ANZ, Westpac, Bankwest cut rates on home loans

author-avatar By 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ANZ made cuts to its 'Simplicity Plus' P&I home loan rates as a 'special offer' - be aware that offers can be withdrawn at any time.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
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME 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%
LIMITED TIME 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%
VariableMore details
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
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
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^

Rates correct as of October 27, 2021. 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*)

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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 is passionate about breaking down complex financial topics for the everyday consumer.

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