This morning two major lenders made some changes to home loans, with NAB raising fixed home loans and Macquarie cutting variable home loan rates.
NAB increased interest rates on four owner occupier home loans: two packaged loans and two non-packaged loans.
These rate increases apply to:
- Tailored Fixed P&I 4 Years: 21 basis point rise to 2.29% p.a. (3.91% p.a. comparison rate*)
- Tailored Fixed P&I 5 Years: 25 basis point rise to 2.59% p.a. (3.88% p.a. comparison rate*)
- Choice Package P&I 4 Years: 21 basis point rise to 2.19% p.a. (3.76% p.a. comparison rate*)
- Choice Package P&I 5 Years: 25 basis point rise to 2.49% p.a. (3.76% p.a. comparison rate*)
The Choice Package 4 year loan is now out of the sub-2% range, after becoming one of the first of the big four banks' loans to be cut below that threshold after the Reserve Bank's November 2020 cash rate cut.
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.
Meanwhile, Macquarie cut a few variable home loans for owner occupiers and investors by up to 20 basis points:
- Variable OO P&I 60% LVR: 15 basis point cut to 2.34% p.a. (2.34% p.a. comparison rate*)
- Variable OO P&I 70% LVR: 15 basis point cut to 2.39% p.a. (2.39% p.a. comparison rate*)
- Variable Investor P&I 60% & 70% LVR: 20 basis point cut to 2.49% p.a. (2.49% p.a. comparison rate*)
In a note to brokers, Macquarie also said it raised interest rates on four and five-year fixed mortgages.
"We hope these great new rates and our industry-leading processing times lead to more opportunities and conversations with your clients," the note said.
Macquarie's current time to assessment is one day.
Also this week: UBank removes LMI for 15% deposits, Athena cuts variable rates
Photo by Susan Q Yin on Unsplash