The cuts apply to the variable-rate 'Professional Package' series, for owner occupiers paying interest-only borrowing more than $500,000, with different comparison rates applicable to different LVRs.
These different rates are as follows:
- =60% LVR: 30 basis point cut to 2.99% p.a. (3.04% p.a. comparison rate*)
- 60-80% LVR: 30 basis point cut to 2.99% p.a. (3.10% p.a. comparison rate*)
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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
The latest mortgage deferral data for January indicates AMP had about 1% of its total residential loan book on deferred payments, totalling 919 individual facilities.
However, that figure jumps for interest-only borrowers - about 10% of all AMP borrowers on interest-only payments were on deferred payments.
Interest-only borrowers also had a 19% share of all residential loan deferrals at AMP.
An AMP Bank spokesperson told Savings.com.au interest-only payments provide greater flexibility.
"While our owner occupier principal and interest home loan rates are already very competitive in the market, today’s reduction to the owner occupier interest only home loan will help provide more flexibility and greater options for clients – during what has been a challenging period for many Australians," they said.
Bankwest also cut a couple of investor home loans, as detailed below:
- Investor 'Complete' Fixed P&I 5 Years: 61 basis point cut to 2.68% p.a. (3.85% p.a. comparison rate*)
- Investor Fixed P&I 5 Years: 61 basis point cut to 2.88% p.a. (4.45% p.a. comparison rate*)
These home loans are applicable for borrowers with up to 90% LVR.
Earlier in the week, Westpac cut to its 'lowest ever' home loan rate, as did its subsidiaries St. George, Bank SA and Bank of Melbourne.