Variable interest rates are likely to rise further before the year is out, with the RBA governor committing to “do what it takes” to get inflation under control. This could put more pressure on some Australian investors and refinancers, making it more important to compare available mortgage offers.
Even mortgage holders on fixed interest rates aren’t immune. No fixed rate home loan lasts forever in Australia, and with expiry dates approaching for some of the borrowers who took out low-rate fixed loans at the height of the pandemic, bill shock could be on the cards for the future.
Whether you’re currently looking to refinance a mortgage, or may want to switch to a more affordable loan when your fixed rate reverts to variable, it may be worth keeping an eye on RateCity’s Home Loan Leaderboards, which rank home loan deals by their Real Time Ratings™. As these ratings are updated daily, you can be confident that you’re getting a more accurate indication of the cost and flexibility of different home loan options at any given time.
Some of the best refinance home loans
While interest rates are reportedly on the rise, it’s important to remember that Australian mortgage holders hold $222 billion in their offset accounts, with the average mortgage holder reportedly four years ahead in their repayments. While these extra buffers could help to insulate a borrower from rising rates, borrowers who have been able to get ahead on their home loans may also be able to use this extra equity to refinance, as some low-rate offers also require a low Loan to Value Ratio (LVR).
Company | Product Health, Wealth and Happiness Package Real Time Rating™ | Interest Rate  4.36 % p.a Variable | Comparison Rate* 4.74 % p.a | Repayment $1,644 monthly | Real Time Rating™ | Go to site | |
Company | Product Momentum Home Loan Real Time Rating™ Winner of Best Refinance Home Loan, RateCity Gold Awards 2022 | Interest Rate 2.74 % p.a Variable | Comparison Rate* 2.76 % p.a | Repayment $1,382 monthly | Real Time Rating™ | Go to site | Winner of Best Refinance Home Loan, RateCity Gold Awards 2022 |
Company | Product Total Home Loan Package Real Time Rating™ | Interest Rate 4.40 % p.a Variable | Comparison Rate* 4.78 % p.a | Repayment $1,651 monthly | Real Time Rating™ | Go to site | |
Company | Product Standard Variable Real Time Rating™ | Interest Rate 4.60 % p.a Variable | Comparison Rate* 5.00 % p.a | Repayment $1,685 monthly | Real Time Rating™ | Go to site | |
Company | Product Full feature home loan Real Time Rating™ | Interest Rate 5.36 % p.a Variable | Comparison Rate* 5.43 % p.a | Repayment $1,817 monthly | Real Time Rating™ | Go to site |
Some of the best 2 year interest only investor home loans
Investors hoping to manage their costs may be interested in an interest-only loan, which can help to minimise their repayments. While an interest-only term won’t reduce the principal amount owing, and may mean the mortgage takes longer to pay off, costing you more in total interest charges, it can also offer some welcome relief in the shorter term.
Company | Product Yard Investor Loan Real Time Rating™ | Interest Rate 6.22 % p.a Fixed - 2 years | Comparison Rate* 4.22 % p.a | Repayment $1,555 monthly | Real Time Rating™ | Go to site | |
Company | Product Fixed Rate Wealth Maximizer Real Time Rating™ | Interest Rate 6.09 % p.a Fixed - 2 years | Comparison Rate* 4.46 % p.a | Repayment $1,523 monthly | Real Time Rating™ | Go to site | |
Company | Product Fixed Home Loan Real Time Rating™ | Interest Rate 4.84 % p.a Fixed - 2 years | Comparison Rate* 3.26 % p.a | Repayment $1,210 monthly | Real Time Rating™ | Go to site | |
Company | Product Premium Home Loan Package Real Time Rating™ | Interest Rate 4.85 % p.a Fixed - 2 years | Comparison Rate* 3.77 % p.a | Repayment $1,213 monthly | Real Time Rating™ | Go to site | |
Company | Product Package Real Time Rating™ | Interest Rate 5.97 % p.a Fixed - 2 years | Comparison Rate* 3.99 % p.a | Repayment $1,493 monthly | Real Time Rating™ | Go to site | Cashback Receive $3,288 when you refinance min of $250k |
Some of the best green home loans
Borrowers looking to refinance to a mortgage with low interest rates and flexible features and benefits may see some value in going green. Provided the property meets the required green standards, or you’re refinancing to add environmentally friendly features, you may be able to benefit from discounted deals.
Company | Product Green Offset 90 P&I Real Time Rating™ | Interest Rate 2.89 % p.a Variable | Comparison Rate* 3.32 % p.a | Repayment $1,406 monthly | Real Time Rating™ | Go to site | |
Company | Product Sustainable Home Loan Real Time Rating™ Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022 | Interest Rate 3.54 % p.a Variable | Comparison Rate* 3.58 % p.a | Repayment $1,508 monthly | Real Time Rating™ | Go to site | Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2022 |
Company | Product Green Home Loan Real Time Rating™ Winner of Best Green Home Loan, RateCity Gold Awards 2022 | Interest Rate 2.63 % p.a Variable | Comparison Rate* 3.05 % p.a | Repayment $1,366 monthly | Real Time Rating™ | Go to site | Winner of Best Green Home Loan, RateCity Gold Awards 2022 |
Company | Product Green Plus Home Loan Real Time Rating™ | Interest Rate 2.99 % p.a Variable | Comparison Rate* 3.32 % p.a | Repayment $1,421 monthly | Real Time Rating™ | Go to site | |
Company | Product Eco Home Loan Real Time Rating™ | Interest Rate 2.99 % p.a Variable | Comparison Rate* 3.04 % p.a | Repayment $1,421 monthly | Real Time Rating™ | Go to site |
