Ratebusters has come out on top in a comparison of 100 line of credit loans by Your Mortgage magazine in its May Editor's Choice awards.

The company's Rate Buster X LOC product was the best five-year and 10-year loan available. Its combination of low interest rates and fees means it saves $8,115 over five years against the average, and $16,618 over 10 years.

The loan has an interest rate of 6.92% and charges fees of $2,170, plus a deferred establishment fee of $2,550 if you exit within five years.

Fred Rasheed, business development manager at Ratebusters, said: "You get all the features whether you are going to use them or not; they are at no extra cost".

Another good performer was the One Direct Equity Loan, which won the three-year line of credit category. Its competitive rate of 7.39% plus low fee package of $400, plus a deferred establishment fee of just $1,000, means it saves $3,366 on the average loan across a three-year period.

The Your Mortgage comparison shows the savings available from the winning products would enable you to buy a Quintrex Hornet Trophy boat complete with trailer for what you would save over 10 years, a seven-day trekking package in Papua New Guinea for the savings over five years, or a HP Pavilion laptop computer for the equivalent of the three-year cost reduction.

Your Mortgage based its calculations on a loan amount of $250,000 at 65% loan to value ratio (LVR) taken over 25 years. The full awards are featured in Your Mortgage magazine, which is out on 27 April.

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