The best home loans in Australia for 2024

the best home loans in australia

Deciding on a home loan can be almost as stressful as finding the perfect property as there are so many different options and mortgage lenders to choose from. That’s why we’ve decided to make your journey a bit easier by sharing a selection of Australia’s best home loans, as decided by Mozo's home loan experts.

The best home loan for your home-buying will vary depending on your personal situation. Hundreds of different home loan products are available to Australian borrowers, and not every offer may be the best for your personal and financial circumstances. That’s why it’s essential to research and understand your options and know which features will suit you best.

To help you consider your home loan choices, our analysts have done the intense legwork, assessing mortgage fees, features and interest rates.

Below, we’ve detailed some of the award-winning products from our Mozo Experts Choice and People's Choice Award along with some of our top editor's picks for this month.

Best Home Loans for February 2024

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

mozo expert choice award for best home loans

Every year Mozo’s team of expert data analysts and researchers conduct an extensive analysis of home loans available in Australia. The team collates publicly available information to assess each product on its available features, interest rates and fees. 

After the analysis is complete, we award the Mozo Experts Choice Awards^ to the loans and lenders which stood out from the pack in terms of quality and value.

You can check out the complete 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 awards titles in 2024.

Low Cost Home Loan award category

Unloan - Unloan Variable
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only
  • Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^

Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $10M. Minimum 20% deposit.

HSBC - Home Value Loan
  • 6.09% p.a. variable rate (6.09% p.a. comparison rate*)
  • Enjoy free extra repayments, online redraw and no ongoing monthly service fees
  • Settlement fee waived for promotional offer (T&Cs apply)
  • 2024 Mozo Experts Choice Award - Low Cost Home Loan^

HSBC is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. In addition to a low variable rate for borrowers with 70-80% LVR, this loan is loaded with features, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. $300 variation fee for changes to your loan. It also took out a 2024 Mozo Experts Choice Award^ in the low cost home loan category.

Offset Home Loans Awards Category

Up Offset Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Multiple Mozo Experts Choice Award Winner 2024^

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts to help you save on interest and withdraw when you need it (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

Fixed Rate Home Loans Awards Category

UP Home fixed rate home loan
  • 4 year fixed rate of 5.80% p.a (6.05% p.a. comparison) *
  • Just 10% deposit required
  • No application, monthly or annual fees
  • Mozo Experts Choice Award Winner 2024^

If you like the idea of fixed monthly repayments, the Up Home fixed rate option is worth checking out.  Our experts rated it as one of the best fixed rate home loans in the 2024 Mozo Experts Choice Awards^. There’s a choice of fixed terms from 1-5 years, with the 4-year fixed rate at a competitive 5.80% p.a. (6.02% p.a. comparison).  And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit, but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app-only bank, so you will need to apply through the app (use code UPHOMEMOZO, and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank. 

First Home Buyer Loan

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Multiple Mozo Experts Choice Award Winner 2024^

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

Editor’s picks of the month: Best home loan deals on Mozo in February

editor's pick for best home loans

Below are some excellent 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.

Variable home loans

Sucasa Ultra Low Rate Variable Home Loan
  • 6.30% p.a. Variable (6.58% p.a. comparison*)
  • Pay no lender’s mortgage insurance (LMI) when borrowing up to 95% (T&Cs apply)
  • Free extra repayments and redraw facility
  • Metro borrowers only

The Ultra Low Rate loan from newcomer Sucasa is a low deposit home loan, just requiring a deposit of as little as 5% and without the need for lenders mortgage insurance (LMI)( T&Cs apply). Enjoy unlimited extra repayments to pay down your loan faster, plus a free online redraw. There are no ongoing fees but there are upfront fees of $790 to cover valuation and settlement. It’s only available for borrowers in metro areas and for purchases up to $2.5m. $795 discharge fee applies.

