Award-winning home loans, auctions, investor confidence: This week’s best banking news
- The 2021 Mozo Experts Choice Award for Home Loans winners revealed!
- Auction clearance rates continue to increase
- More property investors jumping into the market
- APRA to assess climate vulnerability of major banks
- Queensland says hello to Australia’s first community owned energy provider
- CommBank drops Buy Now Pay Later product
All in this week’s best banking recap: editor’s pick.
2021 Mozo Experts Choice Awards: this year’s best home loans
No matter if it's your first home loan, or you’re looking to refinance - why not choose an award-winning option?
That’s where the 2021 Mozo Experts Choice Home Loan Awards for Home Loans can help! This year, our expert judges compared over 500 mortgage products from 99 lenders.
“Monthly mortgage repayments are usually the biggest household expense, so making sure that you’ve got a good deal can potentially save you thousands of dollars over the life of your home loan,” said Mozo Expert Peter Marshall.
Some notable wins included:
- Home Loan Lender of the Year: ING
Online Home Loan Lender of the Year: Tic:Toc
Home Loan Innovation: Athena
Green Home Loan: Bank Australia
Read full article: Winners announced in the 2021 Mozo Experts Choice Awards for Home Loans for a closer look at this year’s winners.
Capital city auction clearances rates continue to rise
Aussie capital cities have seen a growing amount of auction clearance rates and this week is no exception.
In Sydney, almost 90% of properties up for auction were sold, indicated by Domain’s preliminary data. Similarly, Adelaide saw a 90% clearance rate, while Canberra experienced 94%.
“Adelaide and Canberra are doing really well this year because they haven’t been as affected by COVID and they’re also not so reliant on international students,” Mozo’s property expert, Steve Jovcevski explained.
“The other reason is that a lot of investors from Sydney and Melbourne have started to look interstate because they want value for money and want to take advantage of capital growth.”
Read full article: Auction market boom: Clearance rates on track to six-year high for some hot tips for bidding at auction.
Investors come back to the property market
While the COVID-19 pandemic saw many investors withdrawing from the market in 2020, 2021 could be the year they return.
In fact, fresh numbers from the Australian Bureau of Statistics (ABS) showed that investor loans increased by 9.4% in January.
The stats showed that the average investor loan was the highest in NSW ($658,900), followed by Victoria ($537,388), Queensland ($441,037) and Western Australia ($411,649).
Read full article: Investor confidence returns to property market to see what chief economist at Archistar, Andrew Wilson said about the numbers.
Climate vulnerability in 2021: APRA to assess major banks
This year, the Australian Prudential Regulation Authority (APRA) will be assessing the climate vulnerability of Australia’s big banks.
As part of APRA’s new cross-industry prudential practice guide (PPG) which aims to manage climate-related financial risk, the body will assess how vulnerable banks are to physical and transition risks that could come with climate change.
The assessments will start with Australia’s five major banks and then roll out throughout the banking sector. APRA hopes to have the results of the first round of reviews by the end of 2021.
Queensland welcomes Enova, Australia’s first community owned energy provider
First rolled out all over New South Wales after protests against coal seam gas fracking, Australia’s first community owned energy provider Enova has expanded to Queensland.
The provider has almost 10,000 customers and is looking to snag a few more up north.
“Our offering is unique in South East Queensland as we were established specifically to support communities to work toward becoming energy self-sufficient,” chief executive Felicity Stening says.
According to Stening, Enova is opening the doors for towns and suburbs to generate, store and share renewable energy. Thus, deterring people from coal-fired power which is delivered over a long distance and via expensive powerlines.
Read full article: Australia's first community owned energy provider expands to QLD for more of a rundown on what Enova has to offer.
Buy Now Pay Later: CommBank launches a new instalments product
It’s official, CommBank has entered the Buy Now Pay Later (BNPL) market as the first major bank to enter the space.
For transactions above $100, the BNPL product means that customers can split their purchases into four equal fortnightly instalments. Plus, customers must link their CommBank bank account to access the service.
Other features include no ongoing fees, no foreign exchange charges and accepted wherever credit and debit cards are. Just bear in mind, there is a $1,000 account limit and $10 late payment fee for a missed instalment.
Read full article: CommBank launches Buy Now Pay Later product: how it stacks up to see what CommBank group executive, retail banking services, Angus Sullivan says about this exciting new venture.
Want to compare some top home loans right now? Check out the options below!
Compare Home Loans - last updated 19 April 2024
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Owner Occupier, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a. variable5.90% p.a.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.
CompareCompareUnloan Variable
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.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- interest rate
- 5.99% p.a. variable
- comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Variable
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.01% p.a. variable6.14% p.a.Get fast 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.
CompareCompareExpress Home Loan
Get fast 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.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- Upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Express Home Loan
-
Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.37% p.a.Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
CompareCompareFlex 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.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.37% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.37% p.a.
- Upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Flex Home Loan
-
Discounted Home Value Loan
Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a. variable6.09% 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).
CompareCompareDiscounted Home Value Loan
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).
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $15,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Discounted Home Value Loan
-
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.16% p.a.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.
CompareCompareNeat 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.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Neat Home Loan
-
Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Investment, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.29% p.a. variable6.20% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
CompareCompareUnloan Variable
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- interest rate
- 6.29% p.a. variable
- comparison rate
- 6.20% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Variable
Your selected interest rates
Your selected interest rates
Your selected interest rates
Your selected interest rates
Your selected interest rates
Your selected interest rates
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.