Some of the best home loans in July 2022

Following back-to-back 50-point hikes to the national cash rate from the Reserve Bank of Australia (RBA), first home buyers and other owner occupiers could be facing a delicate balancing act. While higher rates could make securing finance for your property purchase more challenging, they could also lead to property prices falling in some areas.

With home loan interest rates changing frequently, it’s important to get an up-to-date picture of the mortgage market when comparing your options. RateCity’s Real Time Ratings™ are updated daily to reflect the cost and flexibility of different home loan choices more accurately. This also affects the position of these offers on RateCity’s Home Loan Leaderboards, for comparing mortgage deals in specific categories.

(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 variable rate home loans

Even though home loan variable rates are rising across the board as the higher cash rate affects the funding costs of mortgage lenders, there may be more low-rate home loans available than you realise. Comparing home loans can help you get a better idea of which mortgage lenders may best suit your financial situation, especially when you consider not just the interest rates, but the fees, features and benefits of each home loan deal.

Some of the best packaged home loans

If you’re struggling to find a home loan with a low interest rate, it may be worth checking if the extra features and benefits offered by some mortgage lenders can provide additional value. For example, some lenders offer to bundle your home loan with a credit card, transaction account, or other financial products, which may provide greater total value than applying for these products separately.

Just remember that other credit card and transaction account options available may better suit your needs, and refinancing from this loan could mean losing access to the package benefits.

Some of the best home loans from large banks

As well as home loan package deals, Australia’s major banks may offer other incentives to encourage new customers to sign up. This may include cashback deals, which can provide some much-appreciated budget relief after making the major financial commitment of a home loan.

Keep in mind that many of these cashback deals are only available to refinancing borrowers, and not to first home buyers.

Some of the best home loans from new lenders

If the major mortgage lenders aren’t offering affordable home loan deals that suit your needs, it may be worth looking further afield and exploring options from some newer lenders.

Home loans from smaller banks and fintech providers may be able to offer lower rates and more convenient access to your loan via smartphone apps. Of course, you may miss out on a few things when choosing an online-only lender, such as the option to visit a bank branch to discuss your home loan in person.