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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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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 March 1, 2024. View disclaimer.

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