In the past seven days, ANZ, Westpac, Bankwest, Auswide Bank, Bank Australia, MOVE Bank, and People's Choice Credit Union all made cuts - large and small - to some of their home loan interest rates.
A variety of fixed-rate, variable-rate, interest only (IO) and principal and interest (P&I) loans were cut for customers with a range of LVRs.
ANZ
ANZ made cuts to its 'Simplicity Plus' P&I home loan rates as a 'special offer' - be aware that offers can be withdrawn at any time.
- <80% LVR: 12 basis point cut to 3.12% p.a. (3.16% p.a. comparison rate*)
- >80% LVR: 20 basis point cut to 3.38% p.a. (3.42% p.a. comparison rate*)
Westpac
Westpac made changes to a few of its investment home loans across two key product lines: Premier Advantage package and its regular investment loans. For 80% LVR loans, the cuts are as follows:
- Premier Advantage P&I 1 year: 50 basis point cut to 3.19% p.a. (4.40% p.a. comparison rate*)
- Premier Advantage P&I 4 years: 50 basis point cut to 3.19% p.a. (4.18% p.a. comparison rate*)
- Premier Advantage P&I 5 years: 50 basis point cut to 3.19% p.a. (4.12% p.a. comparison rate*)
- P&I 1 year: 50 basis point cut to 3.39% p.a. (5.32% p.a. comparison rate*)
- P&I 4 years: 50 basis point cut to 3.39% p.a. (4.83% p.a. comparison rate*)
- P&I 5 years: 50 basis point cut to 3.39% p.a. (4.69% p.a. comparison rate*)
Bankwest
Bankwest made numerous cuts to a variety of its fixed-rate products, including home loans for owner occupiers, and investors.
Owner occupiers
- Complete P&I 5 years: 60 basis point cut to 3.19% p.a. (3.85% p.a. comparison rate*)
- Complete P&I 4 years: 75 basis point cut to 3.49% p.a. (3.98% p.a. comparison rate*)
- Complete P&I 3 years: six basis point cut to 2.93% p.a. (3.84% p.a. comparison rate*)
- Complete P&I 2 years: 10 basis point cut to 3.09% p.a. (3.92% p.a. comparison rate*)
- Complete P&I 1 year: 52 basis point cut to 3.49% p.a. (4.00% p.a. comparison rate*)
Investors
- Complete P&I 5 years: 50 basis point cut to 3.49% p.a. (4.32% p.a. comparison rate*)
- Complete P&I 4 years: 61 basis point cut to 3.79% p.a. (4.46% p.a. comparison rate*)
- Complete P&I 3 years: 29 basis point cut to 3.29% p.a. (4.36% p.a. comparison rate*)
- Complete P&I 2 years: nine basis point cut to 3.79% p.a. (4.52% p.a. comparison rate*)
- Complete P&I 1 year: 32 basis point cut to 3.79% p.a. (4.56% p.a. comparison rate*)
The table below displays a snapshot of some low-rate, variable, owner-occupied home loans.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure |
Auswide Bank
- Auswide Bank made a cut of 32 basis points to its Freedom Package fixed 3 year Special, for loans of 100k+ with <90% LVR, to 2.97% p.a. (3.99% p.a. comparison rate*)
Bank Australia
- Bank Australia made a 30 basis point cut to its Basic Home Loan <90% LVR for loans 150k or more, to 2.95% p.a. (2.99% p.a. comparison rate*)
Move Bank
- Move Bank made a 24 basis point cut to its Ultra Low Lockit 3 year fixed loan to 2.74% p.a. (3.82% p.a. comparison rate*)
People's Choice Credit Union
People's Choice made numerous cuts to its fixed investor home loans - both principal and interest, and interest only.
- Package Fixed IO 2 years 100k+: 10 basis point cut to 3.44% p.a. (4.94% p.a. comparison rate*)
- Package Fixed IO 3 years 100k+: 10 basis point cut to 3.44% p.a. (4.82% p.a. comparison rate*)
- Package Fixed IO 4 years 100k+: 10 basis point cut to 3.94% p.a. (4.89% p.a. comparison rate*)
- Package Fixed IO 5 years 100k+: 10 basis point cut to 4.04% p.a. (4.87% p.a. comparison rate*)
- Package Fixed P&I 2 years 100k+: 10 basis point cut to 3.18% p.a. (4.65% p.a. comparison rate*)
- Package Fixed P&I 3 years 100k+: 10 basis point cut to 3.28% p.a. (4.57% p.a. comparison rate*)
- Package Fixed P&I 4 years 100k+: 10 basis point cut to 3.74% p.a. (4.63% p.a. comparison rate*)
- Package Fixed P&I 5 years 100k+: 10 basis point cut to 3.74% p.a. (4.58% p.a. comparison rate*)
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