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Buying your first home is one of the most exciting (and daunting experiences) and when it comes to selecting a home loan provider there are a few key things that you want to get right from the start – a low rate and a lender you can trust.
Member-owned The Mutual Bank is one provider proving it’s got the goods. Its Budget Home Loan has consistently made the low cost home loan winners podium in the Mozo Experts Choice Home Loan Awards. It also has one of the lowest variable interest rates for borrowers with a LVR of 95% (5% deposit) among the lenders we track in our database^ at 5.19% p.a.interest rate (5.19% p.a. comparison rate).
For a limited time (apply by 30 Nov 2025 and settle by 30 April 2026), first home buyers will also get a generous $5,000 cashback when borrowing more than $500,000.
There are also no ongoing fees with the loan which means that 100% of your repayments go towards paying down your mortgage.Plus,it has free extra repayments and redraw (min $1,000) which when circumstances allow could help you to reduce interest and the time it takes to pay off your loan even further.
The Mutual Bank is also part of the Australian Government’s 5% deposit scheme which means there is no need to pay lenders mortgage insurance if you meet the eligibility criteria for the scheme.
While The Mutual’s roots are in the Hunter Region of NSW, membership is open to all Australians and the home loan submission and process can be done fully online.
Check out the details of the Budget Home Loan below and also some of the other options currently on Mozo for first home buyers below.
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vital disclosures and comparison rate warning
First Home Buyer Loan Options
G&C Mutual First Home Buyer Loan
- 4.99% p.a. variable rate (5.04% p.a. comparison rate*)
- Offset account can help you pay less interest
- Mozo Experts Choice Awards winning provider
- Participating in government’s 5% deposit scheme
This variable rate is one of the lowest available and is designed for first home buyers.
With a minimum 5% deposit, you can access a rate of 4.99% p.a. (5.04% p.a. comparison rate*). As a participating lender in the government’s 5% deposit scheme, eligible borrowers can avoid lenders mortgage insurance (LMI).
G&C Mutual received multiple awards in the Mozo Experts Choice awards for Home loans, and this loan now offers a lower rate than some of the winning loans.
Until December 14, 2025, G&C Mutual will waive valuation fees (up to $1,000), though other loan preparation fees may apply. This offer is for first-time buyers who are new G&C mutual customers (terms and conditions apply).
IMB Bank Fixed Rate Home Loan (2 years)