Photo by Tommy Pequinot on Unsplash
A wide range of lenders - mainly regional - cut interest rates in the past few days in the lead up to a Reserve Bank decision next Tuesday.
While Westpac revised its cash rate forecast to expect a cut in November, many lenders have cut their home loan rates by between 6 and 35 basis points in the past few days.
Notably, Pacific Mortgage Group also introduced a 1.99% p.a. variable home loan rate (1.99% p.a. comparison rate*).
It's for owner-occupiers paying principal & interest with a maximum LVR of 60% - directed at those with either a large deposit or those refinancing.
This makes Pacific Mortgage Group the 12th lender in Savings.com.au's research to cut below the 2.00% advertised rate threshold.
More rate changes are below.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATURED | Variable Home Loan (LVR < 70%)
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Variable Home Loan (LVR < 70%)
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| Variable | More details | ||||||||||||
| FEATUREDREFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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| Variable | More details | ||||||||||||
| NO ONGOING FEES | Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
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Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
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- Min 30% deposit
- No monthly or ongoing fees, add 0.10% for offset
- Unlimited redraws
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.
Adelaide Bank
Adelaide Bank cut a wide range of home loans, mainly for investors, but with a few 'SmartSaver' owner-occupier loans sprinkled in. Some key cuts are below:
- Investment SmartFix P&I 4 Years: 20 basis point cut to 2.94% p.a. (3.23% p.a. comparison rate*)
- OO SmartFix P&I 4 Years: 20 basis point cut to 2.64% p.a. (2.94% p.a. comparison rate*)
A range of other fixed term home loans paying both P&I and interest-only (IO) were also cut.
BankVic
Yesterday, BankVic made a wide array of home loan cuts by between 11 and 35 basis points. Some key cuts were:
- Premium Home Fixed 3 Years: 35 basis point cut to 2.15% p.a. (3.66% p.a. comparison rate*)
- Fixed 3 Years: 35 basis point cut to 2.25% p.a. (3.53% p.a. comparison rate*)
These rates are for owner-occupiers, with the 'Premium' line being a packaged home loan.
Athena
A few days ago, non-bank lender Athena made some cuts by between 5 and 15 basis points. Some of the rate changes were:
- Liberate Investor P&I 70-80% LVR: 15 basis point cut to 2.79% p.a. (2.74% p.a. comparison rate*)
- Liberate Owner-Occupier P&I 70-80% LVR: 10 basis point cut to 2.44% p.a. (2.38% p.a. comparison rate*)
These home loans are on Athena's tiered rate system, which automatically puts borrowers onto lower rates as they pay down their home loan.
Hunter United
Hunter United cut one home loan today, its two-year fixed home loan for owner-occupiers paying P&I.
It received a 20 basis point cut down to 2.19% p.a. (2.71% p.a. comparison rate*)
IMB
IMB also made a 20 basis point cut on its residential fixed loan for two years paying P&I.
It is now down to 2.19% p.a. (3.10% p.a. comparison rate*)
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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