Some of the best home loans in April 2023

At its April 2023 meeting, the Reserve Bank of Australia (RBA) board decided to keep rates on hold at 3.60%. The next question is what will happen next – will interest rates be left on hold, or are more hikes in the pipeline? And what does this mean for Australian home owners and those looking to buy property this year?

In the lead-up to the April 2023 meeting, several banks and mortgage lenders made advance adjustments to their home loan interest rates. For example, ING trimmed its fixed rates, while new customers copped rate rises from both Commonwealth Bank and ANZ.

During times of economic uncertainty, it’s important to carefully compare home loans before making any decisions. RateCity’s Real Time Ratings™ can help you with these comparisons, by combining the cost and flexibility of home loans into a single star rating that’s updated daily. The top-ranked loans in different categories can be found on RateCity’s Home Loan Leaderboards, and high-ranking deals may be considered for RateCity Gold Awards. 

Some of the best fixed rate home loans

With many Australians feeling uncertain about what’s next for the national and global economy, it may be tempting to consider fixing your home loan interest rate. Locking in your rate can also lock in your repayments, so no matter what happens, you can be confident that your household budget can remain stable.

That said, some banks and lenders are forecasting that the RBA could choose to start cutting the national cash rate in 2024, or even late 2023. While these forecasts are by no means certain or in any way guaranteed, borrowers on fixed rates may miss out on lower rates if lender choose to pass rate cuts on to their variable rate customers.  

Some of the best packaged home loans

It’s not just the home loan market that’s been facing uncertainty. Recent high-profile bank collapses overseas have had many Australians questioning how they can best look after their money in the bank.

If this is you, or you’re just looking for a change, you could consider a home loan offer that comes bundled with a transaction account or other financial products, like savings accounts or credit cards. If the products on offer suit your financial situation and personal goals, it may be worth considering jumping ship altogether and switching not just your home loan, but your bank account too.

Some of the best green home loans

Australians looking to purchase an energy-efficient property, or to add power or water-saving features to an existing loan, could use a green home loan to secure their funding. While these mortgage offers typically have stricter eligibility requirements than other home loans, they’re also more likely to offer lower interest rates.

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