Budget Home Loan

How about that Mozo Low Cost Home Loan Award hat trick? Apply online or contact us to make it yours.

Special Variable, Owner Occ 5.99 % p.a. Interest rate 5.99 % p.a. Comparison rate

Make award-winning value yours

Looking for a straightforward, affordable home loan? Our Budget Home Loan delivers award-winning value with a competitive variable rate, no application or monthly fees, and flexible repayment options. Whether you're a first home buyer, refinancing or investing, it's a smart choice to keep costs low.

 

So, what are the perks?

How to Apply

Getting started is easy – and only takes a few minutes.

  • Apply online

    Start your application from home at your own pace. Save your contact information and we'll reach out if you may need support.

  • We’ll review your application

    Once we've received your application, we'll get in touch to let you know the outcome or to ask for further information if required.

  • Prefer to speak with a person?

    Enquire now for a call back or visit us in branch and our team will guide you through the process.

Calculators

Ready to plan your next step? Our easy-to-use calculators can help you estimate your repayments and understand how much you could borrow, so you can move forward with confidence.

View all our online calculators →

Features, Rates and Further Information

Product Features:

Home Loans
Interest : Calculated daily, charged monthly
Minimum Amount : $100,000
Loan Term : Up to 30 years
Repayments : Weekly, fortnightly or monthly
Additional Repayments : Yes, permitted with no additional cost
Annual Fee : $0
Application Fee : No
100% Offset Account : No
Principal and Interest Loan : Yes
Interest Only Loan : No
Variable Interest Rate Option : Yes
Fixed Interest Rate Options : No
Switching Fee : $300
Rollover Fee : $200
Redraw Facility : Minimum redraw $500 - online or staff assisted

Owner occupied rates

Product Interest Rate Comparison Rate
Variable Rate LVR <60% 5.99% p.a. 5.99% p.a.  
Variable Rate LVR 60% to <80% 6.19% p.a.   6.19% p.a.  
Variable Rate LVR 80% to ≤95% 7.08% p.a. 7.08% p.a.


For our Reference Rates applicable to your loan, please see our Home Loan Interest Rates schedule.

Investment ratesX

Product Interest Rate Comparison Rate
Variable Rate LVR <60% 6.69% p.a.   6.69% p.a.  
Variable Rate LVR 60% to <80% 6.69% p.a.   6.69% p.a.  
Variable Rate LVR 80% to ≤90% 7.48% p.a. 7.48% p.a.


For our Reference Rates applicable to your loan, please see our Home Loan Interest Rates schedule.

Document or Information View or Download
Fees, charges and limits Learn more →
Target market determinations Learn more →
Interest rates Learn more →
Home Loan Key Fact Sheets Learn more →
Important documents Learn more →
Compare all home loan accounts Compare now →
 
You're gonna love us

The Mutual Bank has been supporting regional communities with trusted banking for over 135 years

We’re proudly customer owned, which means we exist to benefit you. Not external shareholders. Whether you're opening your first account or planning for the future, we’re here with genuine service, great-value products and the kind of care only a mutual can offer.

Looking for something else?

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Need more support? We're here to help

  • Speak to a local

    Connect to our Hunter based team in minutes during business hours.

  • Make an enquiry

    Send us your request or feedback anytime using our secure online forms.

  • Explore FAQs

    Looking for a quick answer? Browse our most frequently asked questions.

  • Secure Message

    Securely message our local Contact Centre Team through the Mutual App or Internet Banking.

  • 1

    Rate includes a discount margin off the applicable Reference Rate. This rate is available for new loans and loan increases where the applicable product minimum loan amount is met, and is subject to the relevant product, purpose and LVR. Offers may be withdrawn at any time.

  • 2

    Comparison rate calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.

  • 3

    Access to redraw funds is subject to The Mutual Bank’s discretion and the terms of your loan agreement. If approved, any repayments made in excess of the minimum monthly required amount may be available for redraw via electronic banking or with assistance from bank staff. The minimum amount that can be redrawn is $500.

The Mozo Experts Choice Low Cost Home Loan award was awarded to The Mutual Bank’s Budget Home Loan Special Variable Rate for new, owner-occupied loans with ≤80% LVR and Principal and Interest repayments.

The Mutual Bank was awarded Lender of the Year (Customer Owned Bank) – Home Loans and Finalist for Best for First Home Buyers (Finalist) in the 2025 WeMoney Financial Services Awards.

Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 acts under its own AFSL and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only and does not take into account your personal circumstances. Consider the Product Disclosure Statement (PDS) and Target Market Determinations (TMDs) available in branch or from the CGU website here to see if the product is right for you.

If you purchase an insurance policy, The Mutual Bank will receive a commission.

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Any advice or information on this site does not take into account your personal objectives, financial situation, or needs and you should consider whether it is appropriate for you. Please review our Product Disclosure Statement, Target Market Determinations, Terms and Conditions, Financial Services Guide, and Credit Guide before deciding to acquire a product.

Eligibility and lending criteria, conditions, fees, and charges apply to all loans. Interest rates, fees, and charges may change without notice. Information is current as at date of appearance and is subject to change. We use reasonable efforts to provide accurate and up to date information. However, mistakes may still occur from time to time, and we cannot guarantee that this website is free from any errors, inaccuracies or omissions. Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 AFSL/Australian credit license 238139.

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We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which The Mutual Bank operates and where our team members reside.