ING, Adelaide Bank hike home loan rates

author-avatar By 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.

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%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

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

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*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.

Latest Articles

author-avatar
Harrison joined Savings in 2020. He is an experienced journalist, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

Get free insights & tips monthly

By subscribing you agree to the Savings Privacy Policy

Loading data please wait...

{{returnData.productName}}

Overview

Current Rate

{{returnData.currentRate | percentage:2}}

Comparison Rate*

{{returnData.comparisonRate | percentage:2}}

Rate Type

{{returnData.rateType}}

Advertised Rate

{{returnData.advertisedInterestRate}}

Comparison Rate*

{{returnData.comparisonRate}}

Monthly Repayment

{{returnData.monthlyRepayment}}

Interest Type

{{returnData.interestType}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Bonus Interest Rate

{{returnData.bonusInterestRate | percentage:2}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Introductory Rate

{{returnData.introductoryRate | percentage:2}}

Introductory Term

{{returnData.introductoryTerm}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Term

{{returnData.term}}

Advertised Interest Rate

{{returnData.advertisedInterestRate | percentage:2}}

Interest Frequency

{{returnData.interestFrequency}}


Fees and Features

Ongoing Annualised Fee

{{returnData.annualFee}}

Upfront Fee

{{returnData.upfrontFee}}

Offset Account

Redraw

Principal & Interest

Interest Only

N/A{{returnData.interestOnly}}

Max loan to value ratio (LVR)

{{returnData.maxLVR | percentage:0}}

Lump sum repayments

N/A

Additional repayments

Maximum Loan Term

{{returnData.maximumLoanTerm}}

Upfront Fee

${{returnData.upfrontFee}}

Ongoing Monthly Fee

{{returnData.ongoingFees}}

Early Repayment Fee Applies

N/A

Vehicle Types

{{returnData.vehicleType}}

Maximum Vehicle Age

{{returnData.maximumVehicleAge}}

Pre Approval Available

N/A

Online Application

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Minimum Deposit

{{returnData.minDeposit | currency : '$' : 0}}

Upfront Fees

{{returnData.upfrontFee | currency : '$' : 0}}

Annual Fees

{{returnData.annualFee | currency : '$' : 0}}

Notice Period to Withdraw

{{returnData.noticePeriodToWithdraw}}

Online Application

N/A

Automatic Rollover

N/A

Maturity Alert

N/A