Compare home loans for March

Mozo’s home loan comparison tools, calculators, and expert tips are here to help, from your first home loan to your latest investment property. Ready to move in? Compare home loans below.

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Home loan comparisons on Mozo - last updated 19 March 2024

Search promoted home loans below or do a full Mozo database search. Important disclosures
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You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

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Interest rates change regularly - stay informed.

Compare more home loan options

Home loans come in many shapes and sizes, start comparing here based on your needs. 

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Browse all 463 home loans in Mozo's comparison database.

Meet our home loan experts

Our experts track home loan interest rates, product changes and help you stay informed of industry trends. read more

Small rate differences can amount to huge savings so it pays to compare.

Peter Marshall

Home loans & rates expert

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March Home Loans Monthly Snapshot

Property prices have levelled into March, yet interest rates are still decreasing. This is fantastic news for buyers who’ve found it somewhat difficult to enter the housing market in the last two years, though to get a genuine deal, it’ll still take some careful planning and crafty comparing. 

All signs also point to another rate hold for the Reserve Bank of Australia’s late March decision–it would take a hefty surprise to upset the course now. 

Currently, the Mozo database average interest rate for variable home loans is 6.85% p.a. (OO, P&I, LVR < 80%). As always, comparison is key to finding the right home loan for you.

 Lowest variable home loan rates in March 2024

At the time of writing, these are some of the cheapest variable interest rate offers from lenders in the Mozo database. 

  • Gateway Bank | Green Plus Home Loan | 5.79% p.a. (6.07% p.a. comparison rate*)
  • G&C Mutual Bank | Essential Worker Home Loan | 5.80% p.a. (5.83% p.a. comparison rate*)
  • Police Bank | First Home Loan Variable | 5.84% p.a. (5.92% p.a. comparison rate*)
  • Homeloans360 | Owner Variable Home Loan | 5.89% p.a. (5.89% p.a. comparison rate*)

Rates are for a $400,000 loan (OO, P&I, LVR < 80%).

Home Loans Knowledge Hub

How to choose the right home loan for you

Every buyer is different, so no single home loan is best for everyone. Instead, choosing the right home loan is about matching your property aims and budget.

In general, the best home loan will:

  • Lend you enough money to buy the property you want. (See borrowing power). 
  • Come with useful features that save you money and time over the loan's lifetime. 
  • Have a low interest rate compared to similar home loans.

Once you choose the right home loan, all you have to do is check the eligibility criteria, prepare your finances, and apply. 

Person excited about choosing the right home loan for them

Why compare?

Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.

Comparing types of home loans

The type of home loan you choose will depend on your budget and plans. The two main types of home loans are:

  • Owner-occupier. You plan to live in the property as a home.
  • Investor. You do not plan to live in the property.

Owner-occupied and investment home loans also vary by features and repayment types (principal & interest vs. interest-only). Buyers should choose a home loan that serves their goals.

Features to compare in a home loan

Home loan features impact your long and short-term costs. Comparing home loan features lets you see which could fit your needs and budget.

Interest rate

An interest rate is a lending fee charged on your mortgage repayments

The three main types of home loan interest rates are: 

  • Fixed interest rates. Your rate stays the same for a period of time, called a fixed term.
  • Variable interest rates. Your rate changes at the lender’s discretion. 
  • Split loan interest rates. Your rate is a mixture of fixed and variable interest.

Each interest rate type has pros and cons to compare.

Calculator interest rate
Piggy bank deposit size

Deposit size

A home loan deposit is a downpayment you give the lender to use as security. 

The deposit also establishes your loan-to-value ratio (LVR) and home equity.

Usually, large deposits give you lower interest rates. A standard deposit size is 20% of the property's purchase price.

Other home loan features

Many home loans come with features that help save you money, too, such as:

  • Offset accounts. An offset account is a savings account attached to your home loan that lowers your interest. 
  • Free extra repayments. Making extra repayments reduces the size of your home loan, saving you time and money.
  • Redraw facilities. A home loan redraw lets you take back extra repayments you made.

Expert tip: Features like offset accounts and free extra repayments are more common with variable home loans.

Woman excited about other home loan features

Why compare with Mozo

Here at Mozo, we believe comparison makes your money count for more. We work hard to ensure you have the most up-to-date product information and home loan insights at your fingertips. Read more about our fact-checking process here.

Our lender database

Our lender database

We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including award-winning providers.

Our experts

Our experts

Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.

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Free and easy to compare

Mozo’s comparison tools and services are free! You won’t pay any extra for using our site or taking out a product by clicking one of our provider links.

Best home loans

What are the best home loans? That’s tricky, but Mozo’s Experts Choice Awards are a great place to start. 

