Recent figures from the Australian Bureau of Statistics (ABS) show that while investor lending has skyrocketed in recent months, the value of owner-occupier lending only saw moderate month-on-month gains. What’s more, the number of owner-occupier first home buyer loans has dropped for the fourth month in a row, while the value of first home buyer lending is up, reflecting Australia’s rising property prices.
First home buyers and other owner occupiers may be able to quickly and easily compare home loans with the help of RateCity’s Leaderboards. By ranking home loans in different categories by their Real Time Ratings™, which combine the cost and flexibility of each deal, borrowers can quickly get a more accurate indication of each loan’s overall value. Home loan deals that consistently rank highly in the Leaderboards also become eligible for RateCity’s Gold Awards.
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 home loans for over $1 million
With many lenders offering record-low interest rates earlier in the year, it’s not surprising that many first home buyers rushed to purchase properties. However, as indicated by the ABS figures, house prices in some popular areas may now be rising beyond the reach of some first home buyers. Depending on where you’re looking to buy, a home loan for $1 million or more may be necessary.
Some of the best home loans for refinancing
Current home owners may discover that they have more equity available in their properties than they realise, thanks to rising values. This could give you access to more equity, which may make it easier to qualify for a home loan with a lower interest rate and more flexible features, which could help you get even closer to paying off your property.
Some of the best home loans from large banks
While Australia’s biggest banks have begun raising some of their low fixed interest rates in preparation for a forecast rate rise in 2024 (which could arrive sooner, potentially in 2022), there are still home loans available from large banks that offer low interest rates, flexible features and benefits, or both.
Some of the best home loans from new lenders
There are plenty of alternative mortgage lenders competing with the big banks, both in terms of price and service. While some of these lenders, such as online-only digital banks, offer low interest rates and/or fees, they may not offer all of the features and benefits of the bigger banks, such as access to branch networks.