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Some of the best home loans in April 2022

Some of the best home loans in April 2022

The Reserve Bank of Australia (RBA) has kept its promise to be patient with the national cash rate, holding it at the record low of 0.1 per cent for another month. But with some big banks forecasting that rates could start rising later this year, what are some of the options available to home buyers and mortgage holders? 

When comparing mortgage options, it’s important to remember that the cheapest home loan may not always be the best home loan choice for your financial needs. RateCity’s home loan leaderboards rank mortgage offers in different categories by their Real Time Ratings™, to showcase the value each loan could offer. As Real Time Ratings™ combine the cost and flexibility of each home loan option, and are updated every day, it’s easier to quickly compare mortgage deals.  

Some of the best home loans from large banks

Australia’s big four banks are forecasting that the RBA will raise the national cash rate before the end of the year, potentially as soon as June 2022. With this in mind, some of these large banks and their competitors have been raising fixed rates and slashing variable rates on their home loans.

Remember that while you may be able to apply for a home loan with an affordable interest rate, and benefit from special offers such as cashback rewards, once the RBA does raise the cash rate your repayments could go up, making it important to compare your options before making a choice.

Company
Product

AMP Bank Essential Home Loan (> $100k) (LVR < 80%)

Real Time Rating™

4.60

/ 5
Interest Rate

3.37

% p.a

Variable

Comparison Rate*

3.40

% p.a

Repayment

$1,481

monthly

Real Time Rating™

4.60

/ 5
Go to site

Cashback

Receive up to $5,000 cashback for a limited time available for new refinance home loan applications ~ Ends in 20 days
Company
Product

Home Value Loan (Owner Occupied, Principal & Interest)

Real Time Rating™

4.59

/ 5

Winner of Best Large Bank Home Loan, RateCity Gold Awards 2022

Interest Rate

3.32

% p.a

Variable

Comparison Rate*

3.33

% p.a

Repayment

$1,473

monthly

Real Time Rating™

4.59

/ 5
Go to site

Cashback

Receive $3,288 when you refinance min of $250k

Winner of Best Large Bank Home Loan, RateCity Gold Awards 2022

Company
Product

Express Home Loan

Real Time Rating™

4.58

/ 5

Winner of Best Home Loans Over 1m, Best Large Bank Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.24

% p.a

Variable

Comparison Rate*

3.40

% p.a

Repayment

$1,460

monthly

Real Time Rating™

4.58

/ 5
Go to site

Winner of Best Home Loans Over 1m, Best Large Bank Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Some of the best variable home loans over $1 million 

While property price growth in some areas is reportedly starting to slow, and even fall in a few areas, many Australians may still need to borrow a million dollars or more to purchase their preferred property.

It’s important to remember that larger loans typically mean larger repayments, which could put some borrowers at risk of mortgage stress if interest rates do start rising.

Company
Product

Standard Variable Home Loan

Real Time Rating™

4.87

/ 5

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.08

% p.a

Variable

Comparison Rate*

3.08

% p.a

Repayment

$1,435

monthly

Real Time Rating™

4.87

/ 5
Go to site

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Live-in Variable (With Offset)

Real Time Rating™

4.58

/ 5

Winner of Best Home Loans Over 1m, Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.09

% p.a

Variable

Comparison Rate*

3.23

% p.a

Repayment

$1,437

monthly

Real Time Rating™

4.58

/ 5
Go to site

special

Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.

Winner of Best Home Loans Over 1m, Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Construction Loan

Real Time Rating™

4.58

/ 5
Interest Rate

3.49

% p.a

Variable

Comparison Rate*

3.57

% p.a

Repayment

$1,500

monthly

Real Time Rating™

4.58

/ 5
Go to site

Some of the best small deposit home loans

As part of the recent federal budget, the government announced expansions to the support programs it offers to help first home buyers, such as the First Home Loan Deposit Scheme (FHLDS). These programs allow eligible borrowers to apply for a home loan with a deposit as small as 5 per cent and pay no Lender’s Mortgage Insurance (LMI), as the government will guarantee up to 15 per cent.

That said, RateCity research has found that borrowers with small deposits (including those using guarantors) could be at risk of ending up in negative equity if a predicted property price crash was to occur in the future. Combined with rising rates, this could leave some home buyers vulnerable to mortgage stress.

Company
Product

Momentum Home Loan

Real Time Rating™

4.83

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

3.44

% p.a

Variable

Comparison Rate*

3.47

% p.a

Repayment

$1,492

monthly

Real Time Rating™

4.83

/ 5
Go to site

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Company
Product

Your Way Basic Variable Home Loan

Real Time Rating™

4.56

/ 5
Interest Rate

3.14

% p.a

Variable

Comparison Rate*

3.18

% p.a

Repayment

$1,445

monthly

Real Time Rating™

4.56

/ 5
Go to site
Company
Product

Basic Home Loan

Real Time Rating™

4.49

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

3.34

% p.a

Variable

Comparison Rate*

3.36

% p.a

Repayment

$1,476

monthly

Real Time Rating™

4.49

/ 5
Go to site

Cashback

Receive $4000 in cashback when you refinance

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Company
Product

Basic Home Loan

Real Time Rating™

4.49

/ 5

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Interest Rate

3.34

% p.a

Variable

Comparison Rate*

3.36

% p.a

Repayment

$1,476

monthly

Real Time Rating™

4.49

/ 5
Go to site

special

Establishment fee waived on Basic Home Loans of $150k+

Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022

Company
Product

Basic Home Loan

Real Time Rating™

4.51

/ 5
Interest Rate

3.29

% p.a

Variable

Comparison Rate*

3.31

% p.a

Repayment

$1,468

monthly

Real Time Rating™

4.51

/ 5
Go to site

Cashback

Receive $4000 in cashback when you refinance

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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