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Some of the top-rated home loans in August 2023
Many Australians may be hoping that the Reserve Bank of Australia’s (RBA’s) decision to keep the cash rate on hold in August 2023 signals the end of the recent hiking cycle. However, it’s still possible that the RBA could raise rates again in the future if inflation does not respond in a timely manner. And with some banks already hiking rates out of cycle from the RBA, it’s essential to look at more than just the interest rate before you apply for a home loan.
One quick way to get a better idea of a home loan’s overall value is to compare Real Time Ratings™ at RateCity. These simple star ratings combine the cost and flexibility of each home loan, and are updated daily for improved accuracy. You can also compare home loans in individual categories by their Real Time Ratings™ with RateCity’s Home Loan Leaderboards, and some of the top-rated home loans may 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 top-rated packaged home loans
If you’re in the market for more than just a home loan, some mortgage lenders can bundle a home loan with a transaction account, a credit card, insurance, or other offers. If these offers look like they’ll suit your needs, this could effectively add extra value to a home loan deal.
Depending on the option you choose, you could also benefit from other extras such as cashback, which could make a big difference when the cost of living is putting pressure on budgets.
5.68%
6.26%
$3,124
Australian Credit Licence 238431
Fees & charges apply
Clean Energy Home Loan- New Build
- 2024 Award Winner
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.34%
6.49%
$3,326
Australian Credit Licence 243444
Fees & charges apply
Expect More Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.19%
6.54%
$3,280
Australian Credit Licence 229882
Fees & charges apply
Home Package Plus Special
- Owner Occupied
- Variable
- 40% min deposit
- P&I
Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
6.19%
6.58%
$3,280
Australian Credit Licence 244616
Fees & charges apply
Member Package Flexible Loan
- Cashback
- Owner Occupied
- Variable
- 30% min deposit
- P&I
6.49%
7.53%
$2,704
Australian Credit Licence 243099
Fees & charges apply
Advantage Plus
- Owner Occupied
- Variable
- 40% min deposit
- Interest Only
Some of the top-rated small deposit home loans
Higher interest rates may be partly responsible for house prices falling in several areas across Australia, but that isn’t necessarily good news for first home buyers. Higher home loan interest rates are considered when a lender calculates whether you can afford to service a home loan, meaning you may have less borrowing and buying power than you expected.
To get a bigger loan, you may need to consider a home loan that allows a smaller deposit. That said, you may want to calculate the potential cost of Lenders Mortgage Insurance (LMI) and consider whether this option will still be worth it in your financial situation.
6.04%
6.09%
$3,234
Australian Credit Licence 231204
Fees & charges apply
Standard Variable Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.19%
6.22%
$3,280
Australian Credit Licence 238311
Fees & charges apply
Momentum Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.04%
6.42%
$3,234
Australian Credit Licence 231204
Fees & charges apply
Accelerator package home loan
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.49%
6.85%
$3,373
Australian Credit Licence 244310
Fees & charges apply
Variable Loan Package
- Owner Occupied
- Variable
- 5% min deposit
- P&I
Some of the top-rated 3-year fixed home loans
It's not yet certain that we’ve seen the RBA’s last rate rise. If inflation doesn’t fall towards the RBA’s target band fast enough, or if other factors affect the economy, the RBA could choose to pull the rate hike lever once again.
Even if the RBA keeps the cash rate on hold in the future, that doesn’t mean home loan interest rates are set in stone. Lenders can (and do) adjust home loan interest rates out of cycle from the RBA, which can affect your repayments.
Without a foolproof crystal ball, there’s no way to accurately forecast Australia’s economic future. If you’d prefer to keep your household budget consistent and avoid potential surprises, you could consider fixing your home loan interest rate.
5.59%
5.95%
$3,097
Australian Credit Licence 244248
Fees & charges apply
myBlue Home Loan (Fixed Rate) (Principal and Interest)
- Owner Occupied
- Fixed 3 years
- 40% min deposit
- P&I
5.59%
6.21%
$3,097
Australian Credit Licence 240018
Fees & charges apply
Goldrate Home Loan
- Owner Occupied
- Fixed 3 years
- 20% min deposit
- P&I
5.64%
6.30%
$3,112
Australian Credit Licence 231204
Fees & charges apply
Accelerator package home loan
- Owner Occupied
- Fixed 3 years
- 5% min deposit
- P&I
6.04%
6.41%
$3,234
Australian Credit Licence 237879
Fees & charges apply
Complete Home Loan Fixed
- Owner Occupied
- Fixed 3 years
- 10% min deposit
- P&I
Compare home loans in Australia
Product database updated 16 Jan, 2025
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Promoted home loans
Variable Rate Home Loan LVR < 80%
Real Time Rating™
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
Interest rate p.a.
5.99%
Comparison rate* p.a.
5.90%
Australian Credit Licence 234945
Fees & charges apply
Neat Home Loan
Real Time Rating™
- Special
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
6.09%
Comparison rate* p.a.
6.11%
Australian Credit Licence 230686
Fees & charges apply
Variable Home Loan
Real Time Rating™
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
Interest rate p.a.
6.09%
Comparison rate* p.a.
6.10%
Australian Credit Licence 234527
Fees & charges apply
Variable Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Interest rate p.a.
6.04%
Comparison rate* p.a.
6.08%
Australian Credit Licence 395219
Fees & charges apply
Product data updated on 16 Jan 2025
