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Some of the top-rated home loans in November 2023
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
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
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
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
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
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
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
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
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
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
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
Variable Home Loan (Principal and Interest)
- Rewards
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Compare home loans in Australia
5.99%
5.90%
$3,218
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.09%
6.11%
$3,249
Australian Credit Licence 230686
Fees & charges apply
Products issued by ubank, part of NAB
- Promoted
- Special
- Owner Occupied
- Variable
- 40% min deposit
- P&I
6.09%
6.10%
$3,249
Australian Credit Licence 234527
Fees & charges apply
- Promoted
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
6.04%
6.08%
$3,234
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.64%
6.96%
$3,420
Australian Credit Licence 243099
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.99%
6.48%
$3,448
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 10% min deposit
- P&I
6.39%
6.40%
$3,342
Australian Credit Licence 233714
Fees & charges apply
- Promoted
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
5.69%
6.13%
$3,127
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
- Fixed 3 years
- 10% min deposit
- P&I
6.29%
6.20%
$3,311
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- Special
- Investor
- Variable
- 20% min deposit
- P&I
6.84%
7.16%
$3,611
Australian Credit Licence 233714
Fees & charges apply
- Promoted
- Owner Occupied
- Variable
- 5% min deposit
- P&I
6.95%
7.15%
$2,896
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- Investor
- Variable
- 20% min deposit
- Interest Only
7.20%
6.90%
$3,000
Australian Credit Licence 234945
Fees & charges apply
- Promoted
- Investor
- Variable
- 40% min deposit
- Interest Only
Product database updated 22 Jan, 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.
5.99%
Comparison rate* p.a.
5.90%
Australian Credit Licence 234945
Fees & charges apply
Neat Home Loan
Real Time Rating™
- Special
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
6.09%
Comparison rate* p.a.
6.11%
Australian Credit Licence 230686
Fees & charges apply
Variable Home Loan
Real Time Rating™
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
Interest rate p.a.
6.09%
Comparison rate* p.a.
6.10%
Australian Credit Licence 234527
Fees & charges apply
Variable Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Interest rate p.a.
6.04%
Comparison rate* p.a.
6.08%
Australian Credit Licence 395219
Fees & charges apply
Product data updated on 22 Jan 2025