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.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp To $4K Cashback
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  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 . View disclaimer.

Image by Gustavo Fring via Pexels 





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