- ANZ increases the variable rate on its ANZ Plus home loan for new customers, now 5.75% p.a. (5.76% p.a. comparison rate*) - up 16 basis points.
- BOQ cuts fixed rates, revealing a new market-leading rate for two-year fixed for owner occupied lending with up to 80% LVR.
In a surprise move, ANZ hiked the variable rate on its ANZ Plus home loan by 16 basis points, lifting it to 5.75% p.a. (5.76% p.a. comparison rate*).
The new rate applies to new lending only and does not affect existing customers.
The move is seen as unusual, given that most lenders have been lowering rates from recent peaks in response to the RBA's easing of monetary policy.
ANZ last raised variable rates for new customers in December 2023.
An important note is that this applies to the separate suite of Plus home loans, and currently sit separately to the mainline ANZ products.
BOQ reveals new market-leading fixed rate
As one major hikes rates, Bank of Queensland on Friday trimmed its fixed home loan rates, unveiling a market-leading offer for owner occupiers fixing for two years.
BOQ's two-year fixed rate for new residential home loans with up to 80% loan-to-value ratio (LVR) is now 4.89% p.a. (5.62% p.a. comparison rate*).
This is currently the lowest advertised rate for two-year fixed OO home loans on the market, edging out Regional Australia Bank's 4.98% p.a. (5.40% p.a. comparison rate*) with 70% maximum LVR and BankVic's 4.98% p.a. (5.53% p.a. comparison rate*) for loans with up to 80% LVR.
"By offering a new market-leading rate, we're helping customers manage their budgets with confidence," said Shirphine Loh, head of Home Buying at BOQ Group.
While variable rates have been generally trending downward, some fixed home loan rates remain lower than their variable counterparts.
The current lowest variable home loan rate listed in our database is 5.34% p.a. (5.41% p.a. comparison rate*), offered by Police Bank for first home buyers.
Most leading economists expect the RBA to deliver a 25-basis point cash rate cut at its 11-12 August meeting.
Given the current rate environment, BOQ encourages borrowers to consider a split loan strategy.
"[A split loan structure] allows customers to fix part of their loan for repayment stability, while keeping the other portion variable to benefit from any future rate reductions," Ms Loh explained.
"This offer gives borrowers a chance to lock in certainty now while staying flexible for what's ahead."
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Looking for a competitive variable rate? Have a look at some offers for owner occupiers below.
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
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