Aussie Home Loans cuts and raises fixed and variable rates

author-avatar By on April 30, 2021
Aussie Home Loans cuts and raises fixed and variable rates

Mortgage broking house Aussie Home Loans has made sweeping changes to its home loan interest rates.

Aussie today raised interest rates by as much as 45 basis points on its fixed mortgages, while also cutting rates by up to 35 basis points for investors

These changes follow a number of major lenders including Westpac and UBank also increasing rates on fixed products this week. 

Aussie has made a large range of changes to its products, which have been broken up into owner-occupier (OO) variable and fixed rate changes, and investor variable and fixed rate changes.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers. 

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 23, 2021. View disclaimer.

Aussie Home Loans OO variable rate changes 

Aussie today decreased rates on its Select Basic Variable home loan for borrowers making Principal and Interest (P&I) and Interest Only (IO) repayments by up to 35 basis points, for those with an Loan to Value Ratio (LVR) of less than 80%: 

  • Select Basis Variable P&I ≤60%: 16 basis point cut to 2.39% p.a. (2.41% p.a. comparison rate*)
  • Select Basis Variable P&I 60-70%: 16 basis point cut to 2.39% p.a. (2.41% p.a. comparison rate*)
  • Select Basis Variable P&I 70-80%: 16 basis point cut to 2.39% p.a (2.41% p.a. comparison rate*)

Aussie Home Loans OO fixed rate changes 

Aussie made sweeping changes to its fixed rate products, dropping rates by as much as 10 basis points and hiking rates by up to 45 basis points.

Cuts: 

  • Select Basic Fixed PI 2 yrs ≤60%: 10 basis point cut to 1.89% p.a. (2.32% p.a. comparison rate*)
  • Select Basic Fixed PI 2 yrs 60-70%: 10 basis point cut to 1.89% p.a. (2.32% p.a. comparison rate*)

Increases: 

  • Select Basic Fixed PI 5 yrs ≤60-80%: 20 basis point increase to 2.49% p.a. (2.45% p.a. comparison rate*)
  • Select Basic Fixed PI 4 yrs 80-90%: 25 basis point increase to 2.44% p.a. (2.93% p.a. comparison rate*)
  • Select Basic Fixed PI 5 yrs 80-90%: 30 basis point increase to 2.59% p.a. (2.94% p.a. comparison rate*)
  • Select Basic Fixed PI 2 yrs 90-95%: 20 basis point increase to 2.19% p.a. (3.24% p.a. comparison rate*)
  • Select Basic Fixed PI 4 yrs 90-95%: 45 basis point increase to 2.64% p.a. (3.19% p.a. comparison rate*)
  • Select Basic Fixed PI 5 yrs 90-95%: 45 basis point increase to 2.64% p.a. (3.18% p.a. comparison rate*)

Aussie Home Loans Investor variable rate changes 

Aussie dropped rates on some of its investor variable rates by as much 35 basis points: 

  • Inv Select Basic Variable IO ≤60-70%: 35 basis point cut to 3.14% p.a. (3.15% p.a. comparison rate*)
  • Inv Select Basic Variable IO 70-80%: 35 basis point cut to 3.24% p.a. (3.25% p.a. comparison rate*)
  • Inv Select Basic Variable PI ≤60-80%: 20 basis point cut to 2.79% p.a. (2.81% p.a. comparison rate*)

Aussie Home Loans Investor fixed rate changes 

Aussie dropped rates on one investor fixed rate loan by 10 basis points: 

  • Inv Select Basic Fixed PI 2 yrs ≤60-80%: 10 basis point cut to 2.69% p.a. (2.79% p.a. comparison rate*)

Photo by Mitchell Luo on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

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

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Alex joined Savings.com.au as a finance journalist in 2019. He enjoys covering in-depth economical releases and breaking down how they might affect the everyday punter. He is passionate about providing Australians with the information and tools needed to make them financially stable for their futures.

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