Australia's cheapest home loans

Whether you’re buying a new property or refinancing an existing mortgage, the key to saving more money is knowing where to find the best value home loans.

But what does that look like? Well, it depends on your individual circumstances and financial needs, as well as the features that come with the loan. For example, a customer with a clean credit score will likely receive a better interest rate than a poor credit borrower.

Another feature that can help reduce the cost of your loan is the ability to make free extra repayments so you can pay your loan off faster, and thus minimise the amount of interest you’re paying on top.

Similarly, a loan with flexible repayment options lets you tailor your repayment frequency to your budget and pay schedule. Depending on which option you go for, it could also help to choose a shorter repayment period so you can cut down the interest total.

Where to find the cheapest home loans:

These are just some of the different money-saving features you might find in a cheap home loan. But where can you find the cheapest home loans?

Right here! After scouring through 441 home loans from 89 lenders, our Mozo Experts found the most affordable options worthy of a win in the 2022 Mozo Experts Choice Home Loan Awards^.

So, to help get you one step closer to your dream home, here are some of the cheapest home loans in Australia that received a 2022 Mozo Experts Choice Award^ in our Low Cost Home Loan award category.

Remember: the list below only details a small selection of the home loans crowned in the awards this year. Head to the 2022 Mozo Experts Choice Home Loan Awards page for the full list of winners across all the categories we assess, and read how these loans were selected in our Home Loan Awards methodology report.

Top value award-winning home loans

Well Home Loans - Well Balanced
  • Super low 2.10% p.a. variable interest rate (2.13% p.a. comparison rate*)
  • No ongoing fees plus free extra repayments & redraw
  • Optional offset account for $10 a month
  • Multi-award-winner in the 2022 Mozo Experts Choice Home Loan Awards^
Find out more
Expert verdict:

Sweeping up a total of four 2022 Mozo Experts Choice Home Loan Awards^, the Well Home Loans Well Balanced Variable Home Loan offers one of the cheapest variable rates around, at 2.10% p.a. (2.13% p.a. comparison rate*) for borrowers with a 20% deposit. The loan has some handy features, like extra repayments, a redraw facility and no ongoing fees. But what’s really neat is that it lets you tailor your loan to your needs with a split loan option and optional offset account for $10 a month.

Nano - Variable Home Loan
  • Competitive 2.24% p.a. variable rate (2.24% p.a. comparison rate*)
  • No upfront or ongoing fees
  • Offset sub-account
  • Multi-award-winner in the 2022 Mozo Experts Choice Home Loan Awards^
Find out more
Expert verdict:

Nano might be one of the newest online lenders on the block, but its Nano Variable Home Loan still managed to knock out two 2022 Mozo Experts Choice Home Loan Awards^ in the Low Cost Home Loan and Best New Home Loan categories. The loan comes with a competitive 2.24% p.a. variable rate (2.24% p.a. comparison rate*), no fees, plus a bunch of cool features, like an offset sub-account. The offset sub-account comes with a Visa debit card, the ability to pay with Google Pay and Apple Pay, plus a nifty app to help you manage your money.

OneTwo - Variable Rate Home Loan
  • Low 2.09% p.a. variable rate (1.99% p.a. comparison rate*)
  • Score discounts as you pay off your loan
  • Extra repayments matched up to $2,500 for the first six months (T&Cs apply)
  • 2022 Mozo Experts Choice Home Loan Award-winner^
Expert verdict:

With a nice low 2.09% p.a. variable interest rate (1.99% p.a. comparison rate*), OneTwo’s Variable Rate Home Loan took out a 2022 Mozo Experts Choice Home Loan Award^ in the Low Cost Home Loan category. What’s great about the loan is that OneTwo will drop your interest rate by 0.03% each time you pay off 5% of your original loan (discount capped at 0.15%). On top of this, you’ll be able to make free extra repayments, and OneTwo will even match any extra repayments made in the first six months up to $2,500 (T&Cs apply).

Well Home Loans - Equity Plus
  • Low 2.09% p.a. variable rate (2.10% p.a. comparison rate*)
  • Free extra repayments & redraw facility
  • Offset account available
  • 2022 Mozo Experts Choice Home Loan Award-winner^
Find out more
Expert verdict:

The Well Home Loans Equity Plus Home Loan rewards high LVR borrowers with a super low 2.09% p.a. variable interest rate (2.10% p.a. comparison rate*). On top of this, the loan comes with loads of nifty features, like the ability to make free extra repayments, split your loan, access to a redraw facility and offset account. Best of all, this loan scored a 2022 Mozo Experts Choice Home Loan Award^ in the Low Cost Home Loan category.

Calculate your home loan repayments

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

home with heart

Looking for an even wider range of home loans to compare? Pay a visit to the Mozo home loan comparison hub to view the latest interest rates from more than 90 mortgage lenders.

* 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.

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.