Heritage Bank has announced it will be increasing variable rates by 10 basis points for new borrowers, effective from 18 December.

According to the bank, the changes were made to simplify the selection of mortgage products. CEO of Heritage Bank Peter Lock said their rates are still some of the most competitive in the market.

"We are trying to make comparing easier for borrowers by providing consistent rates across our mortgage products. Buying a new home should be an exciting experience. Aligning our rates across various products is a way we can simplify the decision process around finance for borrowers to help keep buying a house an enjoyable experience," Mr Lock said.

"We believe our rates are some of the most competitive in the market and complement our great product offering."

For owner occupiers:

  • Discount Variable for borrowers with a loan size of $150,000 or more and with a loan-to-value ratio (LVR) of 90% has been raised to 3.27% p.a. (3.32% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of $700,000 or more and an LVR of 90% has been raised to 3.37% p.a. (3.75% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of between $250,000 and 699,000 and an LVR of 90% has been raised to 3.42% p.a. (3.80% p.a. comparison rate*)
  • Home Advantage Variable for borrowers with a loan size of between $150,000 and $249,000 and an LVR of 90% has been raised to 3.47% p.a. (3.85% p.a. comparison rate*)

For investors:

  • Investment Discount Variable for borrowers making P&I repayments with an LVR of 90% has been raised to 3.57% p.a. (3.62% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $700,000 plus has been raised to 3.62% p.a. (4.00% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $250,000 - $699,000 has been raised to 3.67% p.a. (4.05% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making P&I repayments with an LVR of 80% - 90% and a loan size of $150,000 - $249,000 has been raised to 3.72% p.a. (4.10% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $700,000 and over has been raised to 3.92% p.a. (4.29% p.a. comparison rate*) 
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $250,000 - $699,000 has been raised to 3.97% p.a. (4.34% p.a. comparison rate*)
  • Home Advantage Investment Variable for borrowers making IO repayments with an LVR of 80% - 90% and a loan size of $150,000 - $249,000 has been raised to 4.02% p.a. (4.39% p.a. comparison rate*)

Looking for a low variable rate home loan? The table below displays a selection of variable-rate home loans on offer, featuring a low-rate pick from each of the following three categories: the big four banks, the top 10 customer-owned banks, and the larger non-banks.

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
 

ING rate cuts

Popular online lender ING cut its fixed home loan rates by up to 65 basis points, effective from today.

For owner occupiers:

  • Orange Advantage Residential Fixed 1 year for borrowers with a loan size over $150,000 has been cut by 25 basis points to 2.89% p.a. (4.24% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 3 years for borrowers with a loan size over $150,000 has been cut by 10 basis points to 2.84% p.a. (3.98% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 4 years for borrowers with a loan size over $150,000 has been cut by 45 basis points to 2.99% p.a. (3.92% p.a. comparison rate*)
  • Orange Advantage Residential Fixed 5 years for borrowers with a loan size over $150,000 has been cut by 45 basis points to 2.99% p.a. (3.83% p.a. comparison rate*)
  • Residential Fixed 1 year has been cut by 25 basis points to 2.99% p.a. (4.25% p.a. comparison rate*)
  • Residential Fixed 3 year has been cut by 10 basis points to 2.94% p.a. (4.01% p.a. comparison rate*)
  • Residential Fixed 4 year has been cut by 45 basis points to 3.09% p.a. (3.95% p.a. comparison rate*)
  • Residential Fixed 5 year has been cut by 45 basis points to 3.09% p.a. (3.87% p.a. comparison rate*)

For investors:

  • Investment Fixed 1 year for borrowers making IO repayments has been cut by 45 basis points to 3.34% p.a. (5.25% p.a. comparison rate*)
  • Investment Fixed 2 year for borrowers making IO repayments has been cut by 25 basis points to 3.34% p.a. (5.11% p.a. comparison rate*)
  • Investment Fixed 3 year for borrowers making IO repayments has been cut by 30 basis points to 3.29% p.a. (4.98% p.a. comparison rate*)
  • Investment Fixed 4 year for borrowers making IO repayments has been cut by 65 basis points to 3.44% p.a. (4.90% p.a. comparison rate*)
  • Investment Fixed 5 year for borrowers making IO repayments has been cut by 65 basis points to 3.44% p.a. (4.80% p.a. comparison rate*)
  • Investment Fixed 1 year for borrowers making P&I repayments has been cut by 40 basis points to 3.14% p.a. (4.86% p.a. comparison rate*)
  • Investment Fixed 2 year for borrowers making P&I repayments has been cut by 20 basis points to 3.14% p.a. (4.70% p.a. comparison rate*)
  • Investment Fixed 3 year for borrowers making P&I repayments has been cut by 25 basis points to 3.09% p.a. (4.53% p.a. comparison rate*)
  • Investment Fixed 4 year for borrowers making P&I repayments has been cut by 60 basis points to 3.24% p.a. (4.44% p.a. comparison rate*)
  • Investment Fixed 5 year for borrowers making P&I repayments has been cut by 60 basis points to 3.24% p.a. (4.32% p.a. comparison rate*)

BOQ rate cuts

Bank of Queensland has cut home loan rates across their fixed products by 20 basis points, effective from today.

For owner occupiers:

  • Home Loan Privileges Residential Fixed 2 years discounted rate for a loan size of $300,000 has been cut by 20 basis points to 2.89% p.a. (4.03% p.a. comparison rate*) 
  • Home Loan Privileges Residential Fixed 2 Years discounted rate for a loan size of $150,000 has been cut by 20 basis points to 3.09% p.a. (4.06% p.a. comparison rate*)
  • Residential Fixed 2 years discount rate for a loan size of $300,000 has been cut by 20 basis points to 2.89% p.a. (3.76% p.a. comparison rate*)
  • Residential Fixed 2 years discount rate for a loan size of $150,000 has been cut by 20 basis points to 3.09% p.a. (3.80% p.a. comparison rate*)