Top home loans round-up: February 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
  • Refinancers only
  • 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 refinance loans of up to $10M. Minimum 20% deposit. 

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Free offset accounts available
  • Multiple Mozo Experts Choice Award Winner 2024^

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

Sucasa Ultra Low Rate Variable Home Loan
  • 6.30% p.a. Variable (6.58% p.a. comparison*)
  • Pay no lender’s mortgage insurance (LMI) when borrowing up to 95% (T&Cs apply)
  • Free extra repayments and redraw facility
  • Metro borrowers only

The Ultra Low Rate loan from newcomer Sucasa is a low deposit home loan, just requiring a deposit of as little as 5% and without the need for lenders mortgage insurance (LMI)( T&Cs apply). Enjoy unlimited extra repayments to pay down your loan faster, plus a free online redraw. There are no ongoing fees but there are upfront fees of $790 to cover valuation and settlement. It’s only available for borrowers in metro areas and for purchases up to $2.5m. $795 discharge fee applies.

UBank - Neat Home Loan
  • Variable rates from 6.09% (6.11% 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.

Athena Straight Up Variable Home Loan
  • 6.24% p.a. variable rate (6.24% p.a. comparison rate*) for borrowers with a 50% LVR
  • Free extra repayments and redraw facility
  • No valuation, exit or monthly fees

Online lender Athena is on a mission to save borrowers money on their mortgage and the Straight Up loan has the key basics covered - competitive rates, no fees and free redraw. Interest rates are tiered depending on your Loan-to-value Ratio so to qualify for the 6.24%p.a. rate (6.24% p.a. comparison) you’ll need a minimum 50% deposit or equity. This loan doesn’t have an offset but you can make extra repayments and use the available redraw should you need. It’s available to refinancers and new borrowers purchasing properties in capital or major regional cities. Max loan amount is $2.5 million and according to Athena it just takes 15 minutes to apply.

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^

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

Up Home fixed rate home loan
  • 4 year fixed rate of 5.80% p.a (6.02% p.a. comparison) *
  • Just 10% deposit required
  • No application, monthly or annual fees

With one of the lowest^^ 4 year fixed rates on the market at 5.80% (6.02% p.a. comp*), the Up Home fixed rate option is worth checking out if you like the idea of fixed monthly repayments. And if you hate paying fees, you’ll be happy to know there’s no application, monthly or discharge fees to pay. You’ll need a 10% deposit but the Up home loan is only available if you’re an owner-occupier buying or refinancing in a major Australian city.  Up will also cover the first $400 of your property valuation. Up is an app only bank so you will need to apply through the app (use code UPHOMEMOZO and you’ll get $10 by signing up (T&Cs apply). Up is backed by Bendigo Bank. 

Macquarie Basic Fixed Home Loan
  • Competitive 3 year fixed rate of 5.99% p.a (6.13% p.a. comparison) for live in borrowers with a 70% LVR
  • No annual or application fee
  • Fast turnaround times

The key essentials of a great value home loan are low rates and low fees, and the Macquarie Fixed Basic home loan has both. For owner-occupiers, you’ll have a range of fixed terms to choose from 1 to 5 years and interest rates are scaled depending on your loan to value ratio. The 3 year rate is a low 5.99% p.a. (6.13% p.a.) for borrowers with at least 30% deposit or equity. The loan also does away with common fees so you won’t pay an application, monthly or an annual loan fee (but there are break cost fees if you do need to exit the loan early). You can make up to $10,000 a year in extra repayments and access them via a redraw. There is also a split loan option but no offset account. The loan is 100% digital and Macquarie boasts market-leading turnaround times and a straightforward application.  

ING Orange Advantage Combo Fixed Rate Loan 2yr Fixed
  • 6.29% p.a. 2 year fixed rate (6.19% p.a. comparison rate*)
  • No monthly, annual fee or transaction fees
  • Free additional repayments (less than $10,000 p.a.)

Enjoy the security of a fixed rate with a 100% offset facility with ING Orange Advantage 2 Year Fixed Rate Home Loan. Manage your money with no monthly, annual fee or transaction fees to pay. Plus, you can make free additional repayments (less than $10,000 p.a.) to get ahead even more. Valid for loans of $50,000 up to $2,000,000. 80% LVR required. $299 settlement fee.

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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