ANZ, NAB headline week of hefty fixed home loan rate increases

author-avatar By
on April 01, 2022 Fact Checked
ANZ, NAB headline week of hefty fixed home loan rate increases

Ahead of the RBA’s board meeting next week, two of the big four banks have increased fixed home loan rates by up to 40 basis points.

Having recently taken the sword to fixed and variable home loan rates, ANZ returned to the fray this week increasing fixed home loan rates by up to 30 basis points.

Fixed rate increases applied to both principal and interest (P&I) and interest only (IO) loans with loan-to-value ratios (LVR) between 80 and 90%.

Highlights of fixed rate increases across ANZ’s home loan portfolio included:

  • Residential Fixed 4 Years ≤80%: 30 basis point increase to 4.29% p.a. (3.42% p.a. comparison rate*)
  • Residential Fixed 4 Years 80-90%: 30 basis point increase to 4.34% p.a. (3.58% p.a. comparison rate*)
  • Residential Fixed IO 4 Years ≤80%: 30 basis point increase to 4.59% p.a. (3.51% p.a. comparison rate*)
  • Investment Fixed 4 Years ≤80%: 30 basis point increase to 4.39% p.a. (3.86% p.a. comparison rate*)
  • Investment Fixed 4 Years 80-90%: 30 basis point increase to 4.44% p.a. (4.01% p.a. comparison rate*)
  • Investment Fixed IO 4 Years ≤80%: 30 basis point increase to 4.49% p.a. (3.88% p.a. comparison rate*)

NAB

For only the third time in as many months, NAB increased fixed home loan rates by up to 40 basis points.

Across NAB's home loan portfolio, 'Choice Package' and 'Tailored' products were increased for both owner occupiers and investors.

Highlights of fixed rate increases across NAB’s home loan portfolio included:

  • Tailored Fixed P&I 3 Years: 40 basis point increase to 4.09% p.a. (4.54% p.a. comparison rate*)
  • Tailored Fixed IO 3 Years: 30 basis point increase to 4.49% p.a. (4.72% p.a. comparison rate*)
  • Investment Tailored Fixed P&I 4 Years: 20 basis point increase to 4.44% p.a. (5.01% p.a. comparison rate*)
  • Investment Tailored Fixed IO 4 Years: 35 basis point increase to 4.69% p.a. (5.12% p.a. comparison rate*)
  • Choice Package Tailored Fixed - P&I 3 Years 150k+: 40 basis point increase to 3.99% p.a. (4.34% p.a. comparison rate*)
  • Choice Package Tailored Fixed - IO 3 Years 150k+: 30 basis point increase to 4.39% p.a. (4.48% p.a. comparison rate*)
  • Choice Package Investment Tailored Fixed - P&I 4 Years 150k+: 20 basis point increase to 4.34% p.a. (4.85% p.a. comparison rate*)
  • Choice Package Investment Tailored Fixed - IO in arrears 4 Years 150k+: 35 basis point increase to 4.59% p.a. (4.92% p.a. comparison rate*)

Around the grounds

Digital lenders and customer-owned mutual banks sent fixed interest rates into orbit this week, increasing rates by up to 155 basis points.

Tic:Toc

The Bendigo Bank-backed digital lender increased fixed home loan rates for owner occupiers and investors by up to 90 basis points.

Increases applied to ‘Live-in’ and ‘Investment’ fixed home loan products.

Highlights across Tic:Toc’s home loan portfolio included:

  • Live-in Fixed P&I 3 Years: 81 basis point increase to 3.95% p.a. (2.41% p.a. comparison rate*)
  • Live-in Fixed P&I 4 Years: 55 basis point increase to 4.14% p.a. (2.63% p.a. comparison rate*)
  • Live-in Fixed IO 3 Years: 50 basis point increase to 3.92% p.a. (3.11% p.a. comparison rate*)
  • Live-in Fixed IO 4 Years: 60 basis point increase to 4.27% p.a. (3.30% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years: 90 basis point increase to 4.15% p.a. (3.18% p.a. comparison rate*)
  • Investment Fixed P&I 4 Years: 65 basis point increase to 4.34% p.a. (3.34% p.a. comparison rate*)
  • Investment Fixed IO 3 Years: 70 basis point increase to 4.22% p.a. (3.19% p.a. comparison rate*)
  • Investment Fixed IO 4 Years: 60 basis point increase to 4.47% p.a. (3.37% p.a. comparison rate*)

Athena

Marking only the second fixed rate increase of the year, Athena increased fixed home loan rates for owner occupiers and investors by up to 85 basis points.