Every year, Mozo’s expert judges compare hundreds of home loan offers to find the best value, quality, features, rates, fees, and more. 

Only the top 10% of home loans get an award – and we look at hundreds of deals from 99 lenders.

Check out the winners at the 2024 Mozo Experts Choice Home Loan Awards page, or click below. 

For more top deals, including editor picks, head to our best home loans hub.

Mozo Experts Choice Home Loans Awards Badge 2024

Home loan basics

What is a home loan?

A home loan is money borrowed from a bank or a lender to buy property. The debt is repaid in instalments, called mortgage repayments, with interest, over 20 to 30 years.

What is the typical length of a mortgage?

Mortgages are usually repaid over a 20 to 30-year period. This period of time is called the “loan term”. The standard loan term in Australia is  25 years, though some can go as long as 40 years.

What type of home loan do I need?

Different types of home loans suit different types of buyers. First home buyers should look for first home loans with lower interest rates, while investors should use investment home loans. See our home loan types guide for more information.

What’s the difference between a mortgage vs. home loan?

A home loan is a financial product sold by a bank or lender. A mortgage is a home loan that’s in progress, meaning the borrower is already making repayments.

Comparing home loans

Comparing home loan rates: Should I pick a fixed or variable rate?

Home loan interest rates come in a few varieties. Fixed interest rates stay the same for a fixed term (usually 1-5 years), while variable interest rates can change at the lender’s discretion. 

Each type of interest rate has pros and cons. Fixed rates give borrowers consistent repayments for a time, but variable home loans have greater features and flexibility. Compare fixed vs. variable home loans in our guide.

What home loan features are available in Australia?

Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.

What is a comparison rate?

A comparison rate is an interest rate that includes any charges like lending fees. A comparison rate is a more accurate estimation of how much a home loan costs over time.

How do I choose the best home loan?

The best home loan for you will depend on your needs, preferences, and budget, so it’s vital to compare options to see what could work.

Many home loan lenders have won awards for their incredible offers. Check out Mozo’s top picks at our best home loans hub.

Applying for a home loan

How do I apply for a home loan?

To apply for a home loan, assemble your paperwork, choose a property to buy, and compare lenders to find the right home loan for you. 

When your documents are in order, fill out the home loan application form, pay any applicable fees, and submit your application.

What home loan paperwork do I need?

The home loan paperwork you need to have includes:

  • Three months of bank statements (to show your income, spending habits, and living costs).
  • Employment records.
  • Debts and assets.
  • Primary and secondary identity documents like passports and driver’s licences
  • Details on the property you intend to buy, if relevant.
How long does it take to apply for a home loan?

How long it takes to apply for a home loan varies. Lodging the application itself could take anywhere from a few minutes to a few hours, depending on the application and lender. 

It will also depend on how prepared you are. Your paperwork and information must be ready to apply, including at least three months of consistent income, spending, and savings. Preparation to apply could take weeks or months.

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Evlin DuBose

RG146
Senior Money Writer

Evlin is RG146 certified for general advice (Tier 2) and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like News.com.au and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

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JP Pelosi

RG146
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 likes a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

Home loan customer reviews

Suncorp Back to Basics
Overall 5/10
Not Bad for a big bank. But I’d shop around.

I have a small loan and am not offered the same as larger loan holders. I feel that any call to see if I can have a better deal is not regarded as the amount I owe (due to hard work) is not beneficial to the bank. I would like to refinance but don’t have the criteria needed to get a better deal. A place of do or don’t for me.

Read full review

I have a small loan and am not offered the same as larger loan holders. I feel that any call to see if I can have a better deal is not regarded as the amount I owe (due to hard work) is not beneficial to the bank. I would like to refinance but don’t have the criteria needed to get a better deal. A place of do or don’t for me.

Price
3/10
Features
3/10
Customer service
6/10
Convenience
6/10
Trust
5/10
Less
Noelle, Queensland, reviewed about 4 hours ago
Athena Straight Up with AcceleRATES Variable Home Loan
Overall 1/10
Better home loan providers out there

Increased interest rates higher than RBA rate increase amount which I thought was greedy as rates have been steadily increasing regularly.

Read full review

Increased interest rates higher than RBA rate increase amount which I thought was greedy as rates have been steadily increasing regularly.

Price
1/10
Features
3/10
Customer service
5/10
Trust
1/10
Less
Luke, South Australia, reviewed about 4 hours ago
Commonwealth Bank Home Loan
Overall 7/10
Big four

They're pretty good

Read full review

They're pretty good

Price
5/10
Features
7/10
Customer service
7/10
Convenience
8/10
Trust
9/10
Less
Steven, New South Wales, reviewed about 4 hours ago

More home loan reviews