Top home loans round-up: June 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. - Variable Home Loan 90
  • 6.04% p.a. (6.06% p.a. comparison rate*)
  • No application fees to pay
  • 2024 Mozo Experts Choice Award winner

If you're in the market for a competitive rate on a variable home loan, online lender has come through with the goods. There are no application fees to pay and you only require a 10% deposit to get started. You can borrow between $50,000 to $2,000,000, plus, you’ll have the freedom to make free extra repayments, and redraw them without penalty too. $300 settlement fee applies. (T&Cs apply).

Heritage Bank Discount Variable Home Loan
  • 5.99% p.a. variable rate (6.01% p.a. comparison rate*)
  • No application or monthly admin fees
  • Unlimited extra repayments and free online redraw

If you’re an owner occupier looking for competitive interest rates and flexible features, then the Heritage Bank Discount Variable Rate Home Loan has got you covered. Take advantage of no application or monthly administration fees to pay as well as free unlimited extra repayments and free online redraw. Plus, with flexible repayment options, managing your mortgage has never been easier. 30% deposit required. Establishment and discharge fees apply.

Macquarie - Offset Home Loan
  • Variable rates from 6.14% (6.16% comparison rate*) - minimum 40% deposit
  • 100% offset account, redraw facility and extra repayments
  • Get up to 10 free offset accounts per loan

This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.

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

ING Fixed Rate Loan 3yr Fixed
  • 6.09% p.a. 3 year fixed rate (6.15% 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 the ING Orange Advantage 3 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. $499 application and $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