The biggest rate rises were to the bank's investment 'RateSaver' home loan products, hiked by 55 basis points.
Some examples are below:
- Variable Investment RateSaver 80% 150k: 55 basis point rise 3.95% p.a. (3.99% p.a. comparison rate*)
- Fixed Investment 3 Years P&I: 50 basis point rise to 3.59% p.a. (4.86% p.a. comparison rate*)
- Owner Occupier Construction Loan 80% 150k: 43 basis point rise to 3.95% p.a. (3.99% p.a. comparison rate*)
- Owner Occupier Fixed 2 Years P&I: 10 basis point rise to 2.79% p.a. (4.38% p.a. comparison rate*)
Overall, it appears up to 80 individual home loan products, with a focus on construction and investment loans, were raised by between four and 55 basis points.
Although it was initially created to support military families, the bank's products are available to anyone provided they sign up as it's a customer-owned bank.
Bumps in home loan interest rates in recent times aren't new, with ING, Newcastle Permanent, ME Bank and ANZ all lenders to hike some interest rates in the past two months, but so far in our research, Australian Military Bank's are some of the widest and biggest.
Yesterday, ING also cut some variable home loans by 19 basis points.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.16% p.a. | $2,319 | Principal & Interest | Fixed | $0 | $530 | 90% | Featured |
| Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply in minutes |
| Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $2,421 | Principal & Interest | Variable | $0 | $250 | 60% | Featured |
| Disclosure |
Lenders introduce 'special offers'
In the past week, Bank of Queensland, Newcastle Permanent and Freedom Lend cut a suite of home loans as 'special offers' or discounted rates.
Keep in mind discounted rates or promotional rates can end at any time. Details are below.
BOQ
Earlier in the week, Bank of Queensland cut a few investment home loan products by up to 35 basis points, as a 'discount' rate.
The cuts were to fixed investment loans with a maximum LVR of 80%.
- Investment Fixed P&I 2 Years: 20 basis point cut to 2.69% p.a. (3.74% p.a. comparison rate*)
- Investment Fixed P&I 3 Years: 15 basis point cut to 2.74% p.a. (3.67% p.a. comparison rate*)
- Investment Fixed P&I 5 Years: 30 basis point cut to 2.99% p.a. (3.62% p.a. comparison rate*)
- Investment Fixed IO 2 Years: 25 basis point cut to 2.94% p.a. (3.78% p.a. comparison rate*)
- Investment Fixed IO 3 Years: 30 basis point cut to 2.99% p.a. (3.73% p.a. comparison rate*)
- Investment Fixed IO 5 Years: 35 basis point cut to 3.24% p.a. (3.72% p.a. comparison rate*)
Newcastle Permanent
After raising some home loan rates a few weeks ago, Newcastle Permanent cut interest rates on the 'Real Deal' product line as a special offer by up to 22 basis points.
- Real Deal P&I 80% 150k+: 22 basis point cut to 2.72% p.a. (2.76% p.a. comparison rate*)
- Real Deal P&I 95%: 12 basis point cut to 3.09% p.a. (3.13% p.a. comparison rate*)
- Real Deal IO 80% 150k+: 22 basis point cut to 3.12% p.a. (2.90% p.a. comparison rate*)
A couple of home loans for investors were also cut, including:
- Real Deal Investment P&I 80% 150k+: 10 basis point cut to 3.11% p.a. (3.15% p.a. comparison rate*)
- Real Deal Investment IO 80% 150k+: 10 basis point cut to 3.11% p.a. (3.14% p.a. comparison rate*)
Freedom Lend
Yesterday, Freedom Lend cut two products by up to 12 basis points as special offers. Details are:
- Freedom Variable P&I 80%: 10 basis point cut to 2.39% p.a. (2.39% p.a. comparison rate*)
- Freedom Variable P&I 70%: 12 basis point cut to 2.17% p.a. (2.17% p.a. comparison rate*)
With these cuts, these rates are now some of the lowest we have seen in the variable, owner-occupied market, however borrowers must submit a loan application before 31 July.
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