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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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
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
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
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
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of November 27, 2021. View disclaimer.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

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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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