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Recent figures from the Australian Bureau of Statistics (ABS) show that while lending to investors has skyrocketed in recent months, the value of homeowner loans has registered only moderate monthly gains. Additionally, the number of first-time homeowner loans fell for the fourth month in a row, while the value of first-time homebuyers is on the rise, reflecting rising house prices in Australia.
First-time buyers and other homeowners can compare home loans quickly and easily using RateCity’s rankings. By classifying home loans into different categories based on their Real Time Ratings â„¢, which combines the cost and flexibility of each transaction, borrowers can quickly get a more accurate indication of the overall value of each loan. Home loan agreements that consistently top the charts also become eligible for the RateCity Gold Awards.
Ratings are correct at time of posting. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.
Some of the best home loans for over $ 1 million
With many lenders offering record interest rates earlier in the year, it’s no surprise that many first-time homebuyers have rushed to buy properties. However, as ABS figures indicate, house prices in some popular neighborhoods may now rise beyond the reach of some first-time buyers. Depending on where you want to buy, a home loan of $ 1 million or more may be needed.
Some of the best home loans for refinancing
Current owners may find they have more equity available in their properties than they realize, thanks to rising values. This could give you access to more equity, which can make it easier to get a home loan with a lower interest rate and more flexible features, which could help you get even closer to paying off your mortgage. your property.
Some of the best home loans from the big banks
As Australia’s biggest banks have started raising some of their low fixed interest rates in anticipation of a rate hike expected in 2024 (which could happen sooner, potentially in 2022), there are still home loans available. from large banks that offer low interest rates, features and benefits, or both.
Some of the best home loans from new lenders
There are many alternative mortgage lenders competing with the big banks, both in terms of price and service. While some of these lenders, such as online-only digital banks, offer low interest rates and / or fees, they may not offer all of the features and benefits of major banks, such as access branch networks.
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