Some of the top-rated home loans in July 2023

The Reserve Bank of Australia (RBA) has rung in a new financial year by keeping the cash rate on hold at its July 2023 meeting. But home buyers are still struggling, with the previous 12 rate hikes having massively reduced the borrowing power of many Australians.

In times like these, it’s important to consider the overall value offered by a home loan before you apply. With interest rates being high, some borrowers rate home loans by their cashback offers, though several banks have begun withdrawing these offers from the market. Other borrowers may compare home loans based on their speed of approval.

Another simple way to get an idea of a home loan’s value is to look at its Real Time Rating™. These simple star ratings combine the loan’s cost with its flexibility, and are updated daily to help ensure their accuracy at any given time. You can quickly and easily compare home loans of different categories in our Home Loan Leaderboards where some of the top-rated home loans may become eligible 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 top-rated small deposit home loans

The start of a new financial year brought with it a host of other changes. These include adding thousands of more places to the federal government’s Home Guarantee Scheme, which allows borrowers with smaller deposits to buy a property and have the government serve as the guarantor. 

Of course, there are plenty of other eligibility criteria to fulfil in order to apply in this scheme, and only a limited number of lenders are participating, which may mean it’s not the best option for everybody. Compare what’s available and consider whether you could be better off getting a family guarantee, or paying lender’s mortgage insurance when you apply for a low deposit home loan.

Some of the top-rated new lender home loans

Due to the competition for mortgage business at the moment, some of the big banks are withdrawing some of their cashback deals from the market. While most cashback offers are only available to refinancing customers, first home buyers could also find that it’s worth looking at more than just the big banks when searching for a home loan. Smaller and newer lenders may be looking to make their mark on the mortgage world, and may be able to offer an alternative home loan that suits your needs. 

Some of the top-rated green home loans

With limited borrowing power, one way borrowers could be able to push their dollars further is to consider using a green home loan to purchase an eco-friendly property. These loans often have specific restrictions around how they can be used, but may have lower interest rates than their counterparts. If you were already planning to purchase a more eco-friendly house, or wanted to add green features to a property, then one of these loans may be worth comparing.

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