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
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
A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^
Read our Mozo Review to learn more about this Heritage Bank Discount Variable Home Loan
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.
Read our Mozo Review to learn more about this loans.com.au Variable Home Loan 90
Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.
Read our Mozo Review to learn more about this ING Fixed Rate 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.
Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.
Read our Mozo Review to learn more about this Police Credit Union The Better Home Loan Special Offer
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
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
Read our Mozo Review to learn more about this ING Mortgage Simplifier
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.
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 $750,000.
Read our Mozo Review to learn more about this Macquarie Basic 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
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.
Our partner Lendi can help with that. All they need is a few details to get started.
Your selected home loans
Home loans come in many shapes and sizes, start comparing here based on your needs.
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Browse all 463 home loans in Mozo's comparison database.
Our experts track home loan rates, product changes and help you stay informed of industry trends. read more
Small rate differences can amount to huge savings so it pays to compare.
Home loans & rates expert
With the Reserve Bank of Australia (RBA) holding the cash rate and the announcement of 6 key cost-of-living measures in the federal budget, it’s looking like a promising year for would-be homebuyers.
The RBA says inflation is continuing to moderate, although at a slower pace than they hoped. Still, we’re a far cry from the peak of inflation that we saw at the end of 2022, and the dial continues to move towards stabilisation.
Once inflation returns to the target rate of 2-3%, the RBA can start cutting rates, which could help to keep home loan interest rates down and increase people’s borrowing power.
While there weren't a lot of variable rate changes over the past week, there were plenty of fixed rate home loan increases on all term lengths.
This brings the average, owner-occupier fixed home loan rate (for principal and interest, $400k loans, at 80% LVR) in the Mozo database on 22 May 2024 to:
While the average variable home loan for owner-occupiers remains steady at 6.80% p.a. (P&I, $400k, <80% LVR), the Mozo database has already tracked three lenders raising variable rates for owner-occupiers and investors this week.
This brings the average variable investment home loan interest rate (P&I, $400k, <80% LVR) to 7.13% p.a., as at 22 May 2024.
Now, on to the leading home loan rates for this month.
At 22 May 2024, these are some of the leading variable home loans in the Mozo database:
Rates are for a $400,000 loan (OO, P&I, LVR <80%).
At 22 May 2024, these are some of the leading fixed home loans in the Mozo database:
Rates are for a $400,000 loan (OO, P&I, LVR <80%).
Every buyer is different, so no single home loan is best for everyone. Instead, choosing the right home loan is about matching your property aims and budget.
In general, the best home loan will:
Once you choose the right home loan, all you have to do is check the eligibility criteria, prepare your finances, and apply.
Home loans help millions of Australians get on the property ladder. Comparing mortages can help you save costs.
The type of home loan you choose will depend on your budget and plans. The two main types of home loans are:
Owner-occupied and investment home loans also vary by features and repayment types (principal & interest vs. interest-only). Buyers should choose a home loan that serves their goals.
Home loan features impact your long and short-term costs. Comparing home loan features lets you see which could fit your needs and budget.
An interest rate is a lending fee charged on your mortgage repayments.
The three main types of home loan interest rates are:
Each interest rate type has pros and cons to compare.
A home loan deposit is a downpayment you give the lender to use as security.
The deposit also establishes your loan-to-value ratio (LVR) and home equity.
Usually, large deposits give you lower interest rates. A standard deposit size is 20% of the property's purchase price.
Many home loans come with features that help save you money, too, such as:
Expert tip: Features like offset accounts and free extra repayments are more common with variable home loans.
Here at Mozo, we believe comparison makes your money count for more. We work hard to ensure you have the most up-to-date product information and home loan insights at your fingertips. Read more about our fact-checking process here.
We track the interest rates and home loan products of over 80+ mortgage lenders around Australia, including award-winning providers.
Mozo’s team of money experts crunch data, unpack complex finance topics, and strip away the jargon to help you make better financial choices.
Mozo’s comparison tools and services are free! You won’t pay any extra for using our site or taking out a product by clicking one of our provider links.
What are the best home loans? That’s tricky, but Mozo’s Experts Choice Awards are a great place to start.
Every year, Mozo’s expert judges compare hundreds of home loan offers to find the best value, quality, features, rates, fees, and more.
Only the top 10% of home loans get an award – and we look at hundreds of deals from 99 lenders.
Check out the winners at the 2024 Mozo Experts Choice Home Loan Awards page, or click below.
For more top deals, including editor picks, head to our best home loans hub.
A home loan is money borrowed from a bank or a lender to buy property. The debt is repaid in instalments, called mortgage repayments, with interest, over 20 to 30 years.
Mortgages are usually repaid over a 20 to 30-year period. This period of time is called the “loan term”. The standard loan term in Australia is 25 years, though some can go as long as 40 years.
Different types of home loans suit different types of buyers. First home buyers should look for first home loans with lower interest rates, while investors should use investment home loans. See our home loan types guide for more information.
A home loan is a financial product sold by a bank or lender. A mortgage is a home loan that’s in progress, meaning the borrower is already making repayments.
Home loan interest rates come in a few varieties. Fixed interest rates stay the same for a fixed term (usually 1-5 years), while variable interest rates can change at the lender’s discretion.
Each type of interest rate has pros and cons. Fixed rates give borrowers consistent repayments for a time, but variable home loans have greater features and flexibility. Compare fixed vs. variable home loans in our guide.
Five main home loan features are available in Australia: offset accounts, flexible repayments, extra repayments, redraw facilities, and split loan interest rates.
A comparison rate is an interest rate that includes any charges like lending fees. A comparison rate is a more accurate estimation of how much a home loan costs over time.
The best home loan for you will depend on your needs, preferences, and budget, so it’s vital to compare options to see what could work.
Many home loan lenders have won awards for their incredible offers. Check out Mozo’s top picks at our best home loans hub.
To apply for a home loan, assemble your paperwork, choose a property to buy, and compare lenders to find the right home loan for you.
When your documents are in order, fill out the home loan application form, pay any applicable fees, and submit your application.
The home loan paperwork you need to have includes:
How long it takes to apply for a home loan varies. Lodging the application itself could take anywhere from a few minutes to a few hours, depending on the application and lender.
It will also depend on how prepared you are. Your paperwork and information must be ready to apply, including at least three months of consistent income, spending, and savings. Preparation to apply could take weeks or months.
Crunch the numbers with our range of home loan calculators! See all calculators
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
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We compare home loans from the following well-known providers and many more... See more home loan providers
No bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots
Read full reviewNo bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots
ANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.
Read full reviewANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.
Easy to sign up but they have no intention on initiative to tell you when interest rates go up.
Read full reviewEasy to sign up but they have no intention on initiative to tell you when interest rates go up.
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