If you think there are no more bargains to be had in the mortgage market, think again. Despite rising rates and expanding market share by the banks, cheap home loans are still available in the market as shown by the winning products in this second annual Your Mortgage Best Value Home Loans Awards.

Our survey is unique in that we've gone beyond the traditional method of using comparison rates to measure the true cost of the loan. Comparison rates, while it can be useful as quick way to assess mortgages, is not as effective because it does not take into account some of the biggest fees you need to consider when taking out a mortgage.

For example, comparison rates do not include the deferred establishment fees- the cost charged by lenders if you pay off your mortgage within three to five years - in the calculation. This fee can often be thousands of dollars, which makes it confusing for many customers who are just using the comparison rate to assess how much the mortgage will truly cost them.

Basic comparison rates don't take into account these "other" costs but we've found a way to include them. Using our exclusive formula, we've analysed how a mortgage will cost you in these three scenarios: if you held the loan for three years, five or 10 years. We've also included all the fees charged or maybe charged when you take out a mortgage such as upfront fee, establishment fees, ongoing fees and other fees charged when you exit your loan. The result is the true cost of the loan.

We based our calculations on a loan amount of $300,000 at 80% LVR (loan to value ratio) taken over 30 years. The overall winner is assigned to the product that offers the highest average savings over three, five and 10 years compared to the average loan in our database.

And the winners are...
Best value basic variable loans
Overall bank winner: ING Mortgage Simplifier
Overall non bank winner: Reduce Home Loans Basic Variable

To get the full results and find out who won the best value standard variable loans, 3-year fixed, line of credit, introductory loan and low doc loans, read the latest issue of Your Mortgage magazine, out on sale now!