On Monday ANZ cut a handful of variable mortgage rates as special offers by up to 43 basis points.
ANZ cut six individual 'Simplicity Plus' home loans - four for investors and two for owner occupiers - with a variety of loan to value ratios (LVRs), paying either interest only (IO), or principal & interest (P&I).
A couple of noteworthy changes included:
- Inv P&I 80%: 13 basis point cut to 2.99% p.a. (3.03% p.a. comparison rate*)
- O/O P&I 80%: 23 basis point cut to 2.49% p.a. (2.53% p.a. comparison rate*)
Keep in mind these are special offers, which could be withdrawn at any time.
While other big four banks have increased rates on fixed home loans and cut variable ones recently, ANZ's latest variable rate cut appears to be without compromise.
It comes just days after CBA and Westpac increased fixed mortgage rates again - only weeks after their last increases.
On Monday, Hume Bank and Citi also increased fixed home loan rates - the former by between 5 and 10 basis points, and the latter by between 20 and 35 basis points.
Other banks to hike fixed interest rates recently include NAB, and UBank, Bank of Queensland and People's Choice.
On Tuesday the Reserve Bank held the cash rate at 0.10% for the thirteenth consecutive month, but signalled it could raise the cash rate earlier than its 2024 guidance.
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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.
Lender | |||||||||||||
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| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY. | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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- 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%
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 22, 2022. View disclaimer.
Photo by Michal B on Unsplash
