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Some of the top-rated home loans in December 2023
The Reserve Bank of Australia (RBA) board delivered Australian mortgage holders an early Christmas present at its December 2023 meeting by keeping the nation's cash rate on hold at 4.35%. But with economists from some of Australia’s big banks forecasting another rate hike in February 2024, Australian homeowners may not be feeling the love by the time Valentine’s Day rolls around.
Before you buy or refinance a home loan, it’s essential to consider not just the interest rate you’ll pay, but also the fees, features and other benefits of each mortgage offer you compare. RateCity’s Real Time Ratings™ can help here, simplifying the cost and flexibility of different home loans into a single star rating that’s updated regularly to ensure ongoing accuracy.
RateCity’s Home Loan Leaderboards rank mortgage deals in different categories by their Real Time Ratings™ to help you quickly compare some of the top-rated options in different home loan categories. Consistently top-rated options may also become eligible for a RateCity Gold Award.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)
Some of the top-rated variable home loans
It's not easy to work out if now is the best time to buy a house, as interest rates and property prices are out of reach for many first home buyers. Even if the RBA keeps rates on hold for the immediate future, banks and mortgage lenders may still decide to raise their home loan interest rates out of cycle from the RBA.
5.89%
5.89%
$3,188
Australian Credit Licence 364320
Fees & charges apply
Standard Variable Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.14%
6.16%
$3,264
Australian Credit Licence 243444
Fees & charges apply
Expect More Home Loan Package
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.14%
6.21%
$3,264
Australian Credit Licence 236476
Fees & charges apply
GumLeaf Standard Variable Owner Occupied
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.04%
6.42%
$3,234
Australian Credit Licence 231204
Fees & charges apply
Accelerator package home loan
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.24%
6.63%
$3,295
Australian Credit Licence 244616
Fees & charges apply
Flexible Loan
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Some of the top-rated home loans from large banks
First home buyers may be able to access extra support in the form of the federal government’s home guarantee scheme, which has seen additional banks join to participate. Just be sure to double check that your preferred mortgage lender is participating in the scheme.
Also, first home buyers in Queensland may also be able to benefit from a doubled first home owner grant, relieving some of the deposit savings pressure.
6.25%
6.60%
$3,298
Australian Credit Licence 229882
Fees & charges apply
Home Package Plus Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.09%
6.43%
$3,249
Australian Credit Licence 238273
Fees & charges apply
Premium Plus Package Variable Rate
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.39%
6.51%
$3,342
Australian Credit Licence 244616
Fees & charges apply
Clear Path Variable Home Loan
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.19%
6.56%
$3,280
Australian Credit Licence 232595
Fees & charges apply
Package
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.49%
6.79%
$3,373
Australian Credit Licence 238981
Fees & charges apply
Your Way Plus Variable Home Loan
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Some of the top-rated new lender home loans
One alternative option to consider when comparing home loans is to look beyond the big banks and the familiar names. Some of the newer lenders, including online-only lenders, offer competitive deals that could suit the needs of some borrowers.
Just keep in mind that while you may be able to access a more affordable interest rate and fees, you may not always be able to access as many extra features, benefits, and other bells and whistles as you might with a larger lender.
5.99%
5.90%
$3,218
Australian Credit Licence 234945
Fees & charges apply
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.08%
6.14%
$3,246
Australian Credit Licence 230686
Fees & charges apply
Variable Home Loan (Principal and Interest)
- Rewards
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Compare home loans in Australia
6.30%
6.63%
$3,314
Australian Credit Licence 443249
Fees & charges apply
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 2% min deposit
- P&I
5.99%
6.04%
$3,218
Australian Credit Licence 393283
Fees & charges apply
- Owner Occupied
- Variable
- 50% min deposit
- P&I
5.99%
5.90%
$3,218
Australian Credit Licence 234945
Fees & charges apply
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.01%
6.14%
$3,225
Australian Credit Licence 237879
Fees & charges apply
- Special
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.19%
6.54%
$3,280
Australian Credit Licence 234517
Fees & charges apply
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.14%
6.16%
$3,264
Australian Credit Licence 237502
Fees & charges apply
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.30%
6.63%
$3,314
Australian Credit Licence 443249
Fees & charges apply
- Owner Occupied
- Variable
- 2% min deposit
- P&I
6.29%
6.30%
$3,311
Australian Credit Licence 233714
Fees & charges apply
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
7.36%
7.41%
$3,650
Australian Credit Licence 230686
Fees & charges apply
- Investor
- Variable
- 10% min deposit
- P&I
7.24%
7.55%
$3,611
Australian Credit Licence 243099
Fees & charges apply
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.84%
7.16%
$3,611
Australian Credit Licence 233714
Fees & charges apply
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.23%
6.38%
$3,292
Australian Credit Licence 244616
Fees & charges apply
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Product database updated 09 May, 2024
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