Heritage, CUA, Auswide, Horizon slash home loan rates

author-avatar By
on February 12, 2021
Heritage, CUA, Auswide, Horizon slash home loan rates

It was another fairly busy week for customer-owned banks, as Heritage, CUA, and Auswide all cut home loan rates by up to 45 basis points.

Heritage Bank interest rate cuts

Heritage cut a wide variety of home loan interest rates by up to 19 basis points this week. Some of the key ones were:

  • Home Advantage Investment Variable P&I <80% 150k+: 19 basis point cut to 2.99% p.a. (3.38% p.a. comparison rate*)
  • Home Advantage Owner Occupier Variable 90% $700k+: 9 basis point cut to 2.99% p.a. (3.38% p.a. comparison rate*)
  • DIscount Variable Owner Occupier P&I <80%: 9 basis point cut to 2.59% p.a. (2.64% p.a. comparison rate*)

This is how these lenders stack up among the wider owner occupier home loan market, as seen in the table below.

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
ZERO APPLICATION FEESFEE FREE OFFSET

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

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

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

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

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

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

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

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 21, 2022. View disclaimer.

CUA interest rate cuts

CUA slashed a few home loans on the 'Accelerate' line for both investors and owner occupiers, all by 20 basis points. 

  • Accelerate Variable P&I: Down to 2.94% p.a. (2.99% p.a. comparison rate*)
  • Accelerate Variable IO: Down to 3.44% p.a. (3.08% p.a. comparison rate*)
  • Inv Accelerate Variable P&I: Down to 3.37% p.a. (3.42% p.a. comparison rate*)
  • Inv Accelerate Variable IO: Down to 3.72% p.a. (3.56% p.a. comparison rate*)

CUA's changes come after it announced it would be renaming itself to 'Great Southern Bank'.

Auswide Bank interest rate cuts

Auswide Bank cut a wide variety of investor loans by up to 45 basis points. Some of the key ones were:

  • Freedom Package Inv Variable IO 75%: 45 basis point cut to 2.99% p.a. (3.40% p.a. comparison rate*)
  • Freedom Package Inv Fixed P&I 3 Years 75%: 30 basis point cut to 2.29% p.a. (4.10% p.a. comparison rate*)
  • Basic Variable Investment Loan P&I 75%: 40 basis point cut to 2.59% p.a. (2.61% p.a. comparison rate*)

The 'Freedom Package' loans are discounted as a 'special offer', meaning the discounted rate could end at any time. 

Horizon Bank interest rate cuts

Horizon Bank cut fixed home loans between one and three years for both owner occupiers and investors. They were all cut by 20 basis points. Some details are:

  • 1 Year: Down to 2.19% p.a. (3.41% p.a. comparison rate*)
  • 2 Years: Down to 2.19% p.a. (3.30% p.a. comparison rate*)
  • 3 Years: Down to 2.19% p.a. (3.20% p.a. comparison rate*)
  • Inv 1 Year: Down to 2.44% p.a. (3.66% p.a. comparison rate*)
  • Inv 2 Years: Down to 2.44% p.a. (3.55% p.a. comparison rate*)
  • Inv 3 Years: Down to 2.44% p.a. (3.45% p.a. comparison rate*)

These comparison rates are for borrowers paying P&I, borrowing up to 80% LVR (i.e. a 20% deposit).


Photo by Jaye Haych 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. 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.

Latest Articles

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.

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree to the Savings Privacy Policy