Whether you’re getting your first home loan, refinancing or investing, Mozo’s home loan comparisons will help you get started. Try our easy-to-use comparison tool below to see interest rates and fees side-by-side, check deposit requirements or calculate loan repayments.
With over 500 home loans from more than 80 lenders in Mozo’s database, our experts have done the hard work for you. All you have to do is start comparing!
Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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Mozo Order
2.59% p.a. variable
2.62% p.a.
LVR<80%, Owner Occupier, Principal & Interest
2.59% p.a. variable
2.62% p.a.
Enjoy no ongoing monthly or annual account-keeping fees. Unlimited additional repayments. Redraw facility available. If you choose to round up your Orange Everyday, every card purchase will help to directly reduce your outstanding home loan balance.
2.49% p.a. variable
2.49% p.a.
Owner Occupier, Principal & Interest
2.49% p.a. variable
2.49% p.a.
Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.
2.09% p.a.
fixed 2 years
2.98% p.a.
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years
2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)
2.29% p.a.
fixed 2 years
3.28% p.a.
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years
3.28% p.a.
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
2.48% p.a. variable
2.50% p.a.
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
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
<60% LVR, Owner Occupier, Principal & Interest
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
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
2.54% p.a. variable
2.55% p.a.
Owner Occupier, Principal & Interest, 60-80% LVR
2.54% p.a. variable
2.55% p.a.
Get smart, flexible and cost-effective rates from homeloans.com.au. Complimentary 100% offset account and free online redraw. Unlimited additional repayments. Zero application or annual fees. Fast online application process.
2.59% p.a. variable
3.00% p.a.
Owner Occupier, Principal & Interest, LVR <80%
2.59% p.a. variable
3.00% p.a.
Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
2.29% p.a.
fixed 3 years
2.82% p.a.
Owner Occupier, Principal & Interest, LVR<80%
2.29% p.a.
fixed 3 years
2.82% p.a.
Competitive fixed rates ranging from 2.29% (2.82% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
2.18% p.a.
fixed 2 years
3.72% p.a.
Owner Occupier, Principal & Interest
2.18% p.a.
fixed 2 years
3.72% p.a.
No ongoing fees. Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.
2.49% p.a. variable
2.49% p.a.
LVR<80%, Owner Occupier, Principal and Interest, >$150k
2.49% p.a. variable
2.49% p.a.
A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.
Hot DealSpecial rate applies to home loan applications submitted by 30th September 2020
2.39% p.a. variable
2.42% p.a.
Owner Occupier, Principal & Interest
2.39% p.a. variable
2.42% p.a.
Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 30th September 2020.
Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)
2.68% p.a. variable
2.69% p.a.
LVR<80%, Owner Occupier, Principal & Interest
2.68% p.a. variable
2.69% p.a.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
2.14% p.a.
fixed 3 years
2.41% p.a.
Owner Occupier, Principal & Interest
2.14% p.a.
fixed 3 years
2.41% p.a.
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
Hot Deal$2,500 cashback when you refinance your home loan to BOQ (T&Cs apply)
2.29% p.a.
fixed 2 years
3.52% p.a.
Owner Occupier, Principal & Interest, <80% LVR
2.29% p.a.
fixed 2 years
3.52% p.a.
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $2,500 cashback when you refinance your home loan to BOQ (min. $250k lending, max 70% LVR, T&Cs apply).
2.61% p.a. variable
2.67% p.a.
LVR <80%, Owner Occupier, Principal & Interest
2.61% p.a. variable
2.67% p.a.
Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.
2.64% p.a. variable
2.98% p.a.
LVR<80%, Owner Occupier, Principal & Interest
2.64% p.a. variable
2.98% p.a.
No monthly fees. Low $299 annual fee. 100% interest offset available and unlimited additional repayment. If you choose to round up your Orange Everyday, every card purchase will help to directly reduce your outstanding home loan balance.
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
2.09% p.a.
fixed 1 year
3.92% p.a.
Owner Occupier, Principal & Interest, Home Loan Package
2.09% p.a.
fixed 1 year
3.92% p.a.
A People’s Choice 1 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
2.29% p.a. variable
2.32% p.a.
Owner Occupier, Principal & Interest
2.29% p.a. variable
2.32% p.a.
Low Cost Home Loan 2020 winner.^ A home loan packed with all the essentials and offering up to $1500 cashback and no ongoing fees. No Construction loans.
2.59% p.a. variable
2.63% p.a.
Owner Occupier, Principal & Interest
2.59% p.a. variable
2.63% p.a.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.
^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.
How much could you save by switching your home loan? Compare savings from over 500 home loans. Find out in a few clicks.
Views, news, tips and guides to help find the home loan for you.
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 rates, 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.
A home loan or mortgage is a loan agreement between a borrower and a lender for the purpose of buying a home or property. Australia has some of the most expensive real estate in the world, so for the majority of people who want to purchase a property or home, they need to borrow money from a bank or lender to do it.
The loan is secured against the property and paid back over a period of time.
Home loan terms in Australia are usually 25 - 30 years. Over this time, you as the borrower will pay back the principle amount of the loan plus interest.
This is why it is so important to compare home loans. Every cent that you can save on interest and fees, means more money you can put towards owning your home.
Home loan comparison is not all that different from comparing a new phone or dishwasher. Essentially, you're after the best priced loan with all of the features you need. Like purchasing a new phone or dishwasher, you may also want to take out your home loan with a brand that you can trust and has good customer service.
