What you need to know about home loans in 2024
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What you need to know about home loans in 2024

Understanding your options to borrow or refinance could save you time on your loan — and thousands of dollars

By Josh Bozin
Mon, Mar 18, 2024 2:00pmGrey Clock 4 min

Deciding on a home loan is never an easy undertaking. When adding it to the growing checklist of things to do to either jump on or move up the property ladder—amid rising interest rates and soaring property prices, nonetheless—doing your home loan due diligence is imperative in order to gain the greatest benefits your individual circumstances.

In 2024, the average home loan in Australia was $615,174, showing a 2.3% increase when compared to January 2023, according to the Australian Bureau of Statistics (ABS) data. For first-time home buyers, the average loan amount rose from $485k to $514k, revealing borrowers are taking on bigger debts than ever before to secure their dream of home ownership.

ABS Data
ABS Data

 

ABS Data
ABS Data

 

For those seeking to refinance their mortgage, activity remains high as borrowers look to switch lenders to better manage persistently high interest rates. In June 2023,  the value of total refinancing between lenders was 12.6 per cent higher compared to June 2022, according to ABS data.

While Australian borrowers started the year with a 4.35 % rate, Dean Sacco, director and finance specialist at Urban Finance Co, says that the Reserve Bank of Australia has changed its language in recent months, with the expectation that the cash rate has peaked, giving buyers more confidence with their home loan repayments.

“Low stock levels are proving difficult for buyers but those who are motivated, with good incomes and good credit, will be successful in 2024,” says Sacco.

Here’s what you need to know.

What is a home loan?

When purchasing a home, a bank or a loan provider will lend money to the borrower in order to finance the purchase of a property. This is what home loan is, at its core. Of course, home loans come with certain caveats, such as a timeframe that the lender and borrower will agree on for the loan to be paid back. A payment schedule will also be decided on, which could be fortnightly or monthly, which can impact the amount of money repaid over time. And in addition, a borrower will be required to pay interest, which will be determined by the lender.

And what is refinancing? How does it work?

In its simplest form, refinancing is when you switch from your current loan to a new one, either with the same provider or a new one in order to obtain better terms on your mortgage. There are two types of refinances, which include external refinance, when you leave your current lender and switch to a new lender, and internal refinance, when you stay with your current lender, but make changes to your loan agreement.

In 2024, which bank is best for refinancing options?

While each case will be different and specific to the individuals at hand, according to Sacco, there are several banks in Australia currently offering great cashbacks for refinancing, such as ANZ and ME Bank.

“Gateway Bank, Heritage Bank and Adelaide Bank are also offering some competitive variable rates at the moment for owner occupiers,” he adds. “And Teachers Mutual, Beyond Bank and ubank are offering some competitive variable rates at the moment for investors.”

Is it better to refinance with the same lender?

If you’re looking to refinance, often, you can avoid certain refinancing costs if doing so with the same lender, but it’s always smart to shop around and compare offers  available. When looking to refinance, certain lenders will also offer competitive products and rates which could prove beneficial.

Is it good to refinance a loan?

At the end of the day, you want your loan (your mortgage) on terms that work best for you. Refinancing a loan allows you to obtain better terms on your mortgage, and in the process, can not only save you money but can help you pay off your home loan sooner. “You can also access equity to pay out higher interest debts, purchase a car or invest in property,” adds Sacco.

There are some drawbacks, however. Most notably, the potential for refinancing fees which, in some cases, are unavoidable.

Does refinancing hurt your credit?

There’s a misconception that refinancing automatically affects your credit score – it’s not always the case.

“Multiple credit enquiries in a short period of time or applying for buy now, pay later debts are two examples that lower your credit score,” explains Sacco. “This signals to new lenders that you are potentially a higher risk borrower.”

If you are looking to for the very best home loans to consider right now — or perhaps looking to refinance to suit your current needs — here are ten home loans to consider in 2024.

