ANZ has become the first of the big four to outpace the RBA, increasing variable rate home loans for investors across its 'Simplicity Plus' offering by 20 basis points.

This increase comes following ANZ passing on the RBA's cash rate increase of 25 basis points across its variable rate home loan portfolio on 13 May. 

For investors, these 20 basis point increases to new and existing customers include:

  • Investment Simplicity Plus P&I <70% Special Offer: increase to 2.94% p.a. (2.94% p.a. comparison rate*)
  • Investment Simplicity Plus P&I 70-80% Special Offer: increase to 3.04% p.a. (3.04% p.a. comparison rate*)
  • Investment Simplicity Plus P&I >80% Special Offer: increase to 3.67% p.a. (3.67% p.a. comparison rate*)
  • Investment Simplicity Plus IO <70% Special Offer: increase to 3.34% p.a. (3.09% p.a. comparison rate*)
  • Investment Simplicity Plus IO 70-80% Special Offer: increase to 3.44% p.a. (3.19% p.a. comparison rate*)
  • Investment Simplicity Plus IO >80% Special Offer: increase to 3.77% p.a. (3.71% p.a. comparison rate*)

Outside of these increases, ANZ reduced the variable rate for its Simplicity Plus P&I <70% Special Offer product for owner occupiers by 15 basis points. 

The rate for this product now stands at 2.29% p.a. (2.30% p.a. comparison rate*) and applies to new customers only.

AMP cuts variable rates for owner occupiers

Steering away from the recent trend of variable home loan rate increases, AMP has cut three variable rate products for owner occupiers by up to 15 basis points.

These decreases include:

  • Professional Package Owner Occupied P&I ≤60% 500k+: 10 basis point decrease to 2.44% p.a. (2.86% p.a. comparison rate*)
  • Professional Package Owner Occupied P&I 60-80% 500k+: 15 basis point decrease to 2.44% p.a. (2.86% p.a. comparison rate*)
  • Essential Home Loan 80% 100k+: 10 basis point decrease to 2.37% p.a. (2.40% p.a. comparison rate*)

Combining with fintech lender Nano, AMP will deliver a digital mortgage for retail customers later this year.

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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.

Update resultsUpdate
Filters
LenderHome LoanInterest 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 TagsFeaturesLinkComparePromoted ProductDisclosure
5.54% p.a.
5.58% p.a.
$2,852
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.49% p.a.
5.40% p.a.
$2,836
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.64% p.a.
5.89% p.a.
$2,883
Principal & Interest
Variable
$250
$250
60%
  • 100% offset
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
 Disclosure
5.64% p.a.
5.89% p.a.
$2,883
Principal & Interest
Variable
$248
$350
60%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Check your eligibility in as little as one minute
 Disclosure
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.

Important Information and Comparison Rate Warning
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Image by Chris Barbalis via Unsplash

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