Highlights of these increases across Athena’s home loan portfolio included:

  • Fixed P&I 3 Years 70-80%: 80 basis point increase to 4.79% p.a. (2.64% p.a. comparison rate*)
  • Fixed IO 3 Years 70-80%: 80 basis point increase to 4.79% p.a. (2.62% p.a. comparison rate*)
  • Investor Fixed P&I 3 Years 70-80%: 85 basis point increase to 4.89% p.a. (2.89% p.a. comparison rate*)
  • Investor Fixed IO 3 Years 70-80%: 85 basis point increase to 4.89% p.a. (2.88% p.a. comparison rate*)

86 400

Backed by big four bank NAB, 86 400 took the cake this week increasing fixed home loan rates for owner occupiers and investors by up to 155 basis points. 

Highlights of these increases across 86 400’s home loan portfolio included:

  • Own Home Loan Fixed P&I 3 Years ≤80%: 101 basis point increase to 4.25% p.a. (2.96% p.a. comparison rate*)
  • Own Home Loan Fixed P&I 3 Years 80-85%: 91 basis point increase to 4.45% p.a. (3.45% p.a. comparison rate*)
  • Own Home Loan Fixed IO 3 Years: 110 basis point increase to 4.89% p.a. (3.08% p.a. comparison rate*)
  • Investment Own Home Loan Fixed P&I 3 Years: 125 basis point increase to 4.49% p.a. (3.09% p.a. comparison rate*)
  • Investment Own Home Loan Fixed IO 3 Years: 155 basis point increase to 4.89% p.a. (3.16% p.a. comparison rate*)

UBank

Another NAB backed digital lender in UBank increased fixed home loan rates for owner occupiers and investors by up to 140 basis points.

Highlights across UBank’s home loan portfolio included:

  • UHomeLoan Fixed P&I 3 Years: 101 basis point increase to 4.25% p.a. (2.65% p.a. comparison rate*)
  • UHomeLoan Fixed IO 3 Years: 140 basis point increase to 4.89% p.a. (2.82% p.a. comparison rate*)
  • Investment UHomeLoan Fixed P&I 3 Years: 110 basis point increase to 4.49% p.a. (2.91% p.a. comparison rate*)
  • Investment UHomeLoan Fixed IO 3 Years: 135 basis point increase to 4.89% p.a. (3.01% p.a. comparison rate*)

Great Southern Bank

The Brisbane-based mutual bank increased fixed home loan rates for owner occupiers and investors by up to 50 basis points.

Highlights across Great Southern Bank’s home loan portfolio included:

  • Fixed P&I 3 Years: 50 basis point increase to 4.09% p.a. (3.89% p.a. comparison rate*)
  • Fixed IO 3 Years: 50 basis point increase to 4.19% p.a. (3.92% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years: 50 basis point increase to 4.19% p.a. (4.24% p.a. comparison rate*)
  • Investment Fixed IO 3 Years: 50 basis point increase to 4.24% p.a. (4.25% p.a. comparison rate*)

Bendigo Bank

Bendigo Bank increased fixed home loan rates for owner occupiers and investors by up to 70 basis points.

Highlights across Bendigo Bank’s home loan portfolio included:

  • Complete Home Loan Fixed P&I 4 Years: 70 basis point increase to 4.69% p.a. (3.27% p.a. comparison rate*)
  • Complete Home Loan Fixed IO 4 Years: 70 basis point increase to 5.09% p.a. (3.37% p.a. comparison rate*)
  • Investment Complete Home Loan Fixed P&I 4 Years: 70 basis point increase to 4.89% p.a. (3.47% p.a. comparison rate*)
  • Investment Complete Home Loan Fixed IO 4 Years: 70 basis point increase to 5.09% p.a. (3.49% p.a. comparison rate*)

Other mutuals including Teachers Mutual Bank, Firefighters Mutual Bank, UniBank and G&C Mutual all increased fixed home loan rates by up to 40 basis points.


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
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
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
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

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 May 26, 2022. View disclaimer.


Image by Charlie Hammond via Unsplash

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.

Latest Articles

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.

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree
to the Savings Privacy Policy