Top home loans round-up: April 2024
Home loan repayments are likely your biggest regular expense, so every cent that you can save on your home loan is more money for you. If you are looking to purchase property this year, or refinance an existing home loan, you’ll want to be in the know where you can get low home loan rates and secure a great value deal.
With the big shift to digital banking, many lenders now offer online only home loans, which not only have competitive rates and features but also come with speedy application and approval processes.
Mozo compares over 450 home loans from more than 80 lenders, and our experts have done the hard work for you by scouring our database to uncover some of the top low rate home loans on the market right now.
With the average variable rate in our database* at 6.89% p.a. read on for our Mozo Expert reviews and see how much you could be saving…
Unloan - Variable Home Loan
- 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^
Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.
Bendigo Bank Express Home Loan
- 6.01% p.a. variable rate (6.14% p.a. comparison rate*)
- Offset account and redraw facility
- 2024 Mozo Experts Choice Low Cost Home Loan winner
The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.01% p.a. (6.14% p.a. comparison rate*). It also comes with generous features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments. You’ll be able to borrow up to $3 million and have the flexibility to split. Just a 10% deposit is required and Bendigo says you could get fast online approval in as little as an hour.
UBank - Neat Home Loan
- Variable rates from 6.14% (6.16% comparison rate*) - min 40% deposit
- Fast and paperless online application process
- Free extra repayments
UBank has made a name for itself as one of Australia's best value online lenders, and its new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. Plus, UBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing.
Macquarie Basic Variable Home Loan
- 6.15% and (6.17% comparison rate*)
- Zero application or ongoing fees
- Free redraw and extra repayments
With competitive variable interest rates starting at 6.15% p.a. (6.17% p.a. comparison rate*), Macquarie’s Basic Home Loan brings with it minimal fees and a range of features like free extra repayments and a free redraw facility. Together with a split account option so you can split your loan between variable and fixed, the Basic Home Loan from Macquarie is available to owner occupiers and investors alike.30% deposit required.
HSBC - Home Value Loan
- 6.09% variable rate (6.09% comparison rate*)
- Enjoy free extra repayments, online redraw and no ongoing monthly service fees
- Settlement fee waived for promotional offer (T&Cs apply)
- 2024 Mozo Experts Choice Award - Low Cost Home Loan^
Interested in a HSBC home loan? Lendi specialists can help you refinance your home loan.
You can this discuss this option and compare against 25+ lenders with our trusted partner Lendi.
Answer a few questions online about your current loan and Lendi will connect you with one of their experienced home loan specialists, who can guide you every step of the way.
HSBC is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. In addition to a low variable rate for borrowers with 70-80% LVR, this loan is loaded with features, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. $300 variation fee for changes to your loan. It also took out a 2024 Mozo Experts Choice Award^ in the low cost home loan category.
Latest fixed rate deals
BCU Fixed Rate Home Loan
- 5.99% p.a. for 2 years (6.24% p.a. comparison rate*)
- No establishment or annual ongoing fee
- Just 5% deposit required
- 2024 Mozo Experts Choice Award winner^
Member-owned BCU won a 2024 Mozo Expert’s Choice^ for this fixed rate home loan and with no establishment fee, no ongoing annual fee, and competitive rates, it’s easy to see why. The 2 year rate is currently 5.99% p.a (6.24% p.a. comparison rate*) after which it reverts to 6.29% p.a. You can lock in up to 5 years and there is an option to make weekly, fortnightly or monthly repayments. During the fixed period you can also make extra repayments of up to $25,000. The loan is also available with just a 5% deposit.
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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
*As at 1 Feb. Based on $400,000 owner occupier variable home loan (P&I) 80% LVR