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.
Lender | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| |||||||||||||
| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
| ||||||||||||
Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
| ||||||||||||
Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
| ||||||||||||
Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
| |||||||||||||
- 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%
Rates correct as of January 18, 2022. View disclaimer.
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.
These changes follow on from lender Tic:Toc's cuts to variable loans and increases to fixed loans yesterday, with Westpac, Aussie, UBank, and Citi increasing rates, too, in recent weeks.
Also this week: UBank removes LMI for 15% deposits, Athena cuts variable rates
Photo by Susan Q Yin on Unsplash
