Westpac's hike of fixed home loan rates by 30 basis points on Thursday was largely replicated by Australia's largest bank on Friday.

CommBank increased a range of loans across its 'Residential Fixed', 'Investment Fixed' and 'Wealth Package' portfolio for both owner occupiers and investors. 

CommBank previously hiked fixed home loan rates twice last month, making this increase the third of the year. 

All fixed rate increases applied to both principal and interest (P&I) and interest only (IO) loans with a maximum loan-to-value ratio (LVR) of 95%. 

Highlights of fixed rate increases across CommBank's home loan portfolio included:

  • Residential Fixed P&I 4 Years: 30 basis point increase to 4.14% p.a. (4.56% p.a. comparison rate*)
  • Residential Fixed IO 4 Years: 30 basis point increase to 4.64% p.a. (4.72% p.a. comparison rate*)
  • Investment Fixed P&I 4 Years: 30 basis point increase to 4.34% p.a. (5.00% p.a. comparison rate*)
  • Investment Fixed IO 4 Years: 30 basis point increase to 4.64% p.a. (5.10% p.a. comparison rate*)
  • Wealth Package Residential Fixed P&I 4 Years 150k+: 30 basis point increase to 3.99% p.a. (4.32% p.a. comparison rate*)
  • Wealth Package Investment Fixed P&I 4 Years 150k+: 30 basis point increase to 4.19% p.a. (4.76% p.a. comparison rate*)

In similar fashion to Westpac, CommBank also took the scissors to variable rates, slashing its 'Extra' home loan offerings by 10 basis points.

These changes included:

  • Extra P&I <70%: 10 basis point decrease to 2.19% p.a. (2.20% p.a. comparison rate*)
  • Extra P&I 70-80%: 10 basis point decrease to 2.29% p.a. (2.30% p.a. comparison rate*)
  • Extra IO <70%: 10 basis point decrease to 2.75% p.a. (2.41% p.a. comparison rate*)
  • Extra IO 70-80%: 10 basis point decrease to 2.85% p.a. (2.51% p.a. comparison rate*)

Read more: Should you lock in your home loan rate?

Macquarie Bank

Macquarie Bank increased a raft of fixed rate home loans for owner occupiers and investors by up to 115 basis points.

Recently, Macquarie Bank staked its claim for the big-four to become the 'big-five', reaching a market capitalisation of $164 billion exceeding the likes of NAB, Westpac and ANZ. 

Key increases across Macquarie Bank's home loan portfolio included:

  • Basic Fixed Owner Occupied P&I 70% 2 Years: 105 basis point increase to 3.79% p.a. (2.46% p.a. comparison rate*)
  • Basic Fixed Owner Occupied P&I 95% 4 Years: 85 basis point increase to 5.19% p.a. (3.73% p.a. comparison rate*)
  • Basic Fixed Owner Occupied IO 70% 2 Years: 115 basis point increase to 4.19% p.a. (2.86% p.a. comparison rate*)
  • Basis Fixed Owner Occupied IO 70% 4 Years: 65 basis point increase to 4.79% (3.30% p.a. comparison rate*)
  • Basic Fixed Owner Occupied IO 80% 2 Years: 115 basis point increase to 4.49% p.a. (3.17% p.a. comparison rate*)
  • Basic Fixed Investment IO 70% 2 Years: 110 basis point increase to 4.19% p.a. (2.86% p.a. comparison rate*)
  • Basic Fixed Investment IO 80% 4 Years: 50 basis point increase to 5.09% p.a. (3.61% p.a. comparison rate*)

Around the grounds

Another challenger lender in ING hiked fixed home loan rates this week.

ING increased rates both owner occupiers and investors by up to 25 basis points.

Notable changes across ING's home loan portfolio included:

  • Orange Advantage Residential Fixed 5 Years ≤ 80%: 25 basis point increase to 4.24% p.a. (3.29% p.a. comparison rate*) 
  • Orange Advantage Residential Fixed 5 Years 90-95%: 25 basis point increase to 4.79% p.a. (3.64% p.a. comparison rate*)
  • Investment Fixed P&I 5 Years: 25 basis point increase to 4.44% p.a. (3.49% p.a. comparison rate*)

Other banks to vary rates this week included Greater Bank, Suncorp, Bank SA, Bank Australia, Illawarra Credit Union and Summerland Credit Union.

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
5.94% p.a.
5.98% p.a.
$2,978
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.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.89% p.a.
5.80% p.a.
$2,962
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
5.99% p.a.
6.02% p.a.
$2,995
Principal & Interest
Fixed
$0
$0
60%
  • Owner Occupier
  • Fixed 3 Years
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Competitive rates to help you save
  • A Dedicated Relationship Manager
  • Certainty of repayments with a fixed rate term
 Disclosure
5.93% p.a.
5.93% p.a.
$2,975
Principal & Interest
Variable
$0
$395
70%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 30% Min Deposit
  • Redraw
  • More details
 Disclosure
More home loans
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Compare More Home Loans