For most Australians, taking out a home loan will be the biggest financial decision they can expect to make. As property prices rise over time, homebuyers must borrow more and more to enter the housing market and save up more and more for that critical first home loan deposit.
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This article has been updated to reflect Domain's September 2024 Rental Report , as well as data collected for the 2024 Mozo rental report .
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Caught between high interest rates, a booming property market, and the cost of living crisis, the majority of homeowners in Australia are feeling the heat from their home loans.
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Aussie borrowers looking to save big on their home loans may find that switching to a leading digital lender could be a financial game-changer. According to Mozo’s latest analysis, mortgage holders sticking with the big four banks- could be paying up to $83,619^ more over the life of their loan compared to those who switch to a digital lender*. That’s right, close to $80,000 just for being loyal.
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A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s well below the average home loan in Mozo’s database.^^
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When you hear NRMA, you probably think of trusted insurance that Aussies have relied on for decades. But did you know, NRMA Insurance has recently stepped into the home loan space, aiming to provide Aussie borrowers with the same reliability and value that has kept them a household name for over 90 years.
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While it may only feel like yesterday since you last reviewed your home loan, personal loan or car insurance, if you’ve been with the same lender or insurer for more than three years, you may be missing out on some of the latest innovations and new players that have emerged that could save you time and money.
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If there’s one home loan lender more and more Aussies are hearing about, it’s the new digital lender Unloan, built by CommBank. And for good reason. Between seriously competitive rates, zero fees , handy features like its loyalty discount, and speedy 10 min online application process, Unloan has become a force to be reckoned with. The Mozo expert judges think so too, as they’ve awarded Unloan two Mozo Experts Choice Awards in 2023^ for Best New Home Loan and Low Cost Home Loan. “Now more than ever, borrowers are looking for ways to reduce their mortgage repayments,” said Mozo expert judge, Peter Marshall. “With the winning combination of low rates, unique features, the scrapping of fees, and big bank backing, Unloan has set the bar for what a leading home loan looks like.”
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With the holidays almost here, it’s a good time for home buyers to regroup. After all, it’s been a challenging time for both those stuck with high mortgage rates and those trying to break in amid lofty prices.
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If you’re looking to purchase or refinance a property, you’ll know that every extra cent you can scrape together counts. That’s why the idea of receiving as much as $4,000 cash back on your home loan is a great incentive to consider for any savvy borrower.
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