra repayments you made towards your loan in case you need to spend the money elsewhere.
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  • Offset account. This feature is a great way to save on interest. An offset account works a bit like a normal bank account, except that the loan amount you’re paying interest on is reduced by every dollar in your account. For example, if you have a $300,000 loan you’re repaying, but have $35,000 in your offset, you’ll only need to pay interest on $265,000. Again, some lenders may charge a fee for this feature.
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  • Split rate option. This is where you have the option to split your loan between a fixed and variable rate. It means you’ll be paying different rates on each portion of the loan, but it can give you the best of both worlds – the certainty of fixed rate repayments with the flexibility of a variable loan.
Can I refinance my mortgage to get the best home loan?

Refinancing your home loan involves switching to a new lender ideally offering more competitive rates and features that might save you money in the long run.

Many lenders offer their most competitive rates for refinancers that have equity in their property. That’s why it’s always good to review your home loan every couple of years to make sure you’re getting the most competitive deal. 

Some of the best reasons to refinance your home loan include:

  • - Reducing your repayments
  • - Paying off your home loan faster
  • - Accessing flexible home loan features

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

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Interested in comparing more home loans? Check out the latest mortgage interest rates from more than 80 lenders by heading over to the Mozo home loan comparison hub.

* 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 Loan 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.

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