With Australians reportedly putting more of their income towards their mortgage than any other developed nation on the planet, it’s little wonder that so many of us are looking to refinance. But with high levels of refinancing activity leading several lenders to withdraw some of their most competitive home loan discounts and cashback incentives, is it still possible to find a good home loan deal?
Depending on the quarterly inflation statistics that are due for release in late October 2023, among other factors, it’s possible that the Reserve Bank of Australia (RBA) could choose to raise the national cash rate for the 13th time since April 2022 in November 2023. If this is passed on to Australian households through higher mortgage interest rates, this could make it even more important to check that you have the best home loan to suit your personal financial situation.
Because there’s more to a mortgage than just the interest rate, RateCity developed the Real Time Ratings™ system, which combines the cost and flexibility of each home loan into a simple star rating. These ratings are regularly updated to give you a better idea of each mortgage deal’s overall value. Additionally, the top-rated home loans in different categories on our Home Loan Leaderboards could become eligible for RateCity Gold Awards.
(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.)