Some of the best home loans in February 2022

While the Reserve Bank of Australia (RBA) kept the national cash rate on hold at the start of February, economists with several leading banks are predicting that rates will start rising in the second half of 2022. With over 1.1 million Australian households having never previously experienced a rate rise, these changes could potentially affect many household budgets.

It’s important to remember that there’s more to a home loan than just its interest rate. Interest, fees, features and benefits should all be considered when choosing a mortgage, so you can be confident that you’re selecting an offer that suits your personal financial situation.

RateCity’s Leaderboards may be able to help streamline the process of comparing home loans, by ranking mortgage offers in different categories by their Real Time Ratings™ which combines the cost and flexibility of a loan into a single simple star rating.

(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 best fixed rate home loans

While many lenders had slashed fixed rates over the past year, all of the big four banks began 2022 by hiking rates on their fixed mortgages. Borrowers wanting to lock in a low rate for the next few years may want to compare a range of options to find an offer that’s right for them:

Some of the best variable home loans over $1 million

A mortgage for $1 million or more may be necessary for some borrowers to purchase property in certain popular areas around Australia. When applying for one of these mortgages, it may be worth considering if you could still afford the repayments if variable rates do end up rising sooner than expected, or if this could leave you in mortgage stress.

Some of the best refinance home loans

If rates do end up rising, some borrowers may be in the market to refinance their mortgages in order to access lower rates and/or features and benefits that better suit their needs. But it’s also important to remember that some banks are predicting that rising rates could lead to property values falling by up to 10 per cent next year – if this was to affect your equity, it could potentially also affect your refinancing plans.

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