Heritage Bank has announced it will be increasing variable rates by 10 basis points for new borrowers, effective from 18 December.

According to the bank, the changes were made to simplify the selection of mortgage products. CEO of Heritage Bank Peter Lock said their rates are still some of the most competitive in the market.

"We are trying to make comparing easier for borrowers by providing consistent rates across our mortgage products. Buying a new home should be an exciting experience. Aligning our rates across various products is a way we can simplify the decision process around finance for borrowers to help keep buying a house an enjoyable experience," Mr Lock said.

"We believe our rates are some of the most competitive in the market and complement our great product offering."

For owner occupiers:

  • Discount Variable for borrowers with a loan size of $150,000 or more and with a loan-to-value ratio (LVR) of 90% has been raised to 3.27% p.a. (3.32% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of $700,000 or more and an LVR of 90% has been raised to 3.37% p.a. (3.75% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of between $250,000 and 699,000 and an LVR of 90% has been raised to 3.42% p.a. (3.80% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of between $150,000 and $249,000 and an LVR of 90% has been raised to 3.47% p.a. (3.85% p.a. comparison rate*)

For investors:

  • Investment Discount Variable for borrowers making P&I repayments with an LVR of 90% has been raised to 3.57% p.a. (3.62% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $700,000 plus has been raised to 3.62% p.a. (4.00% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $250,000 - $699,000 has been raised to 3.67% p.a. (4.05% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $150,000 - $249,000 has been raised to 3.72% p.a. (4.10% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $700,000 and over has been raised to 3.92% p.a. (4.29% p.a. comparison rate*) 
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $250,000 - $699,000 has been raised to 3.97% p.a. (4.34% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $150,000 - $249,000 has been raised to 4.02% p.a. (4.39% p.a. comparison rate*)

Looking for a low variable rate home loan? The table below displays a selection of variable-rate home loans on offer, featuring a low-rate pick from each of the following three categories: the big four banks, the top 10 customer-owned banks, and the larger non-banks.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
 Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
 Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.

 

ING rate cuts

Popular online lender ING cut its fixed home loan rates by up to 65 basis points, effective from today.

For owner occupiers:

  • Orange Advantage Residential Fixed 1 year for borrowers with a loan size over $150,000 has been cut by 25 basis points to 2.89% p.a. (4.24% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 3 years for borrowers with a loan size over $150,000 has been cut by 10 basis points to 2.84% p.a. (3.98% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 4 years for borrowers with a loan size over $150,000 has been cut by 45 basis points to 2.99% p.a. (3.92% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 5 years for borrowers with a loan size over $150,000 has been cut by 45 basis points to 2.99% p.a. (3.83% p.a. comparison rate*)
  • Residential Fixed 1 year has been cut by 25 basis points to 2.99% p.a. (4.25% p.a. comparison rate*)
  • Residential Fixed 3 year has been cut by 10 basis points to 2.94% p.a. (4.01% p.a. comparison rate*)
  • Residential Fixed 4 year has been cut by 45 basis points to 3.09% p.a. (3.95% p.a. comparison rate*)
  • Residential Fixed 5 year has been cut by 45 basis points to 3.09% p.a. (3.87% p.a. comparison rate*)

For investors:

  • Investment Fixed 1 year for borrowers making IO repayments has been cut by 45 basis points to 3.34% p.a. (5.25% p.a. comparison rate*)
  • Investment Fixed 2 year for borrowers making IO repayments has been cut by 25 basis points to 3.34% p.a. (5.11% p.a. comparison rate*)
  • Investment Fixed 3 year for borrowers making IO repayments has been cut by 30 basis points to 3.29% p.a. (4.98% p.a. comparison rate*)
  • Investment Fixed 4 year for borrowers making IO repayments has been cut by 65 basis points to 3.44% p.a. (4.90% p.a. comparison rate*)
  • Investment Fixed 5 year for borrowers making IO repayments has been cut by 65 basis points to 3.44% p.a. (4.80% p.a. comparison rate*)
  • Investment Fixed 1 year for borrowers making P&I repayments has been cut by 40 basis points to 3.14% p.a. (4.86% p.a. comparison rate*)
  • Investment Fixed 2 year for borrowers making P&I repayments has been cut by 20 basis points to 3.14% p.a. (4.70% p.a. comparison rate*)
  • Investment Fixed 3 year for borrowers making P&I repayments has been cut by 25 basis points to 3.09% p.a. (4.53% p.a. comparison rate*)
  • Investment Fixed 4 year for borrowers making P&I repayments has been cut by 60 basis points to 3.24% p.a. (4.44% p.a. comparison rate*)
  • Investment Fixed 5 year for borrowers making P&I repayments has been cut by 60 basis points to 3.24% p.a. (4.32% p.a. comparison rate*)

BOQ rate cuts

Bank of Queensland has cut home loan rates across their fixed products by 20 basis points, effective from today.

For owner occupiers:

  • Home Loan Privileges Residential Fixed 2 years discounted rate for a loan size of $300,000 has been cut by 20 basis points to 2.89% p.a. (4.03% p.a. comparison rate*) 
  • Home Loan Privileges Residential Fixed 2 Years discounted rate for a loan size of $150,000 has been cut by 20 basis points to 3.09% p.a. (4.06% p.a. comparison rate*)
  • Residential Fixed 2 years discount rate for a loan size of $300,000 has been cut by 20 basis points to 2.89% p.a. (3.76% p.a. comparison rate*)
  • Residential Fixed 2 years discount rate for a loan size of $150,000 has been cut by 20 basis points to 3.09% p.a. (3.80% p.a. comparison rate*)


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