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Some of the best home loans in June 2022

Some of the best home loans in June 2022

With interest rates having increased following the May 2022 cash rate hike, and the Reserve Bank of Australia (RBA) potentially looking to raise rates further in the future, it’s important to compare and carefully consider your options before applying for a new home loan or refinancing an existing mortgage.

In May 2022, the RBA increased the cash rate for the first time in more than a decade, hiking it by 25 basis points to 0.35 per cent. The RBA said that the cash rate could potentially rise as high as 2.5 per cent, and it’s possible that the next hike could be steeper than the last, potentially as much as 40 basis points, to help combat inflation.  

With interest rates likely to rise, borrowers may want to compare other home loan features and benefits to get a better idea of the value they offer. One fast way to look at some of the top mortgage options in different categories is to use RateCity’s Home Loan Leaderboards. These tables rank home loans by their Real Time Ratings™ to show their cost and flexibility expressed as a straightforward star rating, updated daily.

(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 packaged home loans

Borrowers wanting more value out of their mortgage may be interested in comparing home loan offers that combine not just a mortgage, but a transactions account, credit card and more. Some lenders also choose to offer cashback deals and other bonuses on their home loan packages, though it’s important to compare the potential value of the package to the cost of any annual fee that may be charged.

Company
Product

Offset Home Loan

Real Time Rating™

4.34

/ 5
Interest Rate

4.24

% p.a

Variable

Comparison Rate*

4.49

% p.a

Repayment

$1,060

monthly

Real Time Rating™

4.34

/ 5
Go to site
Company
Product

Home Package Plus Special

Real Time Rating™

4.43

/ 5
Interest Rate

4.39

% p.a

Variable

Comparison Rate*

4.41

% p.a

Repayment

$1,098

monthly

Real Time Rating™

4.43

/ 5
Go to site

Cashback

Receive up to $4,000 cash when you take out an eligible Suncorp Bank home loan. Receive either $3K by taking out a Suncorp Bank home loan of $750K+ or $4K by taking out a Suncorp Bank home loan of $1m+ with LVR ≤90%. Apply by 30 November 2022, settle by 28 February 2023. Unless withdrawn prior. T&Cs & eligibility criteria apply. ~ Ends in 3 months
Company
Product

Ultimate Home Loan Package

Real Time Rating™

4.55

/ 5
Interest Rate

3.39

% p.a

Variable

Comparison Rate*

3.61

% p.a

Repayment

$848

monthly

Real Time Rating™

4.55

/ 5
Go to site
Company
Product

Ultimate

Real Time Rating™

4.48

/ 5
Interest Rate

4.09

% p.a

Variable

Comparison Rate*

4.49

% p.a

Repayment

$1,023

monthly

Real Time Rating™

4.48

/ 5
Go to site

special

Borrow up to 110% of the property value using the guarantor feature

Some of the best green home loans

If you’re looking to purchase an eco-friendly home, or refinance a mortgage and renovate your property to add more green features, green home loans may already be on your radar. While these green home loans often have specific eligibility criteria, such as requiring that your property must include sustainable features (e.g. solar panels, window glazing etc.) or satisfy a minimum NatHERS star rating, they often have lower interest rates and fees than some other standard home loans.

Company
Product

Green Home Loan

Real Time Rating™

4.63

/ 5

Winner of Best Green Home Loan, RateCity Gold Awards 2022

Interest Rate

3.63

% p.a

Variable

Comparison Rate*

4.05

% p.a

Repayment

$1,523

monthly

Real Time Rating™

4.63

/ 5
Go to site

Winner of Best Green Home Loan, RateCity Gold Awards 2022

Company
Product

Green Plus Home Loan

Real Time Rating™

4.70

/ 5
Interest Rate

3.19

% p.a

Variable

Comparison Rate*

3.52

% p.a

Repayment

$1,452

monthly

Real Time Rating™

4.70

/ 5
Go to site
Company
Product

Green Offset 90 P&I

Real Time Rating™

4.51

/ 5
Interest Rate

3.89

% p.a

Variable

Comparison Rate*

4.32

% p.a

Repayment

$1,565

monthly

Real Time Rating™

4.51

/ 5
Go to site
Company
Product

Sustainable Home Loan

Real Time Rating™

4.21

/ 5

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

Interest Rate

4.44

% p.a

Variable

Comparison Rate*

4.48

% p.a

Repayment

$1,657

monthly

Real Time Rating™

4.21

/ 5
Go to site

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

Company
Product

Eco Home Loan

Real Time Rating™

4.34

/ 5
Interest Rate

3.39

% p.a

Variable

Comparison Rate*

3.44

% p.a

Repayment

$1,484

monthly

Real Time Rating™

4.34

/ 5
Go to site

Some of the best 5 year fixed home loans

Borrowers seeking to lock in an interest rate to avoid having to repeatedly adjust their household budget as interest rates rise may be considering fixed rate home loan offers. Keep in mind that while your interest rate will be fixed from when your loan is settled, the lender could still raise its rate in between your initial application and its final approval, unless you opt to pay a rate lock fee.

Company
Product

myBlue Home Loan (Fixed Rate) (Principal and Interest)

Real Time Rating™

3.72

/ 5
Interest Rate

6.25

% p.a

Fixed - 5 years

Comparison Rate*

4.50

% p.a

Repayment

$1,979

monthly

Real Time Rating™

3.72

/ 5
Go to site
Company
Product

Fixed Rate Home Loan

Real Time Rating™

3.54

/ 5
Interest Rate

6.70

% p.a

Fixed - 5 years

Comparison Rate*

5.80

% p.a

Repayment

$2,063

monthly

Real Time Rating™

3.54

/ 5
Go to site
Company
Product

Basic Home Loan

Real Time Rating™

3.51

/ 5
Interest Rate

6.65

% p.a

Fixed - 5 years

Comparison Rate*

5.46

% p.a

Repayment

$2,054

monthly

Real Time Rating™

3.51

/ 5
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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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