Best mattresses under $500

If you’re buying a new bed, the eye-watering prices of some mattresses can be enough to keep you awake at night. For a high-end mattress, you could pay as much as $10,000 for a ticket to the realm of rest.

Some people think that shopping on a shoestring means settling for a mattress that’s wafer-thin, rock-hard or saggy, but our most recent mattress test well and truly debunks that myth.

“The results from our latest review are great news if you’re shopping for beds on a budget,” says CHOICE mattress expert Peter Zaluzny.

“Two mattresses that cost less than $500 came equal second overall, ranking higher than mattresses costing two to four times as much. Two more models that cost less than $300 each share third and fourth places with some much more expensive options.”

And for slightly larger budgets, the good news continues.

“Over half of mattresses recommended by our experts cost less than $1000 – a win for both your back and your bank balance,” Peter says.

We’ll talk you through how to get a good deal. Plus, exclusively for CHOICE members, we’ll reveal the best affordable mattresses from our tests. 

If you just want to get straight to the best products, you can jump straight to the test results now.

How cheap is cheap?

When we choose which mattresses to test, we include products that fit the average consumer’s budget, so over half the mattresses we test fall in the middle of the mattress price spectrum – between $350 and $1500.

“We find that many models around this price point often strike a good balance between price, quality and performance,” says Peter.

“But we also test mattresses that cost more or less than this, to find top performing outliers, especially at the cheaper end.”

Looking to pay $300 or less?

While you can find some cheaper queen mattresses out there, you’re better off opting for a double if you’re really looking to save. We’ve tested a handful of mattresses in this size category that come in under $300 and some perform quite well. 

Aldi sells its popular ‘mattress in a box’ a couple of times each year, which costs about $250 for the queen-sized bed-in-a-box. But you will need to be patient and keep a close eye on Aldi Special Buys as the mattress comes and goes very quickly.

Sales periods like end-of-financial-year (EOFY), Boxing Day and Black Friday are great times to pick up mattresses on the cheap, with many brands and retailers offering significant discounts. If you can put off buying your new bed until sales season, you may find more options within your budget. 

Why do some mattresses cost more than others?

Our expert testing hasn’t found any clear-cut answer to this question. More expensive mattresses definitely don’t always perform better than cheaper models.

Generally speaking, factors that influence price may include what the mattress is made from, where it’s made and the quality of its materials. 

Our experts caution against being too influenced by clever marketing – what tends to show in our testing is that however many bells and whistles a mattress claims to have, it doesn’t always lead to better comfort and support. 

The best way to save money on a new mattress

Want to pick up a good deal? Then forget everything you know about pricing. 

While prices for many other products are set in stone, mattress prices can be taken with a grain of salt. 

“You should never pay full price for a mattress,” Peter says.

“CHOICE has been buying mattresses for years for our tests and we’ve found many retailers have a lot of room to move when it comes to price.” 

Don’t be afraid to haggle. While you probably can’t knock much more off an IKEA queen mattress that costs $349, it’s definitely possible to save hundreds elsewhere. 

“Online and instore sales are pretty frequent, so there’s really no reason to pay the recommended retail price for a mattress. If you’re confident and have done your research, you can usually shave a decent amount off the price tag. “

“Just ask them ‘what’s the best price you can do?’ and go from there.”

More tips for buying a mattress on a budget

• It’s sales season year-round these days, so if you’re eyeing a specific mattress but it’s just that bit too pricey, give it some time – if you’re patient you may snag a discount.
• Research, shop around and compare prices – it’s a competitive market. 
• Don’t just shop at traditional retailers or on the showroom floor. Consider buying a mattress-in-a-box – sometimes their prices can be cheaper because they don’t pay for overheads like showrooms or sales staff. And many mattress-in-a-box companies have generous trial periods too.
• Ask yourself whether you need to go large. If you’re buying for a spare room, a teenager or if you’re sleeping solo yourself, consider a double instead of a queen or king.
• Some retailers give discounts if you buy more than one mattress (maybe you could buy an extra for a guest room, or go in with a friend), or if you buy the mattress as part of a bedroom furniture package, or mattress-and-bed bundle deal.
• Check CHOICE mattress reviews to see which cheap mattresses perform better in our testing.

How we test mattresses

We independently test and review dozens of mattresses each year in our accredited labs, and our experts know exactly what to look for to help you find the best product.

CHOICE experts assessed 54 mattresses for our latest review, rating each one on factors such as firmness and how the comfort changes over time.

We also look at things such as how well they repel sweat, and how saggy or bouncy they are, to give each product a final CHOICE Expert Rating (its overall score). Find out more about how we test mattresses. 

The good news is that our extensive expert testing shows you don’t have to spend thousands of dollars to get a good mattress. In fact, many of the more expensive models are not necessarily worth forking out for. 

The best mattresses under $500

Our detailed mattress testing results are available exclusively to CHOICE members. 

If you’re not yet a member, join CHOICE to get instant access to all of our expert, independent reviews, from fridges and freezers, toasters and TVs, kettles and cots, and more.

Or log in to unlock this article and find out which budget-friendly mattresses are our experts’ top picks.

These three mattresses are all under $500 and two are recommended by our expert testers.

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Pru Engel

Pru Engel is the Audience and engagement editor at CHOICE. Her job is to ensure as many Australians as possible know about the great work we do at CHOICE.  She works closely with our testers and experts to find the gems of information in our data and research that will resonate with Australian consumers and help them make the best decisions, whether they're purchasing an air fryer, looking for a new mattress or trying to find the cheapest car insurance. She also helps to drive meaningful change for consumers by collaborating with our Campaings team on content covering issues such as product safety and scams.  Prior to CHOICE, Pru worked as an editor at many of Australia's leading food and lifestyle titles.  Pru has a Bachelor of Arts in Communication (Journalism) from the University of Technology, Sydney. Find Pru on LinkedIn.

Pru Engel is the Audience and engagement editor at CHOICE. Her job is to ensure as many Australians as possible know about the great work we do at CHOICE.  She works closely with our testers and experts to find the gems of information in our data and research that will resonate with Australian consumers and help them make the best decisions, whether they're purchasing an air fryer, looking for a new mattress or trying to find the cheapest car insurance. She also helps to drive meaningful change for consumers by collaborating with our Campaings team on content covering issues such as product safety and scams.  Prior to CHOICE, Pru worked as an editor at many of Australia's leading food and lifestyle titles.  Pru has a Bachelor of Arts in Communication (Journalism) from the University of Technology, Sydney. Find Pru on LinkedIn.

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Alice Richard

Alice Richard is a Content creator and marketer. Alice writes on a range of topics, from health insurance to heaters and BBQs to bargain-hunting, always with the aim to help consumers find the best products to buy, and which to avoid. Alice can take vast amounts of data from CHOICE product tests and turn it into content that is easily digestible and fun for readers.  Alice has a Bachelor of Arts from the University of Queensland. LinkedIn

Alice Richard is a Content creator and marketer. Alice writes on a range of topics, from health insurance to heaters and BBQs to bargain-hunting, always with the aim to help consumers find the best products to buy, and which to avoid. Alice can take vast amounts of data from CHOICE product tests and turn it into content that is easily digestible and fun for readers.  Alice has a Bachelor of Arts from the University of Queensland. LinkedIn