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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.
5.70%
5.75%
$3,130
Australian Credit Licence 238311
Fees & charges apply
Essential Worker Home Loan
- Owner Occupied
- Variable
- 5% min deposit
- P&I
5.64%
5.64%
$3,112
Australian Credit Licence 364320
Fees & charges apply
Standard Variable Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.64%
5.71%
$3,112
Australian Credit Licence 236476
Fees & charges apply
GumLeaf Basic Variable Owner Occupied
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.70%
5.83%
$3,130
Australian Credit Licence 234563
Fees & charges apply
The Basics Home Loan - Special Offer
- 2024 Award Winner
- Owner Occupied
- Variable
- 40% min deposit
- P&I
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.
5.64%
5.64%
$3,112
Australian Credit Licence 364320
Fees & charges apply
Standard Variable Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.74%
5.81%
$3,143
Australian Credit Licence 236476
Fees & charges apply
GumLeaf Standard Variable Owner Occupied
- 2024 Award Winner
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.84%
5.88%
$3,173
Australian Credit Licence 364451
Fees & charges apply
Mortgage Breaker Special - Owner Occupied (QLD only)
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.99%
5.99%
$3,218
Australian Credit Licence 390860
Fees & charges apply
Star Gold Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 30% min deposit
- P&I
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%.
5.64%
5.64%
$3,112
Australian Credit Licence 364320
Fees & charges apply
Standard Variable Home Loan
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.84%
5.84%
$3,173
Australian Credit Licence 390860
Fees & charges apply
Star Classic Home Loan
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.84%
5.91%
$3,173
Australian Credit Licence 236476
Fees & charges apply
GumLeaf Standard Variable Owner Occupied
- 2024 Award Winner
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.84%
6.22%
$3,173
Australian Credit Licence 231204
Fees & charges apply
Accelerator package home loan
- Owner Occupied
- Variable
- 5% min deposit
- P&I
Compare home loans in Australia
5.74%
5.65%
$3,143
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.84%
5.86%
$3,173
Australian Credit Licence 230686
Fees & charges apply
Products issued by ubank, part of NAB
- Promoted
- Special
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.69%
5.70%
$3,127
Australian Credit Licence 241167
Fees & charges apply
- Promoted
- Cashback
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.79%
5.83%
$3,158
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.04%
6.09%
$3,234
Australian Credit Licence 238311
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 40% min deposit
- P&I
5.39%
6.44%
$3,038
Australian Credit Licence 230686
Fees & charges apply
- Promoted
- Owner Occupied
- Fixed 3 years
- 20% min deposit
- P&I
6.14%
6.15%
$3,264
Australian Credit Licence 233714
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.04%
5.95%
$3,234
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- Special
- Investor
- Variable
- 20% min deposit
- P&I
5.69%
5.95%
$3,127
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
- Fixed 3 years
- 10% min deposit
- P&I
6.84%
6.84%
$3,483
Australian Credit Licence 234527
Fees & charges apply
- Promoted
- Cashback
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.71%
6.75%
$3,442
Australian Credit Licence 230686
Fees & charges apply
- Promoted
- Investor
- Variable
- 10% min deposit
- P&I
6.19%
6.99%
$3,280
Australian Credit Licence 234527
Fees & charges apply
- Promoted
- Cashback
- Owner Occupied
- Fixed 2 years
- 10% min deposit
- P&I
Product database updated 18 Apr, 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.
5.74%
Comparison rate* p.a.
5.65%
Australian Credit Licence 234945
Fees & charges apply
Neat Home Loan
Real Time Rating™
- Special
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
5.84%
Comparison rate* p.a.
5.86%
Australian Credit Licence 230686
Fees & charges apply
Mortgage Non Offset Home Loan
Real Time Rating™
- Cashback
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
5.69%
Comparison rate* p.a.
5.70%
Australian Credit Licence 241167
Fees & charges apply
Variable Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Interest rate p.a.
5.79%
Comparison rate* p.a.
5.83%
Australian Credit Licence 395219
Fees & charges apply
Product data updated on 18 Apr 2025
