Heritage, CUA, Auswide, Horizon slash home loan rates

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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

Variable
More details
  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws

Variable Home Loan (LVR < 70%)

  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO ONGOING FEES

Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster

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 August 10, 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



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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 strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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