RateCity.com.au
powering smart financial decisions
RateCity.com.au

Some of the best home loans in August 2022

Some of the best home loans in August 2022

Following the Reserve Bank of Australia’s (RBA’s) decision to hike the national cash rate by 50 basis points at its August 2022 meeting, many owner occupiers and aspiring homeowners may be feeling concerned for their futures.

Some economists are predicting that rising rates may lead to property prices starting to fall in some areas, which may sound like good news for first home buyers. However, with higher rates making home loan repayments less affordable, it may be harder to get larger home loans approved.

Falling property prices in some areas could lead to current owner occupiers seeing the value of their property decline, effectively reducing their equity and making it more challenging to refinance to a lower rate.

At times like these, it’s important to consider looking at more than just the interest rate on a home loan, and to also look at the features that could help you manage your repayments. RateCity’s Home Loan Leaderboards rank home loans in different categories by their Real Time Ratings™, which combine their cost and flexibility into a simple star rating that’s updated daily.

Some of the best packaged home loans

Depending on your financial situation, sometimes bundling a home loan with other financial products and services, such as a transaction account and a credit card, may offer greater value than each of these individual offers.

That said, it’s worth comparing the cost of the package fee to the value being offered and to consider whether these products are best suited to your financial situation or if there are even more useful alternatives available.

Company
Product

Ultimate Home Loan Package

Real Time Rating™

4.38

/ 5
Interest Rate

3.39

% p.a

Variable

Comparison Rate*

3.61

% p.a

Repayment

$848

monthly

Real Time Rating™

4.38

/ 5
Go to site
Company
Product

Premium Package Home Loan

Real Time Rating™

4.74

/ 5
Interest Rate

3.04

% p.a

Variable

Comparison Rate*

3.37

% p.a

Repayment

$1,429

monthly

Real Time Rating™

4.74

/ 5
Go to site
Company
Product

Expect More Home Loan Package

Real Time Rating™

4.80

/ 5
Interest Rate

3.19

% p.a

Variable

Comparison Rate*

3.21

% p.a

Repayment

$1,452

monthly

Real Time Rating™

4.80

/ 5
Go to site
Company
Product

Home Loan Package

Real Time Rating™

4.64

/ 5
Interest Rate

3.34

% p.a

Variable

Comparison Rate*

3.75

% p.a

Repayment

$1,476

monthly

Real Time Rating™

4.64

/ 5
Go to site

special

$5,000 First Home Buyers Grant on eligible loans

Some of the best small deposit home loans

Even with prices falling, first home buyers may need to borrow a large sum of money to afford to purchase property in some areas. And unless you’ve already saved up a significant sum, you may find yourself in the market for a home loan that will let you buy with a 10 or 5 per cent deposit.

Keep in mind that this may require budgeting for Lender’s Mortgage Insurance (LMI) – the lower your deposit, the more you may pay in LMI. 

Company
Product

Low Deposit Home Loan

Real Time Rating™

4.37

/ 5
Interest Rate

3.49

% p.a

Variable

Comparison Rate*

3.90

% p.a

Repayment

$1,500

monthly

Real Time Rating™

4.37

/ 5
Go to site
Company
Product

Basic Variable Rate Home Loan

Real Time Rating™

4.66

/ 5
Interest Rate

3.04

% p.a

Variable

Comparison Rate*

3.10

% p.a

Repayment

$1,429

monthly

Real Time Rating™

4.66

/ 5
Go to site
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

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

Some of the best 2-year fixed rate home loans

Borrowers looking to avoid variable rate hikes by switching to a fixed interest rate may have already missed out on the extra-low rates that were previously available. But it may still be possible to apply for a fixed rate loan that also offers flexible options such as offset accounts, extra repayments and a redraw facility, which may offer options for managing your repayments that could provide extra value.

Company
Product

Fixed Rate Home Loan

Real Time Rating™

4.54

/ 5
Interest Rate

5.39

% p.a

Fixed - 2 years

Comparison Rate*

3.23

% p.a

Repayment

$1,823

monthly

Real Time Rating™

4.54

/ 5
Go to site
Company
Product

FlexiDiscount Home Loan

Real Time Rating™

4.39

/ 5
Interest Rate

5.49

% p.a

Fixed - 2 years

Comparison Rate*

3.70

% p.a

Repayment

$1,840

monthly

Real Time Rating™

4.39

/ 5
Go to site
Company
Product

Home Owners Dream Fixed Cash Back

Real Time Rating™

4.30

/ 5
Interest Rate

5.69

% p.a

Fixed - 2 years

Comparison Rate*

3.36

% p.a

Repayment

$1,876

monthly

Real Time Rating™

4.30

/ 5
Go to site
Company
Product

Police Value Home Loan

Real Time Rating™

4.17

/ 5
Interest Rate

4.54

% p.a

Fixed - 2 years

Comparison Rate*

4.09

% p.a

Repayment

$1,674

monthly

Real Time Rating™

4.17

/ 5
Go to site

Cashback

Get up to $4,000 cashback when you refinance ~ Ends in about 2 months
Company
Product

AMP Bank Professional Package Home Loan Fixed (Principal and Interest)

Real Time Rating™

4.21

/ 5
Interest Rate

4.99

% p.a

Fixed - 2 years

Comparison Rate*

4.19

% p.a

Repayment

$1,752

monthly

Real Time Rating™

4.21

/ 5
Go to site

Cashback

Receive up to $5,000 cashback for a limited time available for new refinance home loan applications ~ Ends in 23 days

Did you find this helpful? Why not share this news?

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

Advertisement

RateCity

Related news