A decline in owner occupier home loan lending throughout April has not stopped two of Australia's largest banks from pushing go on more fixed home loan rate increases to kick start the month.
This is ahead of the RBA's cash rate meeting on Tuesday, with some pundits tipping a cash rate rise by up to 40 basis points, which would bring it to 0.75%.
On Friday, CommBank increased fixed home loan rates for owner occupiers and investors by up to 80 basis points.
Key increases across CommBank's home loan portfolio for owner occupiers include:
- Residential Fixed P&I 3 Years 95%: 80 basis point increase to 5.14% p.a. (5.04% p.a. comparison rate*)
- Residential Fixed IO 3 Years 95%: 60 basis point increase to 5.59% p.a. (5.15% p.a. comparison rate*)
- Residential Fixed P&I 5 Years 95%: 80 basis point increase to 5.44% p.a. (5.22% p.a. comparison rate*)
- Residential Fixed IO 5 Years 95%: 60 basis point increase to 5.89% p.a. (5.38% p.a. comparison rate*)
Key increases across CommBank's home loan portfolio for investors include:
- Wealth Package Investment Fixed P&I 3 Years 150k+ 95%: 80 basis point increase to 5.19% p.a. (5.22% p.a. comparison rate*)
- Wealth Package Investment Fixed IO 3 Years 150k+ 95%: 45 basis point increase to 5.29% p.a. (5.22% p.a. comparison rate*)
ANZ
ANZ increased fixed home loan rates for owner occupiers and investors by up to 70 basis points.
This comes a week after decreasing its variable loan offering for owner occupiers, yet increasing the same for investors out of lockstep with the RBA.
Key increases across ANZ's home loan portfolio for owner occupiers include:
- Residential Fixed 3 Years 80-90%: 60 basis point increase to 5.04% p.a. (3.86% p.a. comparison rate*)
- Residential Fixed IO 3 Years 80-90%: 70 basis point increase to 5.44% p.a. (3.95% p.a. comparison rate*)
Key increases across ANZ's home loan portfolio for investors include:
- Investment Fixed 2 Years 80-90%: 60 basis point increase to 4.84% p.a. (4.19% p.a. comparison rate*)
- Investment Fixed IO 2 Years 80-90%: 70 basis point increase to 4.94% p.a. (4.20% p.a. comparison rate*)
In November 2020 and through much of 2021, many of the major banks' three and four year fixed rates for owner occupiers were under the 2% threshold.
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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 |