1. ANZ

  • Variable home loan
  • Variable rates from 6.64% p.a.
  • No ongoing fees
  • $0 ANZ set up

2. ubank

  • Variable home loan
  • Variable rates from 6.14% p.a.
  • Free extra repayments
  • $0 application
  • $0 ongoing fees
  • Redraw available

3. Macquarie Bank

  • Fixed home loan
  • 3 year fixed rates of 5.99% p.a
  • $0 application fee
  • $0 ongoing fee

4. IMB Bank

  • Fixed home loan
  • 2 year fixed rates of 5.99% p.a
  • $449 application fee
  • $0 ongoing fee
  • Eligible refinancers can get $2,000 cashback when switching their loan of at least $500k to IMB

5. ING Bank

  • Variable home loan
  • Variable rates from 6.14% p.a.
  • $0 application
  • $0 ongoing fees

6. Bendigo Bank

  • Variable home loan
  • Variable rates from 6.01% p.a.
  • $0 application
  • $10 per month ongoing fees
  • Redraw available

7. Newcastle Permanent

  • Variable home loan
  • Variable rates from 6.04% p.a.
  • $595 application fee
  • $0 ongoing fees
  • Eligible refinancers who apply online and borrow $250K+ (LVR 80% or lower) can get a $3,000 cashback

8. BCU Bank

  • Fixed home loan
  • 2 year fixed rate of 5.99% p.a.
  • No establishment or annual ongoing fee
  • 5% deposit required

9. HSBC

  • Variable home loan
  • Variable rates from 6.09% p.a.
  • Enjoy free extra repayments, online redraw and no ongoing monthly service fees

10. UP

  • Fixed home loan
  • 4 year fixed rate of 5.80% p.a
  • 10% deposit required
  • No application, monthly or annual fees

 

  • Talk to a broker or financial advisor for advice specific to your needs


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Everyone Wants a Room Where They Can Escape Their Screens

Weary of ‘smart’ everything, Americans are craving stylish ‘analog rooms’ free of digital distractions—and designers are making them a growing trend.

By NORA KNOEPFLMACHER
Tue, Jan 13, 2026 5 min

James and Ellen Patterson are hardly Luddites. But the couple, who both work in tech, made an unexpectedly old-timey decision during the renovation of their 1928 Washington, D.C., home last year.

The Pattersons had planned to use a spacious unfinished basement room to store James’s music equipment, but noticed that their children, all under age 21, kept disappearing down there to entertain themselves for hours without the aid of tablets or TVs.

Inspired, the duo brought a new directive to their design team.

The subterranean space would become an “analog room”: a studiously screen-free zone where the family could play board games together, practice instruments, listen to records or just lounge about lazily, undistracted by devices.

For decades, we’ve celebrated the rise of the “smart home”—knobless, switchless, effortless and entirely orchestrated via apps.

But evidence suggests that screen-free “dumb” spaces might be poised for a comeback.

Many smart-home features are losing their luster as they raise concerns about surveillance and, frankly, just don’t function.

New York designer Christine Gachot said she’d never have to work again “if I had a dollar for every time I had a client tell me ‘my smart music system keeps dropping off’ or ‘I can’t log in.’ ”

Google searches for “how to reduce screen time” reached an all-time high in 2025. In the past four years on TikTok, videos tagged #AnalogLife—cataloging users’ embrace of old technology, physical media and low-tech lifestyles—received over 76 million views.

And last month, Architectural Digest reported on nostalgia for old-school tech : “landline in hand, cord twirled around finger.”

Catherine Price, author of “ How to Break Up With Your Phone,” calls the trend heartening.

“People are waking up to the idea that screens are getting in the way of real life interactions and taking steps through design choices to create an alternative, places where people can be fully present,” said Price, whose new book “ The Amazing Generation ,” co-written with Jonathan Haidt, counsels tweens and kids on fun ways to escape screens.

From both a user and design perspective, the Pattersons consider their analog room a success.

Freed from the need to accommodate an oversize television or stuff walls with miles of wiring, their design team—BarnesVanze Architects and designer Colman Riddell—could get more creative, dividing the space into discrete music and game zones.

Ellen’s octogenarian parents, who live nearby, often swing by for a round or two of the Stock Market Game, an eBay-sourced relic from Ellen’s childhood that requires calculations with pen and paper.

In the music area, James’s collection of retro Fender and Gibson guitars adorn walls slicked with Farrow & Ball’s Card Room Green , while the ceiling is papered with a pattern that mimics the organic texture of vintage Fender tweed.

A trio of collectible amps cluster behind a standing mic—forming a de facto stage where family and friends perform on karaoke nights. Built-in cabinets display a Rega turntable and the couple’s vinyl record collection.

