One Direct, an online mortgage subsidiary of ANZ, took the top spot for the cheapest 3-year fixed rate product for the June edition of Your Mortgage's Editor's Choice Award. With an interest rate as low as 6.95%, One Direct's 3-year fixed rate loan is $3,581 cheaper than the average loan in the magazine's database. The winning product also carries a significantly lower total cost of $150. Unlike many fixed rate products, One Direct's fixed rate home loan also comes with the features similar to the standard variable loan. "Our fixed rate loans are fully featured, flexible loans offering a great rate with no loan approval, monthly or redraw fees," says Antony Cahill, CEO of One Direct. "They give you peace of mind by having a fixed rate, so you don't have to worry about changes in interest rates. It's perfect if you want the comfort and security of knowing exactly how much your repayments will be." The One Direct product also allows you to make extra repayments of up to $10,000 a year. It's portable, so you can keep the same loan when you decide to sell your property and buy a new one. Carrington National Advantage Fixed 3-year product also scored high amongst the contenders. With a cheap interest rate of 7.05% and a revert rate of 6.8%, the product can potentially save you around $6,600 over five years compared to the average loan in Your Mortgage's database.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan