The Commonwealth Bank has made another round of increases to fixed interest rates on its home loans, this time hiking rates by up to 25 basis points.
The largest increases applied to three-year fixed rate home loans for owner occupiers and investors.
Five-year fixed rates were lifted by a slightly smaller margin of 20 basis points.
All fixed rate increases applied to loans with a maximum loan-to-value ratio (LVR) of 95%.
Highlights of fixed rate increases across the home loan portfolio of Australia's largest bank included:
- Residential Fixed P&I 3 Years: 25 basis point increase to 3.64% p.a. (4.46% p.a. comparison rate*)
- Residential Fixed P&I 5 Years: 20 basis point increase to 4.14% p.a. (4.53% p.a. comparison rate*)
- Investment Fixed IO 3 Years: 25 basis point increase to 4.04% p.a. (4.98% p.a. comparison rate*)
- Investment Fixed IO 5 Years: 20 basis point increase to 4.14% p.a. (4.87% p.a. comparison rate*)
- Wealth Package Residential Fixed P&I 3 Years 150k+: 25 basis point increase to 3.49% p.a. (4.18% p.a. comparison rate*)
- Wealth Package Residential Fixed P&I 5 Years 150k+: 20 basis point increase to 3.99% p.a. (4.33% p.a. comparison rate*)
See also: Which lenders offer 5 year fixed rate home loans?
CommBank's fixed rate increases come off the back of the bank moving forward its forecast of a RBA cash rate hike from August to June.
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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY. | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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- 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%
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 26, 2022. View disclaimer.
Image by Bidgee via Wikimedia Commons
