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Some of the top-rated home loans in November 2023

Mark Bristow avatar
Mark Bristow
- 3 min read
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There’s a strong chance that the next meeting of the Reserve Bank of Australia (RBA) board in November 2023 will see the national cash rate rise. All of Australia’s Big Four banks are predicting that the 13th rate hike since April 2022 will arrive in November 2023. But what does this mean for Australian homeowners and first home buyers?

According to RateCity research, an average owner occupier that started with a $500,000 debt and a 2.86% variable interest rate at the start of the hikes would see a $76 increase to their monthly mortgage repayments following a 13th hike. Combined with the 12 hikes already delivered, it would see this borrower’s monthly repayments rise, in total, by $1210 - a 52% increase since the start of the hikes in May 2022.

Rising rates could also raise the bar for first home buyers to clear, making it that little bit harder to climb that first rung on the property ladder without utilising extra support, such as government grants, assistance schemes, or help from a guarantor.

To get a better idea of which home loan deals may offer the most value, consider comparing their Real Time Ratings™ which combine their cost and flexibility into a single star rating. As these ratings are regularly updated, you can stay up to date with the value these loans offer even as interest rates and the mortgage market changes. You can also keep track of the top-rated home loans in different categories on RateCity’s Home Loan Leaderboards, with some of the top-rated choices becoming 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 variable home loans

A home loan with a variable interest rate may offer improved flexibility around your repayments, thanks to features such as extra repayments, an offset account and a redraw facility. But keep in mind that variable rates may change if the RBA chooses to hike the cash rate, or if your lender chooses to raise their own rates out of cycle, and not every lender offers extra features with their home loan.

5.89%

5.89%

$3,188

Australian Credit Licence 364320

Fees & charges apply

Pacific Mortgage Group
Standard Variable Home Loan
  • 2024 Award Winner
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.09%

6.12%

$3,249

Australian Credit Licence 238311

Fees & charges apply

G&C Mutual Bank Limited
Momentum Home Loan
  • 2024 Award Winner
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.04%

6.42%

$3,234

Australian Credit Licence 231204

Fees & charges apply

Community First Bank
Accelerator package home loan
  • Owner Occupied
  • Variable
  • 5% min deposit
  • P&I

6.34%

6.49%

$3,326

Australian Credit Licence 243444

Fees & charges apply

Bank Of Sydney Ltd
Expect More Home Loan
  • 2024 Award Winner
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.19%

6.58%

$3,280

Australian Credit Licence 244616

Fees & charges apply

ME Bank
Member Package Flexible Loan
  • Cashback
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

Some of the top-rated fixed home loans

Selecting a fixed rate home loan could potentially help to insulate you from the risk of potential future rate rises, whether from the RBA hiking the cash rate (which could happen if inflation does not fall as fast as the RBA wants) or your lender raising their own variable interest rates out of cycle. 

That said, keep in mind that economists from Australia’s big banks are forecasting that the RBA could start cutting the cash rate as soon as mid-2024, and keep cutting until late 2025, meaning you could potentially miss out on some savings if you’re locked into a fixed rate.

5.64%

5.79%

$3,112

Australian Credit Licence 231204

Fees & charges apply

Easy Street Financial Services
Fixed Home Loan
  • Owner Occupied
  • Fixed 3 years
  • 5% min deposit
  • P&I

5.59%

5.95%

$3,097

Australian Credit Licence 244248

Fees & charges apply

Hume Bank Limited
myBlue Home Loan (Fixed Rate) (Principal and Interest)
  • Owner Occupied
  • Fixed 3 years
  • 40% min deposit
  • P&I

5.64%

6.30%

$3,112

Australian Credit Licence 231204

Fees & charges apply

Community First Bank
Accelerator package home loan
  • Owner Occupied
  • Fixed 3 years
  • 5% min deposit
  • P&I

5.69%

6.43%

$3,127

Australian Credit Licence 244310

Fees & charges apply

Heritage Bank, a trading name of Heritage and People’s Choice Limited
Home Advantage Package
  • Owner Occupied
  • Fixed 3 years
  • 5% min deposit
  • P&I

Some of the top-rated home loans from new lenders

While large and small banks look after a significant percentage of Australia’s home loan market, there are new competitors regularly rising to challenge them. Some of these specialised mortgage lenders may have special offers available, such as discounted interest rates or bonus reward points. Before you apply, consider the value offered by these features and whether one of these loans may be the best choice for your financial situation.

5.99%

5.90%

$3,218

More detailsclick for more details

Australian Credit Licence 234945

Fees & charges apply

  • Promoted
  • 2024 Award Winner
  • Special
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

6.13%

6.19%

$3,261

Australian Credit Licence 237879

Fees & charges apply

Qantas Airways Limited (Qantas Money)
Variable Home Loan (Principal and Interest)
  • Rewards
  • Owner Occupied
  • Variable
  • 10% min deposit
  • P&I

Compare home loans in Australia

5.99%

6.48%

$3,448

More detailsclick for more details

Australian Credit Licence 395219

Fees & charges apply

  • Promoted
  • Owner Occupied
  • Variable
  • 10% min deposit
  • P&I

6.39%

6.40%

$3,342

Enquire

Australian Credit Licence 233714

Fees & charges apply

  • Promoted
  • Cashback
  • Owner Occupied
  • Variable
  • 20% min deposit
  • P&I

5.69%

6.13%

$3,127

More detailsclick for more details

Australian Credit Licence 395219

Fees & charges apply

  • Promoted
  • Owner Occupied
  • Fixed 3 years
  • 10% min deposit
  • P&I

6.29%

6.20%

$3,311

More detailsclick for more details

Australian Credit Licence 234945

Fees & charges apply

  • Promoted
  • Special
  • Investor
  • Variable
  • 20% min deposit
  • P&I

6.84%

7.16%

$3,611

Enquire

Australian Credit Licence 233714

Fees & charges apply

  • Promoted
  • Owner Occupied
  • Variable
  • 5% min deposit
  • P&I

6.95%

7.15%

$2,896

Enquire

Australian Credit Licence 234945

Fees & charges apply

  • Promoted
  • Investor
  • Variable
  • 20% min deposit
  • Interest Only

7.20%

6.90%

$3,000

Enquire

Australian Credit Licence 234945

Fees & charges apply

  • Promoted
  • Investor
  • Variable
  • 40% min deposit
  • Interest Only

Product database updated 22 Jan, 2025

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

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Variable Rate Home Loan LVR < 80%

Real Time Rating™

  • 2024 Award Winner
  • Special
  • Owner Occupied
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5.99%

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Australian Credit Licence 234945
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6.09%

Comparison rate* p.a.

6.10%

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Australian Credit Licence 234527
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product data updated on

Product data updated on 22 Jan 2025