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Home Loans

Some of the best home loans for investors and refinancers in May 2022

by Matthew Upton
May 16, 2022
in Loans
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With many banks and other mortgage lenders passing on the recent cash rate hike from the Reserve Bank of Australia (RBA), many mortgage holders may soon start feeling the pinch in their budget. And with more rate hikes expected to come in the future, it may be worth comparing alternative home loan options to get a better idea of which choice could offer more value.

RateCity’s Leaderboards rank home loan deals in different categories by their Real Time Ratings™. By combining the cost and flexibility of each home loan into a single star rating, you can quickly get a better idea of each deal’s overall value.  

(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 

Many of Australia’s mortgage lenders announced they would be passing on the RBA’s cash rate hike by raising variable interest rates, some within 24 hours of the RBA board’s meeting. As these rate hikes begin to take effect, some home owners may already be considering alternative mortgage options.

While further rate hikes are expected in the future, with the RBA itself forecasting that the cash rate could rise as high as 2.5 per cent, there are currently still several lenders offering interest rates of less than 2 per cent, for borrowers with enough equity in their property to fulfil the eligibility criteria:

Green Home Loan

Winner of Best Green Home Loan, RateCity Gold Awards 2022

Winner of Best Green Home Loan, RateCity Gold Awards 2022

Star Gold Home Loan

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Standard Variable Home Loan

Expect More Home Loan Package

special

Special offer for new Expect More Home Loan customers ~ Ends in 15 days

Freedom Variable

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Winner of Best Refinance Home Loan, RateCity Gold Awards 2022

Some of the best investor variable rate home loans

Property investors on variable interest rates could also start to see their budgets being affected by the recent cash rate hike. Switching to an alternative lender could also be an option to consider, though it’s important to also consider factors beyond the interest rate, such as value-adding cashback deals.

Investment Variable Home Loan

Winner of Best Investor Home Loan, RateCity Gold Awards 2022

Winner of Best Investor Home Loan, RateCity Gold Awards 2022

special

$5,000 First Home Buyers Grant on eligible loans

Back to Basics Home Loan Special Offer

Cashback

Receive $3,000 cash when you take out a Suncorp Bank home loan of $750K or more with LVR <=90%. Apply by 31 June 2022, settle by 30 September 2022. Unless withdrawn prior. T&Cs & eligibility criteria apply. ~ Ends in about 1 month

Cashback

Up to $4000 Refinance Cashback Offer ~ Ends in 15 days

Investor Rate Cutter

Winner of Best Investor Home Loan, RateCity Gold Awards 2022

special

Online Instant Approval

Winner of Best Investor Home Loan, RateCity Gold Awards 2022

Some of the best investor 5-year fixed interest-only loans

Investors who are concerned about rising interest rates may be curious about locking in their interest charges for up to five years. While lenders have been raising fixed rates in the lead up to the RBA meeting, while at  the same time slashing variable rates, switching to interest-only repayments could help to keep the cost of your investment consistent for a limited time.

Just keep in mind that you won’t be able to refinance this mortgage without paying break fees, and because you aren’t lowering the principal, you could end up paying more total interest on the property over the long term.  

Premium Home Loan Package

Wealth Builder Investor Loan

myBlue Investment Loan (Fixed Rate) (Principal and Interest)

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