The home loan in question to get hiked by 90 basis points - nearly one full percentage point - was the two-year fixed investment loan paying interest-only (IO).

It is now 4.59% p.a. (5.17% p.a. comparison rate*).

CBA sent interest rates north on a whole range of fixed home loans on Tuesday, with some key ones including:

  • Residential Fixed 2 Years P&I: Increased by 50 basis points to 3.94% p.a. (4.58% p.a. comparison rate*)
  • Residential Fixed 5 Years P&I: Increased by 20 basis points to 4.64% p.a. (4.73% p.a. comparison rate*)
  • Investment Fixed 2 Years P&I: Increased by 50 basis points to 4.14% p.a. (5.09% p.a. comparison rate*)
  • Investment Fixed 5 Years P&I: Increased by 40 basis points to 4.94% p.a. (5.19% p.a. comparison rate*)

This marks the second time in three weeks CBA raised interest rates, and the fourth for 2022.

In January, the residential two-year fixed advertised rate was 110 basis points lower at 2.84% p.a. (4.39% p.a. comparison rate*).

On the ABS-defined average home loan of $596,000, 110 basis points extra adds $363 per month in interest costs on a 30-year mortgage.

In contrast, CBA's rate-locking feature costs $500 and applies for 90 days.

Other major banks to hike recently include:

Westpac has cut five times so far this year, one or two more than the other majors.

See Also: Mortgage rates at pre-pandemic levels, average home loan size soars

CBA subsidiary also hikes

Last Tuesday CommBank's subsidiary Bankwest hiked fixed rates by up to 90 basis points.

Some key increases included:

  • Owner Occupier 1 Year 80%: 70 basis point increase to 3.29% p.a. (4.66% p.a. comparison rate*)
  • Owner Occupier 5 Years 80%: 80 basis point increase to 4.89% p.a. (4.89% p.a. comparison rate*)
  • Investor 1 Year P&I: 10 basis point increase to 3.49% p.a. (5.27% p.a. comparison rate*)
  • Investor 5 Years P&I: 90 basis point increase to 5.09% p.a. (5.35% p.a. comparison rate*)

Advertisement

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.

Update resultsUpdate
Filters
LenderHome LoanInterest 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 TagsFeaturesLinkComparePromoted ProductDisclosure
5.54% p.a.
5.58% p.a.
$2,852
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.49% p.a.
5.40% p.a.
$2,836
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.64% p.a.
5.89% p.a.
$2,883
Principal & Interest
Variable
$250
$250
60%
  • 100% offset
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
 Disclosure
Important Information and Comparison Rate Warning

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 . View disclaimer.

Important Information and Comparison Rate Warning
Compare More Home Loans

Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy