Best of the Best 2022: Best-Value Basic Home Loans

Often, simpler can be better. And that can certainly be the case when it comes to home loans.

Fewer frills translate to cheaper rates.

Our awards are ranked by the comparison rate for variable loans for a $400,000 owner-occupied, principal and interest mortgage over 25 years with a loan-to-value ratio of at least 80%.

And they must offer a redraw facility.

A non-bank offering a basic home loan is always going to be a money-saving proposition, and this year's winner doesn't disappoint.

The Mortgage House Lifestyle First Refinancer Special has a comparison rate of 1.98%, the lowest of any winners in all home loan categories.

As the name indicates, it's intended for people looking to refinance. To qualify, you need to be an owner-occupier with at least a 20% deposit or the same amount in equity.

Macquarie's Basic Home Loan, the winner in the bank category, is free of just about everything except its 2.19% comparison rate: no application fee, no monthly fee, no account management fee and no redraw fee. That's definitely no-frills.

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