Apply now or wait? Some of the top-rated home loans in February 2024

With interest rates on hold for the time being, the next question for many Australian borrowers and refinancers is whether they should apply for a home loan now or later. In either case, it’s important to compare home loan options and make the best decision to suit your financial situation and personal goals. 

In the lead-up to the February 2024 Reserve Bank of Australia (RBA) board meeting, it was widely forecast the cash rate would stay on hold. And while the newly-released Statement on Monetary Policy sticks to the RBA’s script of keeping rates on hold so inflation can fall into the RBA’s target band on schedule by the end of 2025, some economists have different ideas. Given that inflation tracked lower than expected in recent data from the Australian Bureau of Statistics (ABS), some economists are predicting that the RBA could actually start cutting the cash rate as soon as September 2024.

While the cash rate could potentially fall later in the year, that doesn’t necessarily mean you should delay your home loan application. Firstly, there’s no guarantee the RBA or the economy will behave as predicted. Secondly, even if the RBA cuts the cash rate, there’s no guarantee every mortgage lender will pass this cut on to their home loan customers in full. Thirdly, mortgage lenders often choose to raise or lower selected home loan interest rates out of cycle from the RBA, such as by slashing their fixed rate home loans.

Because it’s impossible to predict the future with 100% accuracy, it may not be worth basing home loan decisions entirely around economic forecasts. By carefully comparing some of the best home loan options currently available to you, you can work out which interest rates, fees, features and benefits may best suit your current financial needs and future household goals.

One simple way to quickly compare a variety of home loan options is to look at their Real Time Ratings™. These unique star ratings combine the cost and flexibility of each mortgage deal to better indicate its overall value. And because Real Time Ratings™ are updated daily, you can be confident about their accuracy at any given time. Some of the top-rated home loans in different categories can be found on RateCity’s Home Loan Leaderboards, with some of the top-rated options becoming eligible for RateCity Gold Awards. 

Some of the top-rated variable home loans

RateCity's top-rated home loans with a variable interest rate. Assumes a $400,000 mortgage with a maximum LVR of 80%.

Some of the top-rated 3-year fixed home loans

RateCity's top-rated principal and interest home loans with a fixed interest rate for three years. Assumes a $400,000 mortgage for an owner occupier.

Some of the top-rated packaged home loans

RateCity's top-rated home loans that are available as a package with one or more other financial products, such as a credit card or bank account. Assumes a $400,000 mortgage with a variable interest rate for an owner occupier.

Compare home loans in Australia