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ANZ made cuts to its 'Simplicity Plus' P&I home loan rates as a 'special offer' - be aware that offers can be withdrawn at any time.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

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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