ANZ follows other majors, increases fixed home loan rates

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on February 08, 2022 Fact Checked
ANZ follows other majors, increases fixed home loan rates

On Tuesday ANZ became the last of the big-four to raise fixed home loan rates to kick off 2022, increasing by up to 40 basis points.

The past two weeks have seen all three of CommBank, NAB and Westpac raise fixed home loan rates in the wake of key RBA decisions and current inflation data. 

For ANZ, the largest increases applied to a number of three to five year loans for both owner occupiers and investors. 

Across ANZ's home loan portfolio, for owner occupiers some of these increases included: 

  • Breakfree Residential Fixed 3 Years ≤80%: 40 basis point increase to 3.39% p.a. (3.52% p.a. comparison rate*)
  • Breakfree Residential Fixed 3 Years 80-90%: 40 basis point increase to 3.44% p.a. (3.68% p.a. comparison rate*)
  • Breakfree Residential Fixed 4 Years ≤80%: 40 basis point increase to 3.79% p.a. (3.68% p.a. comparison rate*)
  • Breakfree Residential Fixed 4 Years 80-90%: 40 basis point increase to 3.84% p.a. (3.83% p.a. comparison rate*)

Similarly for investors, some of these increases included:

  • Breakfree Investment Fixed IO 4 Years 80-90%: 20 basis point increase to 4.14% p.a. (4.28% p.a. comparison rate*)
  • Breakfree Investment Fixed IO 5 Years 80-90%: 20 basis point increase to 4.34% p.a. (4.37% p.a. comparison rate*)
  • Investment Fixed IO 4 Years ≤80%: 20 basis point increase to 4.24% p.a. (4.77% p.a. comparison rate*)
  • Investment Fixed IO 5 Years ≤80%: 20 basis point increase to 4.44% p.a. (4.80% p.a. comparison rate*)
  • Investment Fixed 3 Years ≤80%: 30 basis point increase to 3.74% p.a. (4.72% p.a. comparison rate*)
  • Investment Fixed 4 yrs ≤80%: 40 basis point increase to 4.14% p.a. (4.77% p.a. comparison rate*)

A year ago, the four year fixed rate for residential loans had an interest rate of 2.14% p.a. (3.89% p.a. comparison rate*).

An ANZ-Property Council survey released late last year revealed 60% of firms expect higher interest rates to continue over the next 12 months. 

Further, ANZ-Property Council data noted a net balance of 15% now expect finance to be more difficult to obtain for Australians seeking to enter the property market.


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
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/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 29, 2022. View disclaimer.


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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author-avatar
Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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