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Some of the top-rated home loans for refinancers and investors in October 2023
With Australians reportedly putting more of their income towards their mortgage than any other developed nation on the planet, it’s little wonder that so many of us are looking to refinance. But with high levels of refinancing activity leading several lenders to withdraw some of their most competitive home loan discounts and cashback incentives, is it still possible to find a good home loan deal?
Depending on the quarterly inflation statistics that are due for release in late October 2023, among other factors, it’s possible that the Reserve Bank of Australia (RBA) could choose to raise the national cash rate for the 13th time since April 2022 in November 2023. If this is passed on to Australian households through higher mortgage interest rates, this could make it even more important to check that you have the best home loan to suit your personal financial situation.
Because there’s more to a mortgage than just the interest rate, RateCity developed the Real Time Ratings™ system, which combines the cost and flexibility of each home loan into a simple star rating. These ratings are regularly updated to give you a better idea of each mortgage deal’s overall value. Additionally, the top-rated home loans in different categories on our Home Loan Leaderboards could become eligible for RateCity Gold Awards.
(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 refinance home loans
With so many Australians looking to refinance their home loans, many lenders are less inclined to offer as many competitive offers to borrowers. Discounts and cashback deals are becoming much harder to find, with just 15 lenders offering cashback in October 2023.
It’s important to look at the interest rate, fees, features and benefits of any home loan offer before you refinance, to ensure you’re getting a deal that suits your financial situation and personal goals.
Some of the top-rated investor variable home loans
Investors wanting to keep their repayments consistent could choose to lock in a fixed interest rate. However, some lenders are forecasting that the RBA could start to cut the cash rate in mid-to-late 2024 and/or 2025, meaning borrowers on fixed rates during this time could miss out on lower repayments if lenders pass these cuts on to variable rates.
Keep in mind that the RBA could also choose to raise the cash rate, lenders may choose not to pass on any future RBA rate cuts, and could also raise their interest rates out of cycle with the RBA.
6.39%
6.75%
$3,342
Australian Credit Licence 232595
Fees & charges apply
Package
- 2024 Award Winner
- Investor
- Variable
- 20% min deposit
- P&I
6.14%
6.14%
$3,264
Australian Credit Licence 364320
Fees & charges apply
Investment Variable Home Loan
- 2024 Award Winner
- Investor
- Variable
- 20% min deposit
- P&I
6.34%
6.71%
$3,326
Australian Credit Licence 231204
Fees & charges apply
Accelerator package home loan
- Investor
- Variable
- 5% min deposit
- P&I
6.34%
6.71%
$3,326
Australian Credit Licence 244310
Fees & charges apply
Variable Loan Package
- Investor
- Variable
- 20% min deposit
- P&I
Some of the top-rated green home loans
Climate-related hazards remain a risk for many Australian homes, and even some energy experts are concerned about how the power grid will cope with the forecast El Nino summer. One option for homeowners and investors thinking of refinancing to renovate their homes is to apply for a green home loan, which could offer a more affordable financing option for adding environmentally-friendly features to a property.
Before you apply, ask the lender for information about how it determines a home to be ‘green’ or ‘eco’ and how a green home loan contributes to emissions reduction and environmental responsibility.
5.95%
6.23%
$3,206
Australian Credit Licence 238293
Fees & charges apply
Green Plus Home Loan
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.88%
6.38%
$3,185
Australian Credit Licence 238431
Fees & charges apply
Clean Energy Home Loan Package
- 2024 Award Winner
- Owner Occupied
- Variable
- 10% min deposit
- P&I
5.99%
6.51%
$3,218
Australian Credit Licence 395219
Fees & charges apply
Green Home Loan
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.64%
6.67%
$3,420
Australian Credit Licence 241167
Fees & charges apply
Sustainable Home Loan
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.19%
6.86%
$3,579
Australian Credit Licence 290600
Fees & charges apply
Green Offset 90 P&I
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Compare home loans in Australia
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
6.29%
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
6.69%
6.70%
$3,436
Australian Credit Licence 234945
Fees & charges apply
- Owner Occupied
- Variable
- 30% min deposit
- P&I
5.99%
6.04%
$3,218
Australian Credit Licence 388053
Fees & charges apply
- 2024 Award Winner
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.19%
6.54%
$3,280
Australian Credit Licence 234517
Fees & charges apply
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.99%
6.29%
$3,218
Australian Credit Licence 388053
Fees & charges apply
- Owner Occupied
- Fixed 3 years
- 20% min deposit
- P&I
Product database updated 20 May, 2024
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