Customer-owned and digital home loans smash big banks on cost

A smiling couple sit on their couch and make a roof shape over their heads with their hands

Customer-owned banks and digital home loan lenders dominated the Mozo Experts Choice Awards^ in 2024, according to the 2024 Mozo Home Loan Report.

Between customer-owned and digital lenders, 88% of the 98 awards presented went to these ‘unsung heroes’, recognised for their low cost to borrowers.

The Big Four were virtually nowhere to be found in this year’s awards – although CommBank's digital lending arm, Unloan, earned a (deserved) Low Cost Home Loan^ award for its Unloan Variable product. 

Average Big Four rate leaves borrowers $436/month worse off, report finds 

Overall, the Mozo Experts Choice Award^ winners had an average, owner-occupier variable rate of 6.10% p.a., according to the report. 

Compared to the average Big Four Bank variable rate, at 7.48% p.a., borrowers with a $500,000 home loan could be $436 worse off each month† by sticking with the majors. 

So, if you’re interested in finding out if you can score a lower rate on your home loan, check out our list of the best home loans in Australia, featuring 2024 Mozo Experts Choice Award^ winners. 

For the full list of winners, and to find out how the awards were judged, check out the methodology report


Based on the average Big Four rate of 7.48% p.a. compared with the average Mozo Expert Choice Home Loan Award winner rate of 6.10% p.a. In the Mozo database ($500,000 owner-occupier home loan, paying principal and interest, <80% LVR, over a 25 year term). Accurate as at 13 March 2024.

Home loan comparisons on Mozo - last updated 23 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    Compare
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

    Compare
    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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