Police say both families are foreign nationals with young children.
A bottle was thrown at the home of a family from Bangladesh around 3.35 am smashing their living room window.
A car belonging to their Kuwaiti neighbours parked nearby was burnt out.
PSNI Det Sgt Black said: “It is believed that flammable liquid was poured over the vehicle.
“The car was extensively damaged, but no-one was believed to have been in the car at the time of the incident.
“Inquiries are continuing but at this stage, police are treating the incident as a hate crime.”
Anyone with information is asked to ring detectives on the non-emergency 101 number.