CBA hikes fixed interest rates by up to 60 basis points

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on November 26, 2021 Fact Checked
CBA hikes fixed interest rates by up to 60 basis points

CommBank, Suncorp, and ME Bank have increased fixed interest rates by up to 62 basis points.

Home loan interest rate movements this week have generally followed the ongoing trend of rising fixed rates and falling variable rates.

From Commonwealth Bank to Athena - let's dive into some of the market activity over the past week.

CommBank hiked various fixed rates

CBA hiked a number of its fixed interest rates on both owner-occupier and investor mortgages from 10 to 60 basis points:

  • Residential Fixed P&I 3 yrs: 30 basis point increase to 3.14% p.a. (4.33% comparison rate)
  • Investment Fixed IO 3 yrs: 40 basis point increase to 3.64% p.a. (4.88% comparison rate)
  • Investment Fixed P&I 3 yrs: 60 basis point increase to 3.44% p.a. (4.82% comparison rate)
  • Wealth Package Investment Fixed IO 3 yrs 150k+: 40 basis point increase to 3.49% p.a. (4.57% comparison rate)

Suncorp raises fixed rates, drops variable rates

Suncorp Bank adjusted its interest rates on many of its home loan products. 

Specifically, it raised its fixed rates by up to 62 basis points while lowering its variable rates by up to 32 basis points.

  • Home Package Plus P&I Fixed 3 yrs ≤80% Special Offer: 52 basis point increase to 2.69% p.a. (2.88% comparison rate)
  • Home Package Plus P&I Fixed 3 yrs 80-90% Special Offer: 62 basis point increase to 2.89% p.a. (3.16% comparison rate)
  • Investment Home Package Plus P&I 70-80% Special Offer: 32 basis point decrease to 2.57% p.a. (2.99% comparison rate)
  • Back to Basics Better Together P&I 70-80% Special Offer: 21 basis point decrease to 2.02% p.a. (2.03% comparison rate)

Going against the current, the bank also lowered a few of its fixed rates, including:

  • Investment Home Package Plus P&I Fixed 1 yr 80-90% Special Offer: 24 basis point decrease to 2.34% p.a. (3.43% comparison rate)

Athena increases fixed rates by up to 40 basis points

Non-bank lender Athena increased fixed interest rates on its owner-occupier mortgages.

  • Fixed P&I 3 yrs ≤60%: 40 basis point increase to 3.39% p.a. (2.33% comparison rate)
  • Fixed P&I 3 yrs 60-70%: 40 basis point increase to 3.44% p.a. (2.36% comparison rate)
  • Fixed P&I 3 yrs 70-80%: 40 basis point increase to 3.49% p.a. (2.40% comparison rate)

ME increases fixed rates for owner-occupiers and investors

ME Bank also increased its fixed interest rates while lowering its variable rates.

The BoQ-owned bank increased its fixed rates by up to 30 basis points, including its Flexible Fixed OO 3 yrs P&I (2.69% p.a., 3.91% comparison rate).

In the same breath, it lowered its variable rates - such as the Member Package Flexible Home Loan OO P&I 60-70% 150-399k (2.29% p.a., 2.75% comparison rate) - by up to 34 basis points.


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Lender

Variable
More details
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Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

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  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
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NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 May 22, 2022. View disclaimer.


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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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