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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATURED | Variable Home Loan (LVR < 70%)
| ||||||||||||
Variable Home Loan (LVR < 70%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDREFINANCE ONLY | Variable Rate Home Loan – Refinance Only
| ||||||||||||
Variable Rate Home Loan – Refinance Only
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| ||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| NO ONGOING FEES | Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
| ||||||||||||
Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%
| |||||||||||||
- 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 20, 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
