ANZ has cut home loan interest rates again, but unlike Westpac, NAB, and CommBank, it still has no home loan with an advertised rate under 2%.
The closest ANZ gets is 2.04% p.a, which applies to the 'BreakFree Residential' fixed home loan product suite for owner occupiers between one and three years.
This week the Breakfree Residential loan, fixed for three years with 80% LVR, was cut by 5 basis points to 2.04% p.a. (3.83% p.a. comparison rate*).
A wide variety of other ANZ fixed products - packaged and non-packaged - were also cut by 5 basis points.
This is at odds with the other big four banks, which now all have some home loan products under the 2% advertised rate threshold.
However, it is important to check the comparison rate, and consider also that many of these are packaged home loans fixed for at least three years.
Below you can see how some challenger brands stack up to the big four banks with advertised rates below 2% - note these are fixed products for owner occupiers.
Challenger banks and lenders to change rates this week
Elsewhere, there were a few home loan rate cuts by challenger banks and non-bank lenders alike.
Freedom Lend cut its construction loan by 11 basis points to 2.39% p.a (2.42.% p.a. comparison rate*).
Beyond Bank also cut a few home loan rates for first home buyers, including the following:
- First Home Buyers Fixed 1 Year: 45 basis point cut to 2.69% p.a. (3.96% p.a. comparison rate*)
- First Home Buyers Fixed 2 Years: 45 basis point cut to 2.69% p.a. (3.88% p.a. comparison rate*)
- First Home Buyers Fixed 3 Years: 45 basis point cut to 2.69% p.a. (3.81% p.a. comparison rate*)
These are packaged home loans for first home buyers paying P&I with a maximum LVR of 95%.
The First Home Buyers packaged loan on a variable rate was also cut by 25 basis points to 2.99% p.a. (3.41% p.a. comparison rate*).
Earlier in the week, ME Bank cut one home loan by 20 basis points, representing the challenger brand's 'lowest ever home loan', and another addition to the 30-plus lenders now with home loan advertised rates below 2%.
Note: A previous version of this article said Bank of Sydney had raised one home loan by 36 basis points. This was not the case, and we regret this error.
Photo by Mattinbgn on Wikimedia Commons