The end of one calendar year and the beginning of another can be a good opportunity to step back, take stock and reassess things. This includes your home loan, which may no longer suit your financial situation quite as much as it used to. Comparing home loans will allow you to get a better idea of which mortgage lenders have home loan offers that may best suit your needs.
As your time may be running short over the holidays, one quick and simple way to compare home loan offers is to check out RateCity’s Leaderboards, which rank different types of home loans by their Real Time Ratings™. You can also keep an eye out for RateCity Gold Award winners, whose ratings have been consistently high.
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 best refinance home loans
There’s more than one reason why refinancing may be worth considering in the new year. One not-insignificant reason is that you could benefit from a lower interest rate, reducing the interest charged on your home loan so you can pay off your property sooner. Some lenders will also offer cashback or similar rewards to borrowers who refinance their mortgages with them.
Refinancing could also allow you to access some of the equity in your property to spend on home improvement projects, such as adding green features like solar panels and batteries. Energy-efficient properties may also be able to benefit from special discounted green loans.
Some of the best interest only investor home loans
Property investors with a mind to lock in a low rate interest-only loan may need to carefully consider their options. While the RBA remains committed to keeping the national cash rate on hold for the time being, many banks have begun to reverse the trend of record-low fixed rates from earlier in the year. Instead, they’ve begun raising fixed rates multiple times over short spans of time.
Some of the best variable investor loans
While several lenders have been hiking their fixed rate home loans, some have also been cutting their variable interest rates. Investors choosing to switch mortgages may be able to benefit from a lower interest rate, and in some cases also be rewarded with cashback offers.