Some of the top-rated home loans for investors and refinancers in November 2023

Some of the top-rated home loans for investors and refinancers in November 2023

Many of Australia’s banks and other mortgage lenders have already announced that they’re raising their home loan interest rates following the Reserve Bank of Australia (RBA) board’s November 2023 meeting. Homeowners and investors hoping to get a better mortgage deal may need to look beyond a home loan’s cost and consider the overall value offered by different lenders.

RateCity’s Real Time Ratings™ combine the cost and flexibility of each home loan offer into a single simple star rating, allowing you to quickly compare the overall value of different mortgage options side by side. These ratings are updated regularly, so you can make a more accurate mortgage comparison even as lenders raise and lower interest rates or add and remove features and benefits.

For an even simpler home loan comparison, you can use RateCity’s Home Loan Leaderboards, which rank mortgage deals in different categories by their Real Time Ratings™. Some of the consistently top-ranked home loans in different categories may become eligible for the RateCity 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 refinance home loans

After 13 hikes to the national cash rate since May 2022, it’s perhaps unsurprising that many Australian homeowners are struggling to manage their mortgages, to the point where one in three mortgage holders are food insecure. Borrowers who hold equity in their property may be able to refinance at a more affordable rate, with some lower-rate home loan deals for refinancers also having a low Loan to Value Ratio (LVR) as part of the eligibility criteria.

Some of the top-rated interest-only investor home loans

What is the RBA going to do next? It’s not yet certain. Economists from Australia’s big banks are broadly forecasting that the cash rate should stay on hold until late 2024 or 2025, when the RBA may choose to cut the cash rate. However, this is dependent upon Australia’s inflation rate falling into the RBA’s target band in a timely manner, with some economists noting that the RBA board may be maintaining a ‘hiking bias’ for the time being.

Investors hoping to avoid increasing costs if the RBA raises the cash rate again, or if their lender hikes their own interest rates out of cycle from the RBA, could consider fixing the interest rate on their home loan, locking in a set repayment amount for limited time. However, this also runs the risk of being stuck paying a higher rate if interest rates do fall during the fixed-rate period.

Some of the top-rated new lender home loans

While it’s important to compare home loan deals from the big banks and major mortgage holders, it’s also often a good idea to consider mortgage offers from their smaller competitors. As well as these newer lenders, you could consider offers from older lenders operating under new names, such as the freshly renamed Tiimely Home, formerly known as Tic:Toc.

Product database updated 02 Dec, 2023
Fact Checked

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