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.

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Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.94% p.a.
5.98% p.a.
$2,978
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.89% p.a.
5.80% p.a.
$2,962
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • 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.
 Disclosure
5.99% p.a.
6.02% p.a.
$2,995
Principal & Interest
Fixed
$0
$0
60%
  • Owner Occupier
  • Fixed 3 Years
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Competitive rates to help you save
  • A Dedicated Relationship Manager
  • Certainty of repayments with a fixed rate term
 Disclosure
5.93% p.a.
5.93% p.a.
$2,975
Principal & Interest
Variable
$0
$395
70%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 30% Min Deposit
  • Redraw
  • More details
 Disclosure
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Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
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