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

Mark Bristow avatar
Mark Bristow
- 3 min read
Some of the top-rated home loans for refinancers and investors in October 2023

With Australians reportedly putting more of their income towards their mortgage than any other developed nation on the planet, it’s little wonder that so many of us are looking to refinance. But with high levels of refinancing activity leading several lenders to withdraw some of their most competitive home loan discounts and cashback incentives, is it still possible to find a good home loan deal?

Depending on the quarterly inflation statistics that are due for release in late October 2023, among other factors, it’s possible that the Reserve Bank of Australia (RBA) could choose to raise the national cash rate for the 13th time since April 2022 in November 2023. If this is passed on to Australian households through higher mortgage interest rates, this could make it even more important to check that you have the best home loan to suit your personal financial situation.

Because there’s more to a mortgage than just the interest rate, RateCity developed the Real Time Ratings™ system, which combines the cost and flexibility of each home loan into a simple star rating. These ratings are regularly updated to give you a better idea of each mortgage deal’s overall value. Additionally, the top-rated home loans in different categories on our Home Loan Leaderboards could become eligible for 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

With so many Australians looking to refinance their home loans, many lenders are less inclined to offer as many competitive offers to borrowers. Discounts and cashback deals are becoming much harder to find, with just 15 lenders offering cashback in October 2023. 

It’s important to look at the interest rate, fees, features and benefits of any home loan offer before you refinance, to ensure you’re getting a deal that suits your financial situation and personal goals.

Some of the top-rated investor variable home loans

Investors wanting to keep their repayments consistent could choose to lock in a fixed interest rate. However, some lenders are forecasting that the RBA could start to cut the cash rate in mid-to-late 2024 and/or 2025, meaning borrowers on fixed rates during this time could miss out on lower repayments if lenders pass these cuts on to variable rates.

Keep in mind that the RBA could also choose to raise the cash rate, lenders may choose not to pass on any future RBA rate cuts, and could also raise their interest rates out of cycle with the RBA.  

Some of the top-rated green home loans

Climate-related hazards remain a risk for many Australian homes, and even some energy experts are concerned about how the power grid will cope with the forecast El Nino summer. One option for homeowners and investors thinking of refinancing to renovate their homes is to apply for a green home loan, which could offer a more affordable financing option for adding environmentally-friendly features to a property.

Before you apply, ask the lender for information about how it determines a home to be ‘green’ or ‘eco’ and how a green home loan contributes to emissions reduction and environmental responsibility.

Compare home loans in Australia

Product database updated 22 Jun, 2024

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