“Playing a game with family or doing your own little impromptu karaoke is just so much more joyful than getting on your phone and scrolling for 45 minutes,” said James.

The Patterson family’s basement retreat ‘encapsulates the joy in the things that we love in one room.’ John Cole

Screen-Free ‘Escapes’

“Dumb” design will likely continue to gather steam, said Hans Lorei, a designer in Nashville, Tenn., as people increasingly treat their homes “less as spaces to optimise and more as spaces to retreat.”

Case in point: The top-floor nook that designer Jeanne Hayes of Camden Grace Interiors carved out in her Connecticut home as an “offline-office” space.

Her desk? A periwinkle beanbag chair paired with an ottoman by Jaxx. “I hunker down here when I need to escape distractions from the outside world,” she explained.

“Sometimes I’m scheming designs for a project while listening to vinyl, other times I’m reading the newspaper in solitude. When I’m in here without screens, I feel more peaceful and more productive at the same time—two things that rarely go hand in hand.”

A subtle archway marks the transition into designer Zoë Feldman’s Washington, D.C., rosy sunroom—a serene space she conceived as a respite from the digital demands of everyday life.

Used for reading and quiet conversation, it “reinforces how restorative it can be to be physically present in a room without constant input,” the designer said.

Laura Lubin, owner of Nashville-based Ellerslie Interiors, transformed a tiny guest bedroom in her family’s cottage into her own “wellness room,” where she retreats for sound baths, massages and reflection.

“Without screens, the room immediately shifts your nervous system. You’re not multitasking or consuming, you’re just present,” said Lubin.

As a designer, she’s fielding requests from clients for similar spaces that support mental health and rest, she said.

“People are overstimulated and overscheduled,” she explained. “Homes are no longer just places to live—they’re expected to actively support well-being.”

Designer Molly Torres Portnof of New York’s DATE Interiors adopted the same brief when she designed a music room for her husband, owner of the labels Greenway Records and Levitation, in their Lido Beach, N.Y. home. He goes there nightly to listen to records or play his guitar.

The game closet from the townhouse in “The Royal Tenenbaums”? That idea is back too, says Gachot. Last year she designed an epic game room backed by a rock climbing wall for a young family in Montana.

When you’re watching a show or on your phone, “it’s a solo experience for the most part,” the designer said. “The family really wanted to encourage everybody to do things together.”

Photo: John Cole

Analog Accessories

Don’t have the space—or the budget—to kit out an entire retro rec room?

“There are a lot of small tweaks you can make even if you don’t have the time, energy or budget to design a fully analog room from scratch,” said Price.

Gachot says “the small things in people’s lives are cues of what the bigger trends are.”

More of her clients, she’s noticed, have been requesting retrograde staples, such as analog clocks and magazine racks.

For her Los Angeles living room, chef Sara Kramer sourced a vintage piano from Craigslist to be the room’s centerpiece, rather than sacrifice its design to the dominant black box of a smart TV. Alabama designer Lauren Conner recently worked with a client who bought a home with a rotary phone.

Rather than rip it out, she decided to keep it up and running, adding a silver receiver cover embellished with her grandmother’s initials.

Some throwback accessories aren’t so subtle. Melia Marden was browsing listings from the Public Sale Auction House in Hudson, N.Y. when she spotted a phone booth from Bell Systems circa the late 1950s and successfully bid on it for a few hundred dollars.

“It was a pandemic impulse buy,” said Marden.

In 2023, she and her husband, Frank Sisti Jr., began working with designer Elliot Meier and contractor ReidBuild to integrate the booth into what had been a hallway linen closet in their Brooklyn townhouse.

Canadian supplier Old Phone Works refurbished the phone and sold them the pulse-to-tone converter that translates the rotary dial to a modern phone line.

The couple had collected a vintage whimsical animal-adorned wallpaper (featured in a different colourway in “Pee-wee’s Playhouse”) and had just enough to cover the phone booth’s interior.

Their children, ages 9 and 11, don’t have their own phones, so use the booth to communicate with family. It’s also become a favorite spot for hiding away with a stack of Archie comic books.

The booth has brought back memories of meandering calls from Marden’s own youth—along with some of that era’s simple joy. As Meier puts it: “It’s got this magical wardrobe kind of feeling.”

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