Some of the best home loans for investors and refinancers in March 2023

Following the most recent hike to the national cash rate, low home loan interest rates are becoming much harder to find. Australians hoping to refinance the mortgage on their home or investment property may need to carefully compare the available options to make sure they’re getting a deal that suits their budget and personal goals.

It’s not just rising interest rates putting Australian homeowners and investors at risk of financial stress. The cost-of-living crisis is being caused by several different global factors, and could even put us at risk of recession unless Australia plays its cards right.  

 To help Australians quickly compare the value of different mortgage deals, RateCity’s Home Loan Leaderboards rank home loans in various categories by their Real Time Ratings™. These combine the cost and flexibility of each deal into a simple star rating, which is updated regularly for improved accuracy. Highly-ranked home loans may also be eligible to be nominated for a RateCity Gold Award.

(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 refinance home loans

When the Reserve Bank of Australia (RBA) hiked the cash rate by 25 points in March 2023, home loan interest rates starting with a 4 began disappearing from the market. While there are still a few left at time of writing, successfully applying for these loans may not be easy

Generally, the lowest interest rates are reserved for the least risky borrowers, and may require you to hold a minimum amount of equity in your property. Australians looking to refinance their home loans may be better positioned to apply for these loans, though you may still need to budget for at least one more forecast rate rise in the future.

Some of the best investor home loans

Australians who were hoping to grow their property investment portfolio this year may find it to be a challenging prospect. Rising interest rates and strong serviceability regulations have reduced the maximum amounts that Australians can comfortably borrow from banks.

Some ways that investors and other borrowers could look to boost their borrowing capacity could be to increase their income, spend less and save more, clean up your bank account, close down credit card accounts and pay down other debts. Applying for an investment mortgage with a low interest rate could also potentially increase your borrowing power.

Compare home loans in Australia