ING, Adelaide Bank hike home loan rates

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on February 05, 2021
ING, Adelaide Bank hike home loan rates

In the past week, both ING and Adelaide Bank have hiked interest rates on owner occupier home loans by up to 15 basis points.

ING home loan rate changes

ING hiked rates on some high loan-to-value ratio (LVR) home loans, including the Mortgage Simplifier and Orange Advantage variable owner occupier loans by 11 basis points.

These home loan rates now stand at 3.00% p.a. (3.03% p.a. comparison rate*), and 3.05% p.a. (3.39% p.a. comparison rate*), respectively.

This is for borrowers paying principal and interest (P&I) with up to 95% LVR. 


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
UNLIMITED REDRAWSSPECIAL OFFER
  • 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%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • 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%
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS
NSW/VIC/SA METRO & INNER REGIONAL AREAS

Variable Home Loan (Principal and Interest)

  • $5000 Cashback. T&Cs Apply.
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
NO ONGOING FEESFREE REDRAW FACILITY
  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.
NO ONGOING FEESFREE REDRAW FACILITY

Live-in Variable Loan (Principal and Interest) (LVR < 90%)

  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.

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 June 27, 2022. View disclaimer.

It's important to note that ING also cut rates on a wide variety of products by up to 80 basis points.

However, the most substantial cuts were to fixed investment loans.

For example, the investor loan fixed for 5 years paying P&I was cut by 80 basis points down to 2.64% p.a. (3.93% p.a. comparison rate*).

Adelaide Bank home loan rate changes

Earlier in the week Adelaide Bank also hiked some fixed owner occupier loans by up to 15 basis points.

This affects both the 'SmartFix' and 'SmartSaver' product lines, fixed by between one and three years.

For example, the SmartFix P&I 3 Year rate is now 2.20% p.a. (2.83% p.a. comparison rate*), while the SmartSaver P&I 3 Year rate is also 2.20% p.a. (2.64% p.a. comparison rate*).

Where did the cuts happen?

In the past week, a few lenders did manage to cut a few home loan interest rates.

HSBC cut a few loans by up to 20 basis points, including the Investment 'Home Value' loan paying P&I with 80% LVR down to 2.69% p.a. (2.70% p.a. comparison rate*).

The equivalent 'Home Value' loan for owner occupiers up to 90% LVR was also cut by 10 basis points to 2.54% p.a. (2.55% p.a. comparison rate*).

These are promotional rates and could end at any time.

Community First Credit Union also cut a couple of fixed home loans by 71 basis points.

The 'Honeymoon' owner occupier product fixed for 1 year is now down to 2.44% p.a. (3.78% p.a. comparison rate*) when paying P&I.

The equivalent loan for investors was also cut by 71 basis points, down to 2.74% p.a. (4.08% p.a. comparison rate*).

MOVE Bank also cut some home loan rates by up to 40 basis points.

The 'Complete Package' for owner occupiers fixed for 3 years paying P&I is down to 2.09% p.a. (3.02% p.a. comparison rate*).

The equivalent loan for investors was cut by 30 basis points down to 2.39% p.a. (3.52% p.a. comparison rate*)

Northern Inland Credit Union also introduced a home loan under 2% for investors - sub-2% home loans for investors are rare compared to what's available in the owner occupier space.


Photo by Jukan Tateisi on Unsplash

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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