Let's break down the top three steps to comparing home loans in a bit more detail...
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.
These days, 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.
Many lenders also offer lower rates to borrowers with lower loan to value ratios. As an example, say you're looking to refinance your current home loan and you have 30% equity in your property, that means you have a loan to value ratio (or LVR in industry speak) of 70% and may be able to access cheaper rates than a borrower with a higher LVR of say 90%.
Important features to consider when comparing home loans include extra repayments, redraw, offset account and split loan functionality. Basic features like the ability to make free extra repayments and free redraws are pretty standard these days, even with the cheapest home loans on the market. However, if you want an offset account you may find your choice of home loan more limited. Some low interest rate loans do offer offset accounts, but by no means all.
Offset accounts can be great tools for reducing the amount of interest that you pay on your home loan, so it's worth shopping around for this feature if you think you can make good use of it by depositing your salary in the offset account in month. An offset account functions just like a normal transaction account, but the money in it is offset against your loan balance to reduce your interest bill.
Now that you’ve read our 3 step checklist to comparing home loans, scroll back up to the top of this page to start your comparison. If you’d prefer to first learn a bit more about the different types of home loans available in Australia, keep on reading.
This is the most common type of home loan in Australia as historically variable rates are lower than fixed. With a variable rate home loan, your repayments can be affected by your interest rate going up or down when the Reserve Bank changes the cash rate or if your bank decides to be generous (or greedy) during your loan term. These loans suit borrowers who want flexibility such as the ability to make extra repayments and who aren't concerned by the possibility of their interest rate going up or down over the course of the loan.
A fixed rate means that your repayments are locked in for a fixed term (usually 1 - 5 years). At the end of the fixed term you will get the option to refix your loan at a new market rate or switch to a variable rate. Budgeting is made easier on a fixed rate home loan as you don't have to worry about your rate or repayments changing for the fixed loan term. The main drawback of a fixed rate loan is you won't benefit from any rate drops while you're on the fixed term, but the upside is that you're also protected from rate increases. Fixed rate loans can be less flexible than variable loans with limited ability to make extra repayments and if you pay out the loan early, you could be up for high fees and penalties.
A split rate home loan is when your lender splits your home loan so that a portion of the borrowed amount is on a variable rate and the remainder is on a fixed rate. This is a popular loan option as borrowers have the flexibility to make extra repayments and redraw on the variable portion of the loan, but are less exposed to rate increases and budgeting uncertainty by having part of the loan fixed.
This is a type of loan that enables borrowers to borrow with as little as a 5-10% deposit, rather than the usual 20%. Low deposit home loans are popular with first home buyers as it is a way for them to get on the property ladder without having to save up a sizeable deposit.
If you’re looking at borrowing money for an investment property your financing options will be different from an owner-occupier. Investment loans will have specific interest rates, fees, LVR requirements and repayment options tailored to investors.
A home loan with an offset account is a way for you to reduce the amount of interest you’ll pay back over the life of your loan. With an offset account, instead of being charged interest on your full mortgage amount, you’re only charged interest on how much you’ve borrowed, minus the balance of your home loan offset. So if you have a home loan of $500,000 and have $10,000 savings in your offset, you’ll only be charged interest on $490,000.
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.
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.
There are a number of fees that may apply to your home loan and which you’ll need to budget for. These include:
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.
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.
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.
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.
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.
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.
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.
The amount of stamp duty that you'll need to pay depends on a number of factors. Each Australian state and territory has different stamp duty rates and concessions so to help you to find out how much you'll need to pay, we've developed a range of Stamp Duty Calulators to help you crunch the numbers:
LMI is an insurance that the borrower pays if they do not have at least 20% equity or a 20% deposit, to insure the bank or lender in case of a loan default. Lenders Mortgage Insurance is different to mortgage protection insurance, as this covers the borrower if they are unable to meet repayments.
Here’s some of the most common jargon you’ll need to get across when shopping around for a home loan , check out our full guide home loan terms.
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.
How much could you save by switching home loans?
Home loans switch and save calculatorHow much will my repayments be?
Mortgage repayments calculatorHow will rate changes affect my repayments?
Home loan rate change calculatorWhich home loan will cost me less?
Home loan comparison calculatorHow much will I save with extra repayments?
Home loan extra repayments calculatorHow much can I afford to borrow?
Home loan borrowing calculatorHow much do I have to pay?
Stamp duty calculator
CBA offers some great competitive rates, a really use friendly and great online banking system and app, and offers as many offset accounts as you like.
Read full reviewCBA offers some great competitive rates, a really use friendly and great online banking system and app, and offers as many offset accounts as you like.
Great service, friendly staff, fair interest rates.
Read full reviewGreat service, friendly staff, fair interest rates.
The Bankwest home loan customer service is top notch. I called to fix my interest rate and the bank officer talked me through the process. I had to put additional funds in, so I called him a few months later when I had the funds ready and he helped me in 2 minutes over the phone! They always call back when you leave a message and I think their fixed rate is very competitive. Awesome service so far.
Read full reviewThe Bankwest home loan customer service is top notch. I called to fix my interest rate and the bank officer talked me through the process. I had to put additional funds in, so I called him a few months later when I had the funds ready and he helped me in 2 minutes over the phone! They always call back when you leave a message and I think their fixed rate is very competitive. Awesome service so far.
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