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Some of the best home loans in September 2021

Some of the best home loans in September 2021

The Reserve Bank of Australia (RBA) kept the nation’s cash rate on hold at its meeting this month. Despite the cash rate remaining steady for the year to date, several Australian mortgage lenders have been adjusting their home loan interest rates out-of-cycle from the RBA, pushing up fixed rates while competing to slash variable rates.    

According to RateCity data, the number of variable interest rates under 2 per cent in the Australian mortgage market has risen by 68 per cent from 28 to 46 in just two months. One of the biggest names to have slashed its rates is Westpac, which cut its introductory variable rate to 1.99 per cent. This could put pressure on other lenders to lower their own variable rates in order to remain competitive.

RateCity research director, Sally Tindall, said that record-high levels of refinancing activity may also be driving this shift towards variable rates, with the Australian Bureau of Statistics (ABS) recording $17.22 billion in loans settled in just July 2021.

“Banks need to be winning new business, not losing it, if they want their loan books to keep moving in the right direction.”

“Well over half of all mortgage holders are still on a variable rate. That’s a huge market of potential refinancers for the banks to target,” she said.

This may have left many first home buyers behind, with a recent report revealing that some are ‘losing hope altogether’ about their chances of getting a foot onto the property ladder.

However, there are still mortgage options available for first home buyers, investors, and refinancers, with variable and fixed interest rates. Here are a selection of the top-rated options from the RateCity Leaderboards, based on their Real Time Ratings™:

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 home loans

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

Momentum 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

3.34

% p.a

Variable

Comparison Rate*

3.36

% p.a

Repayment

$1,476

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

Better Special Variable Loan

Real Time Rating™

4.35

/ 5

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

Interest Rate

3.14

% p.a

Variable

Comparison Rate*

3.19

% p.a

Repayment

$1,445

monthly

Real Time Rating™

4.35

/ 5
Go to site

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

Some of the best 4-year fixed home loans

Company
Product

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

Real Time Rating™

3.98

/ 5
Interest Rate

6.15

% p.a

Fixed - 4 years

Comparison Rate*

4.23

% p.a

Repayment

$1,961

monthly

Real Time Rating™

3.98

/ 5
Go to site
Company
Product

Freedom Fixed

Real Time Rating™

3.47

/ 5
Interest Rate

6.59

% p.a

Fixed - 4 years

Comparison Rate*

4.14

% p.a

Repayment

$2,043

monthly

Real Time Rating™

3.47

/ 5
Go to site
Company
Product

Your Way Plus Fixed Home Loan

Real Time Rating™

3.48

/ 5
Interest Rate

6.99

% p.a

Fixed - 4 years

Comparison Rate*

5.06

% p.a

Repayment

$2,118

monthly

Real Time Rating™

3.48

/ 5
Go to site
Company
Product

Fixed Loan Package

Real Time Rating™

3.60

/ 5
Interest Rate

6.09

% p.a

Fixed - 4 years

Comparison Rate*

4.70

% p.a

Repayment

$1,949

monthly

Real Time Rating™

3.60

/ 5
Go to site
Company
Product

Your Way Plus Fixed Home Loan

Real Time Rating™

2.97

/ 5
Interest Rate

6.99

% p.a

Fixed - 4 years

Comparison Rate*

5.06

% p.a

Repayment

$2,118

monthly

Real Time Rating™

2.97

/ 5
Go to site

Some of the best small deposit home loans

Company
Product

Momentum Home Loan

Real Time Rating™

4.83

/ 5

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

Interest Rate

3.44

% p.a

Variable

Comparison Rate*

3.47

% p.a

Repayment

$1,492

monthly

Real Time Rating™

4.83

/ 5
Go to site

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

Company
Product

Basic Home Loan

Real Time Rating™

4.49

/ 5

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

Interest Rate

3.34

% p.a

Variable

Comparison Rate*

3.36

% p.a

Repayment

$1,476

monthly

Real Time Rating™

4.49

/ 5
Go to site

special

Establishment fee waived on Basic Home Loans of $150k+

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

Company
Product

Basic Variable Rate (Flexi First Option) Home Loan

Real Time Rating™

4.53

/ 5

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

Interest Rate

3.24

% p.a

Intro 24 months

Comparison Rate*

3.58

% p.a

Repayment

$1,524

monthly

Real Time Rating™

4.53

/ 5
Go to site

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

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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