Some of the best home loans for investors and refinancers in October 2022

Australia’s Big Four banks quickly announced that they would be passing on the October 2022 cash rate hike set by the RBA on to their customers. With more of these rises coming into effect and affecting Australian household budgets, investors and refinancers may want to look beyond interest rates and also consider other features and benefits when comparing home loans.

One fast option for comparing home loan offers is to look at their Real Time Ratings™. These star ratings are based on a combination of each home loan’s cost and flexibility, and are updated daily to help improve their accuracy. To make things even simpler, RateCity’s home loan Leaderboards rank home loans in different categories by their Real Time Ratings™, with the top-rated products potentially becoming eligible for consideration in RateCity’s Gold Awards. 

Some of the best refinance home loans

Many lenders have raised home loan interest rates in response to the RBA’s cash rate hikes, but there are still some relatively low-rate options to consider. However, many of the home loans offering some of the lowest interest rates also require borrowers to have low Loan-to-Value Ratios (LVRs), such as 70% or even 60%. This puts them out of reach for many first home buyers, though refinancers may be able to use the equity in their property to qualify for these mortgage deals.

That said, with 80% of property markets around the country experiencing declines in value over the September 2022 quarter, not every property may hold as much equity as you expect. It may be worth getting a value estimate before looking into refinancing.

Some of the best investor variable home loans

There are still some relatively low interest rates available for property investors, though because they are variable rates they may rise in the future as the RBA continues to hike the cash rate to combat inflation. That said, features such as the ability to make extra repayments, a redraw facility, and an offset account can provide flexible options for managing your repayments and hopefully keeping your investment budget under control.

Some of the best new lender home loans

As well as looking at home loans from the big banks, it’s often worth comparing options from some of the newer lenders on the market as well. These challenger lenders may be able to offer competitive mortgage deals that may suit the financial needs of some refinancers or investors.

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