Headline movers and shakers NAB, Macquarie, and Suncorp adjusted rates available to new home loan borrowers by as much as 20 basis points this week.

Meanwhile, some of their smaller counterparts put forward changes as large as 30 basis points.

It comes as the market prepares for the next Reserve Bank of Australia (RBA) board meeting, going ahead on Tuesday. The board has held the cash rate steady at 4.1% for two consecutive months and many will be watching closely to see if it continues its streak.

Importantly, the following home loan rate changes are available to new customers and some are special offers. Existing customers might face different rate changes, or none at all.

NAB ups variable interest rate by 15 basis points

NAB has increased the base variable rate of its discount offer for new borrowers signing onto an owner occupier principal and interest (P&I) home loan with a loan-to-value ratio (LVR) of under 80%.

Take a look:

  • Base Variable Rate P&I Special Offer ≤80% LVR: 15 basis point increase to 6.49% per annum (p.a.)(6.53% p.a. comparison rate*)

Macquarie Bank boosts fixed interest rates by 20 basis point

Joining NAB in increasing home loan interest rates is Macquarie Bank.

The investment banking major, which also has its toes in the consumer banking segment, has upped rates on many of its fixed interest products.

Owner occupiers might be interested by these changes:

  • Offset Fixed Owner Occupied P&I 5 years ≤70% LVR: 20 basis points increase to 6.05% p.a. (6.21% p.a. comparison rate*)
  • Offset Fixed Owner Occupied P&I 3 years 70%-80% LVR: 14 basis points increase to 6.19% p.a. (6.27% p.a. comparison rate*)
  • Basic Fixed Owner Occupied P&I 4 years 70%-80% LVR: 20 basis point increase to 6.15% (6.05% comparison rate*)
  • Basic Fixed Owner Occupied P&I 5 years 80%-95% LVR: 20 basis point increase to 6.39% p.a. (6.78% p.a. comparison rate*)

Investors, on the other hand, might find their attention drawn to:

  • Basic Fixed Investment P&I 3 years ≤70% LVR: 16 basis point increase to 6.25% p.a. (6.16% p.a. comparison rate*)
  • Basic Fixed Investment P&I 4 years 80%-90% LVR: 14 basis point increase to 6.49% p.a. (6.99% p.a. comparison rate*)
  • Offset Fixed Investment P&I 3 years 70%-80% LVR: 16 basis point increase to 6.35% p.a. (6.48% p.a. comparison rate*)
  • Offset Fixed Investment P&I 5 years 80%-90% LVR: 14 basis point increase to 6.49% p.a. (7.15% p.a. comparison rate*)

Suncorp Bank drops variable interest rates by as much as 10 basis points

While NAB and Macquarie were bolstering interest rates, the sunshine state’s Suncorp has slashed some of its variable home loan rates as part of a special offer.

Here are the changes it made for owner occupiers and investors this week:

  • Back to Basics Better Together Owner Occupier P&I 70%-80% LVR: 4 basis point decrease to 5.84% p.a. (5.85% p.a. comparison rate*)
  • Home Package Plus Owner Occupier P&I 70%-80% LVR: 5 basis point decrease to 5.95% p.a. (6.31% p.a. comparison rate*)
  • Investment Home Package Plus P&I 70%-80% LVR: 10 basis point decrease to 6.19% p.a. (6.54% p.a. comparison rate*)
  • Investment Back to Basics P&I 70%-80% LVR: 10 basis point decrease to 6.09% p.a. (6.10% p.a. comparison rate*)

Smaller banks shake things up by as much as 30 basis points

MOVE Bank shakes up interest rates by up to 30 basis points

Member-owned MOVE Bank joined in on the rate shifting action this week.

It dropped some of its valuable rate home loan offerings by as much as 30 basis points, while increasing some of its fixed rate products.

Here are some of the highlights for those seeking a variable rate home loan:

  • Straightforward Plus P&I 90-95% LVR $500k: 30 basis point decrease to 6.44% p.a. (6.49% p.a. comparison rate*)
  • Straightforward Plus P&I 90-95% LVR $150-500k: 30 basis point decrease to 6.54% p.a. (6.59% p.a. comparison rate*)
  • Straightforward Plus Investment P&I ≤80% LVR $500k+: 10 basis point increase to 6.14% p.a. (6.19% p.a. comparison rate*)
  • Straightforward Plus Investment P&I 80%-90% LVR $500k+: 5 basis point increase to 6.69% p.a. (6.74% p.a. comparison rate*)

While changes to MOVE Bank’s fixed rate offerings included:

  • Complete Package Fixed P&I 2 years ≤95% LVR: 20 basis point increase to 6.24% p.a. (6.99% p.a. comparison rate*)
  • Complete Package Fixed P&I 5 years ≤95% LVR: 20 basis point increase to 6.64% p.a. (7.05% p.a. comparison rate*)
  • Complete Package Fixed Investment P&I 1 year ≤90% LVR: 20 basis point increase to 6.24% p.a. (7.56% p.a. comparison rate*)
  • Complete Package Fixed Investment 3 years ≤90% LVR: 20 basis point increase to 6.44% p.a. (7.41% p.a. comparison rate*)

MyState Bank drops fixed interest rates by up to 20 basis points

Finally, MyState dropped rates on many of its fixed interest home loan products this week.

Highlights include:

  • Residential Fixed IO 2 years ≤80% LVR: 20 basis point decrease to 6.99% p.a. (7.99% p.a. comparison rate*)
  • Residential Fixed IO 3 years ≤80% LVR: 10 basis point decrease to 7.39% p.a. (8% p.a. comparison rate*)
  • Residential Fixed P&I 2 years 70-80% LVR: 20 basis point decrease to 6.19% p.a. (7.82% p.a. comparison rate*)
  • Residential Fixed P&I 2 years 80-90% LVR: 20 basis point decrease to 6.79% p.a. (7.94% 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 LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
 Featured Apply In Minutes
  • 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.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
 Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
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.

Image by Francesca Tosolini on Unsplash



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