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.