Some of the best home loans in June 2023

With new figures indicating that inflation may be proving more stubborn than expected, more rate rises could arrive sooner or later this calendar year. Borrowers may need to look beyond the interest rates and compare the other fees, features and benefits of different home loans to find the mortgage that best suits their needs.

To help you quickly and easily compare the value offered by different home loans, RateCity’s Real Time Ratings™ combine the cost and flexibility of each deal into a single simple star rating, which is updated daily for improved accuracy. You can also use our home loan leaderboards to rank mortgage deals in different categories by their ratings, with the top-rated offers becoming eligible for the RateCity Gold Awards.

Some of the best 2-year fixed home loans

Recent figures from the Australian Bureau of Statistics (ABS) show that inflation may be ticking upwards, rather than downwards. This could be a problem for the Reserve Bank of Australia (RBA), which may choose to further hike the national cash rate to bring inflation back down towards its target band.

Australians concerned about rates rising over the next few years may find the idea of a fixed rate home loan appealing. You may also want to consider paying a rate lock fee when you apply for a fixed rate home loan, just in case rates rise between when you first apply for a home loan and when you’re approved.

Some of the best variable rate home loans

Despite higher interest rates, house prices are reportedly rising in areas around Australia. While some refinancers and property investors may welcome this news, as higher dwelling values could give them more equity to work with, first home buyers and other borrowers could find it harder to afford a property in their preferred area.

While many lenders may be reluctant to approve large home loans due to the higher risk of default, some lenders are easing the mortgage ‘stress test’ for borrowers to help offer them a potential way out of mortgage prison.

Some of the best home loans from large banks

While rising interest rates previously encouraged banks and mortgage lenders to compete on cashback offers, several leading lenders have pulled out of the cashback race.

There are still several cashback offers available to eligible borrowers, though you may also want to compare other factors, such as speed of approval.

Compare home loans in Australia