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Some of the top-rated home loans in July 2024

Mark Bristow avatar
Mark Bristow
- 3 min read
Some of the top-rated home loans in July 2024

The Reserve Bank of Australia (RBA) kept the national cash rate on hold at its June 2024 meeting, meaning most home loan interest rates are likely to also stay on hold for the time being. But with recent inflation data coming in higher than expected, there are risks that Australian homeowners may not receive rate relief until next year, and may even need to brace for a potential rate hike.

Many Australian homeowners are doing it tough, with figures from the Australian Prudential Regulation Authority (APRA) showing that home loan arrears are on the rise, more often among owner occupiers. But at the same time, more of Australia’s money has been sunk into savings accounts and offset accounts to help reduce some of the impact of interest rates. 

Economists from some of Australia’s biggest banks had been forecasting that the RBA will cut the cash rate before the end of 2024, which may help to lower variable home loan interest rates and offer some repayment relief to mortgage holders. However, given the higher-than-expected monthly inflation figures released at the end of June 2024, it’s possible inflation won’t fall into the RBA’s target band of between 2% and 3% according to the central bank’s schedule. This could keep the cash rate on hold until a cut is made some time in the first half of 2025. It’s also possible the RBA could choose to raise the cash rate as a firm stand against rising inflation.

This means that homeowners and investors who are struggling to afford their loans may need to look for alternative options to waiting for their bank to lower interest rates. Whether you’re looking to refinance your home loan to get some mortgage relief, or simply better deal for your changing circumstances, there are a wide range of options available for you to choose from. Though if a cashback deal is your goal, your choices may be more limited, as more and more banks are withdrawing their cashback deals from the market.

RateCity’s Real Time Ratings™ can help you quickly compare the options available to you by combining their cost and flexibility into a single star rating. These ratings are updated frequently, and the top-rated choices are ranked on RateCity’s Home Loan Leaderboards. Some of the top-rated mortgage deals in different categories may also be 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 refinance home loans

Today’s top-rated home loans for refinancing. Assumes a $400,000 mortgage with a variable interest rate for an owner occupier.

Some of the top-rated offset home loans

Today’s top-rated home loans that feature an offset account. Assumes a $400,000 mortgage for an owner-occupier with a variable interest rate.

Some of the top-rated home loans over $1 million

RateCity's top-rated home loans for borrowing more than one million dollars. Assumes a $1 million home loan for an owner occupier, with a variable interest rate, an offset account and a maximum LVR of 80%.

Compare home loans in Australia

Product database updated 17 Jul, 2024