Your selected home loans
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read our Mozo Review to learn more about this Unloan Unloan Variable
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read our Mozo Review to learn more about this Unloan Unloan Variable
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
Read our Mozo Review to learn more about this BCU Bank OMG Home Loan
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Read our Mozo Review to learn more about this Bendigo Bank Express Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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.
Read our Mozo Review to learn more about this ANZ Fixed Rate
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Your selected home loans
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Every home loan is different, and so are home loan interest rates. The rate you get with your mortgage is going to play a major role in determining how much you pay over the life of the loan.
That’s why, when it comes to comparing home loans, finding the lowest home loan interest rate possible will be right at the top of the priority list for many borrowers.
After all, if you can find a way to reduce the interest on your mortgage repayments, why wouldn’t you?
Not every borrower is can snag the lowest home loan rate on the market, because there are a number of factors that banks and other lenders take into account when determining their rates.
Some of these include:
There are low rate home loans available for various types of borrowers. The key to finding them is to compare.
Interest rates have changed a lot over the decades. In the 1980s they used to be over 15%! Nowadays, most home loans range from 5% to 7%, depending on the year.
Interest rates reached a historic nadir in 2020-2022 due to pandemic-era economic stimulus policies.
However, home loan interest rates have been rising recently thanks to a series of hikes made by the Reserve Bank of Australia.
If you’re interested in keeping up to date with some of the latest home loan offers, it’s worth regularly checking in on the rates on this page, or visiting our other dedicated home loan pages for variable rates, fixed rates, refinancers and investors.
Different types of home loans come with higher and lower interest rates. This is largely a matter of risk (as calculated by lenders), which is why ‘less risky’ loans tend to come with lower rates.
Interest rates differ from one lender to the next, but there are some broad generalisations that hold true between different types of home loans. Here are a few examples.
On average, lenders offer lower rates to owner-occupiers than they do to investors because property investors are generally considered riskier.
That’s not to say that there aren’t low home loan rates available to investors, but they may not be eligible for some of the very sharpest rates around.
Many mortgage lenders offer customers the choice between making principal and interest or interest-only repayments.
Some borrowers, particularly investors, elect to go interest-only on their loans for a limited amount of time (generally up to 5 years), as it’s a way to initially make lower repayments.
However, interest-only home loans tend to come with higher interest rates than principal and interest home loans because interest-only borrowers are deemed to be at a higher risk of defaulting.
The loan-to-value ratio (LVR) is a major factor in determining your interest rate. In short, LVR is the amount you’re borrowing versus the value of the property, which is then used to calculate your risk as a borrower.
LVR (%) = Loan value / property value
Generally speaking, the more security you have in your home, the safer you're deemed to be. So, if your LVR is lower than 80% (either by having a large deposit or built up equity), you will often have access to lower rates.
On the flip side, low deposit home loans tend to come with higher rates.
You'll need to decide whether you want to lock in a fixed rate for a few years or go with a variable rate. There are positives and negatives for each option, including the features and loan flexibility on offer, but you’ll also need to weigh up the rates on offer.
For instance, fixed rates shield you from rate hikes, but they also trap you out of savings if interest rates get cut.
At present though there’s not too much difference between some of the lowest home loan rates available on both fixed rate and variable rate loans, which means there’s plenty of choice.
Nabbing a low interest home loan is the major priority for many borrowers, but it won’t be the only consideration. There are plenty of other factors to weigh up in a home loan, too, such as:
Lenders take many factors into account when it comes to the rates they offer.
But whether you’re an owner occupier, investor, refinancer or first home buyer, there are some of the minimum requirements you’ll typically need to meet to get a low rate home loan:
In Australia the home loan market is dominated by the Big Four banks: ANZ, Commonwealth Bank, NAB, and Westpac.
While these major players have the most customers, they often don’t provide the lowest home loan interest rates around. So who does?
If you are on the hunt for a sharper rate, comparing loans from a range of different lenders is a clever move. Some kinds of lenders to consider include:
Comparison rates are designed to provide borrowers with a better reflection of the true cost of the loan. That’s because the comparison rate not only takes into account the advertised or ‘headline’ interest rate, but also things like fees and charges plus the amount being borrowed, the loan term and the repayment frequency.
Some lenders offer variable rate home loans that come with an introductory rate, generally for 1 or 2 years. Introductory rates tend to be quite competitive as they’re used by lenders to draw in customers, but it’s always worth weighing any intro rate up against the ongoing variable rate attached to the loan.
In short, not always.
While finding a low home loan rate is a great starting point to reducing the amount you pay on your mortgage, you’ll also need to consider any ongoing or one-off fees that come with the loan as well as the revert rate (if it’s a fixed loan).
That’s because these costs will also contribute to the overall amount you'll earn, which is why it’s always worth looking at the comparison rate as well as the headline interest rate.
While home loan interest rates do tend to move in tandem with the Reserve Bank’s official cash rate, it’s a common misconception that mortgage lenders need to pass on any RBA rate cut in full to their customers.
Before you purchase a property you’ll want to know how much you’ll need to budget for in the way of home loan repayments.
Our home loan repayments calculator can help you work out how much your regular repayments will be and how much total interest you’ll end up paying on your loan. All you’ll need to do is plug in your loan amount, loan term and your interest rate to get started!
If you're purchasing a property for the first time you may be eligible for a number of first home owner grants and deposit schemes in Australia.
These include the various state-based first home owners grants, as well as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme and the Family Home Guarantee.
Yes! In order to access some of the lowest home loan interest rates around borrowers will typically need a deposit of at least 20%, but that doesn’t mean that there aren’t plenty of low deposit home loans available to those with deposits as low as 10% or even 5%.
Bear in mind is that lenders mortgage insurance (LMI) may be required of anyone with a deposit under 20% though.
At the end of the day there’s no single best home loan: it all depends on your wants and needs as a borrower. That’s not to say that there aren’t loans which stand out above the pack though.
Every year our expert judges analyse hundreds of Australian home loans as part of our Mozo Experts Choice Awards, naming winners in a range of categories including best Low Cost Home Loans, best First Home Buyers Loans and best Investor Home Loans.
To find out more, check out our run through of some of the best home loans in Australia or visit the Mozo Experts Choice Home Loan Awards page for a full list of winners and a copy of the award methodology report.
If you’re ready to compare a range of low rate home loans on rates, fees, features and more, then a great place to start is our comparison table at the top of this page.
Plug in your loan amount and loan term and you’ll be able to see your initial monthly repayment displayed next to each loan, or to compare even more loans, head over to our main home loan comparison hub.
Calculate how to lower your home loan costs! See more
Learn what you need to know about mortgages and money management in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
We compare home loans from the following well-known providers and many more... See more home loan providers
I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
Read full reviewI would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Read full reviewI've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
Read full reviewBankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
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