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Some of the top-rated home loans in December 2023

Some of the top-rated home loans in December 2023

05 Dec, 2023 - 3 min read

The Reserve Bank of Australia (RBA) board delivered Australian mortgage holders an early Christmas present at its December 2023 meeting by keeping the nation's cash rate on hold at 4.35%. But with economists from some of Australia’s big banks forecasting another rate hike in February 2024, Australian homeowners may not be feeling the love by the time Valentine’s Day rolls around.

Before you buy or refinance a home loan, it’s essential to consider not just the interest rate you’ll pay, but also the fees, features and other benefits of each mortgage offer you compare. RateCity’s Real Time Ratings™ can help here, simplifying the cost and flexibility of different home loans into a single star rating that’s updated regularly to ensure ongoing accuracy.

RateCity’s Home Loan Leaderboards rank mortgage deals in different categories by their Real Time Ratings™ to help you quickly compare some of the top-rated options in different home loan categories. Consistently top-rated options may also become eligible for a RateCity Gold Award.

(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 variable home loans

It's not easy to work out if now is the best time to buy a house, as interest rates and property prices are out of reach for many first home buyers. Even if the RBA keeps rates on hold for the immediate future, banks and mortgage lenders may still decide to raise their home loan interest rates out of cycle from the RBA.

Some of the top-rated home loans from large banks

First home buyers may be able to access extra support in the form of the federal government’s home guarantee scheme, which has seen additional banks join to participate. Just be sure to double check that your preferred mortgage lender is participating in the scheme.

Also, first home buyers in Queensland may also be able to benefit from a doubled first home owner grant, relieving some of the deposit savings pressure.

Some of the top-rated new lender home loans

One alternative option to consider when comparing home loans is to look beyond the big banks and the familiar names. Some of the newer lenders, including online-only lenders, offer competitive deals that could suit the needs of some borrowers.

Just keep in mind that while you may be able to access a more affordable interest rate and fees, you may not always be able to access as many extra features, benefits, and other bells and whistles as you might with a larger lender.

Compare home loans in Australia

Product database updated 23 Oct, 2024

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

Mark Bristow

Personal Finance Editor

Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. While primarily focused on Australian mortgage and home loan expertise, he has experience across energy, home and travel insurances. Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider.