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Some of the best home loans in May 2022

Some of the best home loans in May 2022

After months of speculation and anticipation, the Reserve Bank of Australia (RBA) has increased the national cash rate at its May meeting. This could lead to rising interest rates in the future, making it important to compare the available options before selecting a mortgage lender.

It’s important to keep in mind that a home loan’s interest charges and fees are just one aspect of selecting a mortgage deal. It’s also important to consider a home loan’s features and benefits, which could make a big difference to its overall value.

RateCity’s Real Time Ratings™ combine the cost and flexibility of home loans into a single star rating, updated daily to provide a more accurate indication of its potential value. The top-rated home loans in different categories are ranked on RateCity’s Home Loan Leaderboards, which are in turn used to help select the RateCity Gold Award winners.

(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 variable rate home loans

Following the rise to the national cash rate, interest rates on many home loans is likely to start rising. Some economists are predicting that Australian could expect to experience regular rate rises for the next year or more as the RBA attempt to slow the effects of inflation upon the broader economy.

When selecting a variable rate home loan, it’s important to consider if you will be able to comfortably afford the repayments both today and in the future. Flexible home loan features such as access to extra repayments, offset and redraw, may also be helpful for managing your mortgage repayments.

Company
Product

Discount Variable

Real Time Rating™

4.51

/ 5
Interest Rate

3.75

% p.a

Variable

Comparison Rate*

3.77

% p.a

Repayment

$1,542

monthly

Real Time Rating™

4.51

/ 5
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Cashback

$2000 cashback on Heritage home loan ~ Ends in about 1 month
Company
Product

Standard Variable Home Loan

Real Time Rating™

4.87

/ 5

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.08

% p.a

Variable

Comparison Rate*

3.08

% p.a

Repayment

$1,435

monthly

Real Time Rating™

4.87

/ 5
Go to site

Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Live-in Variable (With Offset)

Real Time Rating™

4.58

/ 5

Winner of Best Home Loans Over 1m, Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.09

% p.a

Variable

Comparison Rate*

3.23

% p.a

Repayment

$1,437

monthly

Real Time Rating™

4.58

/ 5
Go to site

special

Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.

Winner of Best Home Loans Over 1m, Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Company
Product

Economizer Variable

Real Time Rating™

4.60

/ 5

Winner of Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Interest Rate

3.07

% p.a

Variable

Comparison Rate*

3.12

% p.a

Repayment

$1,434

monthly

Real Time Rating™

4.60

/ 5
Go to site

special

Apply now for an instant approval

Winner of Best Refinance Home Loan, Best Variable Home Loan, RateCity Gold Awards 2022

Some of the best 5-year fixed home loans

It’s not a secret that several major mortgage lenders have been repeatedly raising their fixed rate mortgage offers over recent months.

While several fixed rate home loans may charge higher interest rates than their variable rate counterparts at present, locking in a consistent interest rate for as long as five years could provide some much-needed peace of mind to some borrowers who are concerned about runaway variable rates. Just keep in mind that you may not have the option to refinance with another lender during the fixed-rate term without paying break fees.

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

Premium Home Loan Package

Real Time Rating™

3.60

/ 5
Interest Rate

6.45

% p.a

Fixed - 5 years

Comparison Rate*

5.05

% p.a

Repayment

$2,016

monthly

Real Time Rating™

3.60

/ 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

Some of the best packaged home loans

When interest rates are rising, sometimes it’s the extra features and benefits that can make the difference when choosing between mortgage options.

For some borrowers, a packaged home loan, which combines a mortgage with a credit card and/or a bank account, could offer a great deal of convenience, as you may be able to manage many of your financial products and services all in the one place.  You may also want to look at the packaged products and services and consider whether you may enjoy better value choosing separate offers.

Company
Product

Premium Home Loan Package

Real Time Rating™

4.93

/ 5
Interest Rate

3.30

% p.a

Variable

Comparison Rate*

3.68

% p.a

Repayment

$1,470

monthly

Real Time Rating™

4.93

/ 5
Go to site
Company
Product

Home Package Plus Special

Real Time Rating™

4.76

/ 5
Interest Rate

3.84

% p.a

Variable

Comparison Rate*

4.23

% p.a

Repayment

$1,557

monthly

Real Time Rating™

4.76

/ 5
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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

Select Home Loan

Real Time Rating™

4.83

/ 5
Interest Rate

3.29

% p.a

Variable

Comparison Rate*

3.32

% p.a

Repayment

$1,468

monthly

Real Time Rating™

4.83

/ 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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