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Some of the best home loans in June 2021

Some of the best home loans in June 2021

The era of record-low fixed rates may be ending, with leading banks starting to increase the rates fixed home loans – first for 4 and 5-year fixed rates, and now for 2 and 3-year fixed rates. However, there are still mortgage deals available to Australians wanting to lock in a low rate, as well as other rewarding options.

One of the simplest ways to estimate which mortgage options may offer the most value is to look at their Real Time Ratings™ from RateCity. These star ratings are regularly updated to include both a loan’s costs in interest and fees, as well as the flexibility offered by its features and benefits.

The top-rated home loans in different categories can be compared on RateCity’s Home Loan Leaderboards, with high-ranking home loans eventually becoming eligible for a RateCity Gold Award.

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 fixed rate home loans

While four and five year fixed interest rates under 2 per cent are no longer available, there are still some low-rate three year fixed home loan deals. Just keep in mind that with the Reserve Bank of Australia (RBA) likely to keep the cash rate on hold until at least 2024, you may find that variable rates have increased by the time your fixed term expires. Consider your budget and whether you may have trouble affording your mortgage in the future.

Some of the best 3-year fixed home loans

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Some of the best small deposit home loans

With property prices so high in some Australian capital cities it’s not too surprising that saving a deposit for a home loan is one of the toughest stumbling blocks for many borrowers, especially first home buyers.

Home loans available with 95 per cent LVR often have higher interest rates than other options, or may come with fewer features, benefits and other bells and whistles.

That said, only needing to save a 5 per cent deposit can make these loans valuable to certain borrowers, especially if they can get extra support from first home owner grants, or use the first home loan deposit scheme to have the remaining 15 per cent of the deposit guaranteed by the government, sidestepping Lender’s Mortgage Insurance (LMI) charges.

Some of the best small deposit home loans

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Some of the best variable rate home loans

Fixing your interest rate isn’t the only game in town when it comes to home loans. There are also several lenders offering relatively low variable interest home loan rates, many with flexible repayment options.

Some of the best variable home loans

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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