1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
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.
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.
Read our Mozo Review to learn more about the Smart Booster Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Read our Mozo Review to learn more about the Basic Home Loan
<60% LVR, Owner Occupier, Principal & Interest
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.
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.
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
Owner Occupier, Principal & Interest
$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.
$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.
Read our Mozo Review to learn more about the UHomeLoan
Owner Occupier, Principal & Interest
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. Free extra repayments (up to $25,000 per year) and free redraw. Enjoy local branches and call centre.
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. Free extra repayments (up to $25,000 per year) and free redraw. Enjoy local branches and call centre.
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
LVR<90%, over $150k
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.
Read our Mozo Review to learn more about the Discount Great Rate Home Loan
Owner Occupier, Principal & Interest, LVR <60%
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about the Neat Home Loan
Owner Occupier, Principal & Interest, <80% LVR
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. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
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. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
Read our Mozo Review to learn more about the Discount Fixed Rate
Owner Occupier, Principal & Interest, LVR <80%
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
Read our Mozo Review to learn more about the Well Balanced
Owner Occupier, Principal & Interest, LVR <80%
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply). Mozo Experts Choice Fixed Home Loan 2020 winner^
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply). Mozo Experts Choice Fixed Home Loan 2020 winner^
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR<80%
Competitive fixed rates ranging from 2.19% (2.68% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
Competitive fixed rates ranging from 2.19% (2.68% comparison rate*) across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year).
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Owner Occupier, Principal & Interest, <80% LVR
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
Owner Occupier, Principal & Interest, LVR <70%
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 31st May 2021.
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 31st May 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
Owner Occupier, Principal & Interest
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.
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.
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
LVR<80%, Owner Occupier, Principal & Interest
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more.
Read our Mozo Review to learn more about the Back to Basics Special
70-80% LVR, Owner Occupier, Principal & Interest
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Crowned Best New Home Loan for 2020 by the Mozo Experts.
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Crowned Best New Home Loan for 2020 by the Mozo Experts.
Read our Mozo Review to learn more about the Liberate Variable Home Loan
Owner Occupier, Principal & Interest, LVR <80%
Super low rates from an online lender and the personal support from a family run company Free extra repayments and redraw facility. Flexible repayment schedule.
Super low rates from an online lender and the personal support from a family run company Free extra repayments and redraw facility. Flexible repayment schedule.
Read our Mozo Review to learn more about the Well Balanced Fixed
Owner Occupier, Principal & Interest, LVR <70%
Find your fit with competitive home loans for borrowers with clear credit and strong employment history. Flexible repayment terms. 20 year home loan history. Get a dedicated loan consultant for the loan application process. 30% deposit required.
Find your fit with competitive home loans for borrowers with clear credit and strong employment history. Flexible repayment terms. 20 year home loan history. Get a dedicated loan consultant for the loan application process. 30% deposit required.
Read our Mozo Review to learn more about the Prime Home Loan
Owner Occupier, Principal & Interest, LVR 70-80%
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
Read our Mozo Review to learn more about the Neat Home Loan
Owner Occupier, Principal & Interest
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account.
Enjoy a great low rate with no ongoing fees. Ability to split your loan between fixed and variable. 100% offset account.
Read our Mozo Review to learn more about the Discounted Variable Home Loan
Owner Occupier, Principal & Interest
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.
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.
Read our Mozo Review to learn more about the Smart Home Loan 80
Owner Occupier, Principal & Interest, <70% LVR
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.
Read our Mozo Review to learn more about the Economy Variable Home Loan
Owner Occupier, Principal & Interest, LVR 70-80%
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 31st May 2021.
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 31st May 2021.
Read our Mozo Review to learn more about the Variable Home Loan Special
^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.
Last year, the Reserve Bank of Australia cut the cash rate to 0.1% to help quicken the pace of economic recovery. A small group of lenders moved to cut variable rates in line with the RBA, but for the most part activity has centred around fixed rates.
Nowadays, fixed rates below the 2.00% mark are no longer a rarity, and the RBA’s bond purchasing activities have even helped push 4 and 5-year terms to new lows. Among lenders we track, the average 2-year fixed rate currently sits at 2.32% p.a., while the average 4-year rate is 2.36% p.a.
Greater Bank’s Great Rate Home Loan currently offers the lowest fixed rate in our database at 1.69% p.a. (3.49% p.a. comparison rate*), available on 1-year terms. UBank also extended the discount offer on its UHomeLoan, meaning owner occupiers can receive rates as low as 1.75% p.a. (2.22% p.a. comparison rate*) on 3-year terms so long as they apply before 29 April 2021.
