In a year that left the world's financial markets scattered with casualties, and the subsequent forced consolidation in the mortgage marketplace, Your Mortgage magazine has found light at the end of the tunnel as the results of this year's Your Mortgage - Mortgage of the Year Awards are released in the August edition - on sale Friday 25 July at newsagents nationwide.

Despite all the turmoil, or perhaps because of it, the competition in the mortgage market has become even sharper. While banks appear to have the upper hand after recapturing a large portion of the market, many non-bank lenders are fiercely battling on, offering attractively priced and innovative products.

Now in its 16th year, the annual Mortgage of the Year Awards compared over 1,500 mortgage products, carefully vetting a wide range of criteria to ensure the consumer gets the best value out of a home loan.

"This year's winners are all about competitive rates and flexible features to help the consumer maximise the benefits of their mortgage. Both banks and non-banks have struggled to keep their rates low as the funding costs continue to rise, and like previous years the results are strikingly close," explained Nila Sweeney, editor of Your Mortgage.

The annual Your Mortgage - Mortgage of the Year Awards is one of the country's most comprehensive and independent reviews conducted on the Australian mortgage market. The Awards are conducted using a holistic ranking system, taking into account specific product features, flexibility and comparison rates representing the true cost of the loan. Your Mortgage analysed every aspect of an eligible loan in order to impartially judge the best loans for first homebuyers, second homebuyers and first-time investors.

Mortgage of the Year 2008
State Custodians Mortgage Company - Standard Variable Loan

Bank of the Year 2008

Non-Bank Lender of the Year 2008
Pacific Mortgage Group

For all the details of the winning products, check out the latest issue of Your Mortgage magazine out on sale now.