Some of the top-rated home loans for refinancers and investors in October 2023

With so many Australians looking to refinance their home loans, many lenders are less inclined to offer as many competitive offers to borrowers. Discounts and cashback deals are becoming much harder to find, with just 15 lenders offering cashback in October 2023. 

It’s important to look at the interest rate, fees, features and benefits of any home loan offer before you refinance, to ensure you’re getting a deal that suits your financial situation and personal goals.

Investors wanting to keep their repayments consistent could choose to lock in a fixed interest rate. However, some lenders are forecasting that the RBA could start to cut the cash rate in mid-to-late 2024 and/or 2025, meaning borrowers on fixed rates during this time could miss out on lower repayments if lenders pass these cuts on to variable rates.

Keep in mind that the RBA could also choose to raise the cash rate, lenders may choose not to pass on any future RBA rate cuts, and could also raise their interest rates out of cycle with the RBA.  

Climate-related hazards remain a risk for many Australian homes, and even some energy experts are concerned about how the power grid will cope with the forecast El Nino summer. One option for homeowners and investors thinking of refinancing to renovate their homes is to apply for a green home loan, which could offer a more affordable financing option for adding environmentally-friendly features to a property.

Before you apply, ask the lender for information about how it determines a home to be ‘green’ or ‘eco’ and how a green home loan contributes to emissions reduction and environmental responsibility.