CommBank has increased interest rates on three, four, and five year fixed loans for owner occupiers by between five and 10 basis points.
The increases were seen across fixed and 'Wealth Package' home loans, paying principal & interest (P&I), and interest only (IO). Details are:
- Residential Fixed 3 Years P&I: 5 basis point rise to 2.34% p.a. (4.12% p.a. comparison rate*)
- Residential Fixed 4 Years P&I: 5 basis point rise to 2.39% p.a. (3.97% p.a. comparison rate*)
- Residential Fixed 3 Years IO: 10 basis point rise to 3.64% p.a. (4.45% p.a. comparison rate*)
- Residential Fixed 5 Years IO: 10 basis point rise to 4.04% p.a. (4.48% p.a. comparison rate*)
- Wealth Package 3 Years IO: 10 basis point rise to 3.49% p.a. (4.15% p.a. comparison rate*)
- Wealth Package 5 Years IO: 10 basis point rise to 3.89% p.a. (4.24% p.a. comparison rate*)
- Wealth Package 3 Years P&I: 5 basis point rise to 2.19% p.a. (3.85% p.a. comparison rate*)
- Wealth Package 4 Years P&I: 5 basis point rise to 2.24% p.a. (3.74% p.a. comparison rate*)
The four-year packaged loan was previously one of the first of the big four banks' home loans to be cut below the 2% threshold after November 2020's Reserve Bank rate cut.
MyState Bank decreases variable rates
MyState Bank has decreased variable interest rates on some owner occupier home loans by 10 basis points. The cuts were mainly for borrowers with larger deposits, between 60 and 80% LVR.
- Basic Variable 80%: Down to 2.49% p.a. (2.52% p.a. comparison rate*)
- Basic Variable 70%: Down to 2.44% p.a. (2.47% p.a. comparison rate*)
- Basic Variable 60%: Down to 2.39% p.a. (2.42% p.a. comparison rate*)
Note that the latter two appear to be 'Special Offers', meaning the offer could be withdrawn any time, or that borrowers may need to sign up by a certain date.
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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| ||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY. | Variable Home Loan (Principal and Interest)
| ||||||||||||
Variable Home Loan (Principal and Interest)
| |||||||||||||
- 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%
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 May 24, 2022. View disclaimer.
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. 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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
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