Meanwhile, the average variable rate in our database currently sits at 3.29% p.a., which is still a fair bit higher than the average fixed rate. But with interest rates at all-time lows, refinancers have no shortage of options if they’re unhappy with their current lender.
The current rate leader for variable home loans is Reduce Home Loans, which currently offers rates as low as a 1.99% p.a. (2.08% p.a. comparison rate*), while the best value investor loan comes courtesy of Tic:Toc, which offers rates as low as 2.33% p.a. (2.34% p.a. comparison rate*).
Updated by: Niko Iliakis, home loans writer, 1 March, 2021.
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.
They gave us a homes loan when no-one else would so do. However, on rollover of the fixed rate loan, the local staff member charged us .10% above the going rate.
Read full reviewThey gave us a homes loan when no-one else would so do. However, on rollover of the fixed rate loan, the local staff member charged us .10% above the going rate.
Possibly the most uncompetitve rate on the planet. And on top of that they sell it as a rewards home loan as it comes with frequent flyer points (that you pay $10 a month for) that can hardly use in current environment. The interest rate is close to half a percent higher than other good competitors in the markets. And Virgin unwilling to lower their rates to even come close to that, customer service quite rude about it as well. Just a bad product in general. Sign up for it if you just want to pay more for a home loan with bad customer service.
Read full reviewPossibly the most uncompetitve rate on the planet. And on top of that they sell it as a rewards home loan as it comes with frequent flyer points (that you pay $10 a month for) that can hardly use in current environment. The interest rate is close to half a percent higher than other good competitors in the markets. And Virgin unwilling to lower their rates to even come close to that, customer service quite rude about it as well. Just a bad product in general. Sign up for it if you just want to pay more for a home loan with bad customer service.
We went through a mortgage broker who brokered a homeland with ANZ for our home residence. We wanted to sell the home we lived in and buy another one. We also have an investment property. In order to know how much we could borrow from ANZ to purchase our new home ANZ had to do an evaluation on the investment property. During the first week of the application, ANZ did the evaluation of our investment Orange property at $285,000. We were happy with this as this meant we could borrow more and put less of a deposit down, leaving us enough money to do renovations on the new house so we agreed to continue with the application. However, two days before the settlement of the house we were selling, ANZ said that they had to redo their evaluation of the Orange property which they changed their evaluation to $260,000. Their new evaluation came three hours before settlement of our property, while we were in the midst of moving out of our house for the new buyers. ANZ sent us the 'new evaluation' which we were coerced in signing because we had no other option. ANZ had six week to revalue our property and they did three hours before settlement and we were forced to accept. They have this new product call 'Buy Ready', as far as I'm concerned this is false advertising. Their actions show how disorganised they are and this had impacted on our lives immeasurably because we can't do the renovations we needed to, to live in our house. We sent a letter of complaint and it took them longer than a month to get back to us and when they did they didn't take any responsibility or try to make it right. We are taking this matter to the banking tribunal. How dare they think they can get away with this! They won't!
Read full reviewWe went through a mortgage broker who brokered a homeland with ANZ for our home residence. We wanted to sell the home we lived in and buy another one. We also have an investment property. In order to know how much we could borrow from ANZ to purchase our new home ANZ had to do an evaluation on the investment property. During the first week of the application, ANZ did the evaluation of our investment Orange property at $285,000. We were happy with this as this meant we could borrow more and put less of a deposit down, leaving us enough money to do renovations on the new house so we agreed to continue with the application. However, two days before the settlement of the house we were selling, ANZ said that they had to redo their evaluation of the Orange property which they changed their evaluation to $260,000. Their new evaluation came three hours before settlement of our property, while we were in the midst of moving out of our house for the new buyers. ANZ sent us the 'new evaluation' which we were coerced in signing because we had no other option. ANZ had six week to revalue our property and they did three hours before settlement and we were forced to accept. They have this new product call 'Buy Ready', as far as I'm concerned this is false advertising. Their actions show how disorganised they are and this had impacted on our lives immeasurably because we can't do the renovations we needed to, to live in our house. We sent a letter of complaint and it took them longer than a month to get back to us and when they did they didn't take any responsibility or try to make it right. We are taking this matter to the banking tribunal. How dare they think they can get away with this! They won't!
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.
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.
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.