Following CommBank's variable rate cut of 15 basis points last week, subsidiary Bankwest has followed suit pipping the big-four bank with a larger cut of its own.
The decision to cut variable home loan rates for owner occupiers and investors comes with the RBA to meet Tuesday afternoon, with signs pointing to another 50 basis point cash rate increase.
Lending indicator data released Monday by the ABS revealed borrowers are starting to unwind from cheap fixed rates offered two years ago, and are again piling into the variable rate market.
The value of variable rate loan commitments increased some $9 billion from April; the share of new fixed lending declined to 16.1% of mortgages.
For Bankwest, key changes across its variable rate home loan portfolio for owner occupiers include:
- Premium Select Home Loan OO P&I 70%: 19 basis point decrease to 2.84% p.a. (2.87% p.a. comparison rate*)
- Premium Select Home Loan OO P&I 80%: 19 basis point decrease to 2.89% p.a. (2.91% p.a. comparison rate*)
Key changes to Bankwest's variable rate home loan portfolio for investors include:
- Premium Select Home Loan Investment P&I 70% $20k+: 10 basis point decrease to 3.19% p.a. (3.21% p.a. comparison rate*)
- Premium Select Home Loan Investment P&I 80% $20k+: 10 basis point decrease to 3.29% p.a. (3.31% p.a. comparison rate*)
- Premium Select Home Loan Investment P&I 90% 20k+: 10 basis point decrease to 3.74% p.a. (3.76% p.a. comparison rate*)
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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 | 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 |
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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 |
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