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 | Home Loan | Interest 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 | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
