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.

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details
LIMITED TIME 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%
LIMITED TIME 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%
VariableMore details
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
VariableMore details
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
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

Rates correct as of September 25, 2021. 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

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): Great Southern Bank, 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.

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author-avatar
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 is passionate about breaking down complex financial topics for the everyday consumer.

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