Which lenders cut home loan rates this week?

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on November 13, 2020
Which lenders cut home loan rates this week?

Photo by Pat Whelen on Unsplash

It was another busy week for rate cuts, with lenders on the chopping block including ING, Bendigo Bank, Bank of Queensland, and Aussie.

Headline rates for these four lenders include four-year fixed loans for owner-occupiers, up to 80% LVR paying principal & interest (P&I).

  • Aussie: 'Select Basic'  cut by 125 basis points down to 1.99% p.a. (2.39% p.a. comparison rate*)
  • ING: 'Orange Advantage' cut by 60 basis points down to 1.99% p.a. (3.43% p.a. comparison rate*)
  • BOQ: discounted rate cut by 55 basis points down to 1.99% p.a. (2.90% p.a. comparison rate*)
  • Bendigo Bank: 'Complete Home Loan' cut by 110 basis points down to 2.09% p.a. (2.82% p.a. comparison rate*)

The trend of cutting big for four-year fixed loans was started by big four banks CommBank, Westpac, and NAB after the Reserve Bank's cash rate cut last Tuesday.

As it stands, ANZ is yet to introduce a sub-2% home loan.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable 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
ZERO APPLICATION FEESFEE FREE OFFSET

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

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

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

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 22, 2022. View disclaimer.

Two other banks cut home loans at the same time as giving their savings accounts a haircut as well.

UBank cut its savings account rate by 15 basis points to 1.31% p.a, while Macquarie's four-month intro savings rate was also cut by 15 basis points down to 1.35% p.a.

Conversely, quite a few of their owner-occupier home loans were also cut, including:

  • UBank: UHomeLoan three-year fixed P&I cut by 19 basis points to 1.95% p.a. (2.36% p.a. comparison rate*)
  • Macquarie: Basic one-year fixed P&I 70% LVR cut by 10 basis points to 2.09% p.a. (2.50% p.a. comparison rate*)

Meanwhile, a few other prominent players in the market broke the sub-2% barrier, including:

  • AMP: Professional Package Fixed 3 Years 90% 52 basis point cut to 1.97% p.a. (3.01% p.a. comparison rate*)
  • CUA: Fixed P&I 3 Years 80% 52 basis point cut to 1.97% p.a. (3.86% p.a. comparison rate*)
  • Citi: Fixed P&I 1 Year 80% 350k+ 20 basis point cut down to 1.99% p.a. (4.94% p.a. comparison rate*)

A number of lenders also cut to under 2% on home loans with different fixed-rate periods - check each lenders' website for further details.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. 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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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

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