ANZ, Westpac, Bankwest cut rates on home loans

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on January 24, 2020
ANZ, Westpac, Bankwest cut rates on home loans

Source: Flickr - David McKelvey

There was a flurry of rate cuts this week, as two of the big four and other lenders made moves ahead of the Reserve Bank's cash rate decision next month.

In the past seven days, ANZ, Westpac, Bankwest, Auswide Bank, Bank Australia, MOVE Bank, and People's Choice Credit Union all made cuts - large and small - to some of their home loan interest rates.

A variety of fixed-rate, variable-rate, interest only (IO) and principal and interest (P&I) loans were cut for customers with a range of LVRs. 

ANZ

ANZ made cuts to its 'Simplicity Plus' P&I home loan rates as a 'special offer' - be aware that offers can be withdrawn at any time. 

  • <80% LVR: 12 basis point cut to 3.12% p.a. (3.16% p.a. comparison rate*)
  • >80% LVR: 20 basis point cut to 3.38% p.a. (3.42% p.a. comparison rate*)

Westpac

Westpac made changes to a few of its investment home loans across two key product lines: Premier Advantage package and its regular investment loans. For 80% LVR loans, the cuts are as follows:

  • Premier Advantage P&I 1 year: 50 basis point cut to 3.19% p.a. (4.40% p.a. comparison rate*)
  • Premier Advantage P&I 4 years: 50 basis point cut to 3.19% p.a. (4.18% p.a. comparison rate*)
  • Premier Advantage P&I 5 years: 50 basis point cut to 3.19% p.a. (4.12% p.a. comparison rate*)
  • P&I 1 year: 50 basis point cut to 3.39% p.a. (5.32% p.a. comparison rate*)
  • P&I 4 years: 50 basis point cut to 3.39% p.a. (4.83% p.a. comparison rate*)
  • P&I 5 years: 50 basis point cut to 3.39% p.a. (4.69% p.a. comparison rate*)

Bankwest

Bankwest made numerous cuts to a variety of its fixed-rate products, including home loans for owner occupiers, and investors.

Owner occupiers

  • Complete P&I 5 years: 60 basis point cut to 3.19% p.a. (3.85% p.a. comparison rate*)
  • Complete P&I 4 years: 75 basis point cut to 3.49% p.a. (3.98% p.a. comparison rate*)
  • Complete P&I 3 years: six basis point cut to 2.93% p.a. (3.84% p.a. comparison rate*)
  • Complete P&I 2 years: 10 basis point cut to 3.09% p.a. (3.92% p.a. comparison rate*)
  • Complete P&I 1 year: 52 basis point cut to 3.49% p.a. (4.00% p.a. comparison rate*)

Investors

  • Complete P&I 5 years: 50 basis point cut to 3.49% p.a. (4.32% p.a. comparison rate*)
  • Complete P&I 4 years: 61 basis point cut to 3.79% p.a. (4.46% p.a. comparison rate*)
  • Complete P&I 3 years: 29 basis point cut to 3.29% p.a. (4.36% p.a. comparison rate*)
  • Complete P&I 2 years: nine basis point cut to 3.79% p.a. (4.52% p.a. comparison rate*)
  • Complete P&I 1 year: 32 basis point cut to 3.79% p.a. (4.56% p.a. comparison rate*)

The table below displays a snapshot of some low-rate, variable, owner-occupied home loans.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS

Variable Home Loan (Principal and Interest)

  • $5000 Cashback. T&Cs Apply.
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
NO ONGOING FEESFREE REDRAW FACILITY
  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.
NO ONGOING FEESFREE REDRAW FACILITY

Live-in Variable Loan (Principal and Interest) (LVR < 90%)

  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 3, 2022. View disclaimer.

Auswide Bank

  • Auswide Bank made a cut of 32 basis points to its Freedom Package fixed 3 year Special, for loans of 100k+ with <90% LVR, to 2.97% p.a. (3.99% p.a. comparison rate*)

Bank Australia

  • Bank Australia made a 30 basis point cut to its Basic Home Loan <90% LVR for loans 150k or more, to 2.95% p.a. (2.99% p.a. comparison rate*)

Move Bank

  • Move Bank made a 24 basis point cut to its Ultra Low Lockit 3 year fixed loan to 2.74% p.a. (3.82% p.a. comparison rate*)

People's Choice Credit Union

People's Choice made numerous cuts to its fixed investor home loans - both principal and interest, and interest only.

  • Package Fixed IO 2 years 100k+: 10 basis point cut to 3.44% p.a. (4.94% p.a. comparison rate*)
  • Package Fixed IO 3 years 100k+: 10 basis point cut to 3.44% p.a. (4.82% p.a. comparison rate*)
  • Package Fixed IO 4 years 100k+: 10 basis point cut to 3.94% p.a. (4.89% p.a. comparison rate*)
  • Package Fixed IO 5 years 100k+: 10 basis point cut to 4.04% p.a. (4.87% p.a. comparison rate*)
  • Package Fixed P&I 2 years 100k+: 10 basis point cut to 3.18% p.a. (4.65% p.a. comparison rate*)
  • Package Fixed P&I 3 years 100k+: 10 basis point cut to 3.28% p.a. (4.57% p.a. comparison rate*)
  • Package Fixed P&I 4 years 100k+: 10 basis point cut to 3.74% p.a. (4.63% p.a. comparison rate*)
  • Package Fixed P&I 5 years 100k+: 10 basis point cut to 3.74% p.a. (4.58% p.a. comparison rate*)

Disclaimers

In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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author-avatar
Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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