Mortgage shake-up! Meet the lenders taking on the big banks
With the RBA cutting rates for the first time in four years, and many of Australia’s home lenders following suit, now is a good time to compare your home loan to see where your loan rate stacks up against the market.
The average big 4 home loan rate according to our database^ is 6.77% p.a., and the good news is that many rival lenders have rates well below this. But with so many different options available, it can be hard to know which lenders really stand out from the pack.
That’s where Mozo’s money experts come in. We compare home loans for a living and know a good home loan deal from a dud.
Unloan, a digital-only lender backed by CommBank, continues to impress with its new lower variable rate, no fees and unique loyalty discount. Australia’s 5th biggest bank Macquarie, has also dropped rates on its basic and offset variable home loans and boasts it has market-leading turn around times, while member owned IMB has a cash back offer of up to $4000 depending on the loan amount and LVR up to 80%.
To learn more about these players and some of the other rival banks taking on the big 4, read on for our expert rundown of top home loans currently on offer.
Unloan - Variable Home Loan
- NEW LOW RATE!
- 5.74% p.a. variable rate (5.65% p.a. comparison rate*)
- Low cost home loan winner - Mozo Experts Choice Awards 2023, 2024 & 2025^
- Zero upfront or ongoing fees
Unloan’s Variable Home Loan has taken out a low cost home loan award for an impressive third year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.74% p.a. variable rate (5.65% 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.
Macquarie - Offset Home Loan
- NEW LOW RATE!
- Variable rates from 5.89% (6.14% 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.
loans.com.au Variable Home Loan 90
- NEW LOW RATE!
- Variable interest rate from 5.79% p.a. (5.83% p.a. comparison rate*) for LVR < 90%
- Optional offset
- No application fees to pay
If you're in the market for a competitive rate on a variable home loan, online lender loans.com.au 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).
IMB Bank Budget Home Loan
- NEW LOW RATE!
- 5.79% p.a. variable rate (5.82% p.a. comparison rate*) for borrowing up to 80% loan to value ratio
- Unrestricted additional repayments
- Up to $4,000 cashback (T&Cs apply)
Enjoy the benefits of a discounted variable home loan from IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You’ll get a Life-of-loan discount off IMB’s standard variable interest rate and the ability to make unrestricted additional repayments to pay your mortgage off sooner. Make free Internet and Mobile Banking redraws (T&Cs apply) and pay no monthly fees on a flexible loan term of up to 30 years. Plus, there’s only a 5% deposit required and the ability to split your home loan. No offset account.
Fixed Rate Deals
IMB Bank 2 year Fixed Rate Home Loan
- 5.69% p.a. 2 year fixed rate (6.00% p.a. comparison rate*)
- Up to $4,000 cashback (T&Cs apply)
- Free Internet and Mobile Banking redraws
Get the peace of mind of a competitive fixed rate home loan for 2 years with IMB and score up to $4,000 cashback in your pocket once approved (T&Cs apply). You have the freedom to make up to 12 months repayments in advance without penalties, plus you’ll have free Internet and Mobile Banking redraws (T&Cs apply). There’s only a 5% deposit required and you have the flexibility to split your home loan as required. No offset account.
Macquarie Basic 2 year Fixed Home Loan
- NEW LOW RATE!
- Fixed rates from 5.55% (5.85% comparison rate*) - minimum 30% 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.
BCU Fixed Rate Home Loan
- 5.74% p.a. for 2 years (5.96% p.a. comparison rate*)
- No establishment or annual ongoing fee
- Just 5% deposit required
- 2024 Mozo Experts Choice Award winner
Member-owned BCU won a 2024 Mozo Expert’s Choice^ for this fixed rate home loan and with no establishment fee, no ongoing annual fee, and competitive rates, it’s easy to see why. You can lock in up to 5 years (rates may vary) and there is an option to make weekly, fortnightly or monthly repayments. During the fixed period you can also make extra repayments of up to $25,000. The loan is also available with just a 5% deposit. Other fees may apply. No offset account.
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^ According to the Mozo Database as at 05/03/2025 based on an owner occupied variable rate home loan (P&I) of $400,000 over 25 years with a LVR <80%.
* 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
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