Ubank - Neat Home Loan
  • Variable rates from just 6.09% p.a. (6.11% p.a. comparison rate*)
  • Free extra repayments
  • Redraw available

Ubank offers excellent features on top of a competitive variable rate from 6.09% p.a. (6.11% p.a. comparison rate*) for borrowers with a 40% deposit. It comes with free extra repayments and redraw facilities. Max loan amount is $5 million so this loan should be suitable for most budgets. This loan has an upfront $250 settlement fee and a $300 discharge fee to also consider.

Macquarie Basic Variable Home Loan
  • Variable rates from 6.20% p.a. (6.22% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • No upfront or ongoing fees

With competitive variable interest rates starting at 6.20% p.a. (6.22% p.a. comparison rate*), Macquarie’s Basic Home Loan brings with it minimal fees and a range of features like free extra repayments and a free redraw facility. Together with a split account option so you can split your loan between variable and fixed, the Basic Home Loan from Macquarie is available to owner occupiers and investors alike. 20% deposit required.

Athena Straight Up Variable Home Loan
  • 6.24% p.a. variable rate (6.24% p.a. comparison rate*) for borrowers with a 50% LVR
  • Free extra repayments and redraw facility
  • No valuation, exit or monthly fees

Online lender Athena is on a mission to save borrowers money on their mortgage and the Straight Up loan has the key basics covered - competitive rates, no fees and free redraw. Interest rates are tiered depending on your Loan-to-value Ratio so to qualify for the 6.24%p.a. rate (6.24% p.a. comparison) you’ll need a minimum 50% deposit or equity. This loan doesn’t have an offset but you can make extra repayments and use the available redraw should you need. It’s available to refinancers and new borrowers purchasing properties in capital or major regional cities. Max loan amount is $2.5 million and according to Athena it just takes 15 minutes to apply.

Fixed rate home loans

Up Home Fixed Rate
  • 4 year fixed rate of 5.80% p.a (6.02% p.a. comparison) *
  • Just 10% deposit required
  • No application, monthly or annual fees
  • Mozo Experts Choice Award Winner 2024^

If you like the idea of fixed monthly repayments, the Up Home fixed rate option is worth checking out.  Our experts rated it as one of the best fixed rate home loans in the 2024 Mozo Experts Choice Awards^. There’s a choice of fixed terms from 1-5 years, with the 4-year fixed rate at a competitive 5.80% p.a. (6.02% p.a. comparison).  And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit, but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app-only bank, so you will need to apply through the app (use code UPHOMEMOZO, and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank.

Macquarie Basic Fixed Home Loan
  • Competitive 3 year fixed rate of 5.99% p.a (6.13% p.a. comparison) for live in borrowers with a 70% LVR
  • No annual or application fee
  • Fast turnaround times

The key essentials of a great value home loan are low rates and low fees, and the Macquarie Fixed Basic home loan has both. For owner-occupiers, you’ll have a range of fixed terms to choose from 1 to 5 years and interest rates are scaled depending on your loan to value ratio. The 3 year rate is a low 5.99% p.a. (6.13% p.a.) for borrowers with at least 30% deposit or equity. The loan also does away with common fees so you won’t pay an application, monthly or an annual loan fee (but there are break cost fees if you do need to exit the loan early). You can make up to $10,000 a year in extra repayments and access them via a redraw. There is also a split loan option but no offset account. The loan is 100% digital and Macquarie boasts market-leading turnaround times and a straightforward application.

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 Mozo 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 2023 winners to showcase below.

ING Mortgage Simplifier
  • Variable rates from 6.14% p.a. (6.43% p.a. comparison rate*)
  • Free extra repayments and redraw facility
  • $3,000 cashback for refinancing (T&C apply)
Find out more

ING’s Mortgage Simplifier offers starting variable rates from 6.14% p.a. (6.43% p.a. comparison rate*) for owner-occupiers. 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. Plus ING won five Mozo People’s Choice Awards in 2023, making it an Aussie favourite bank.

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.

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.
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  • 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

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.