The biggest cuts seen in the market over the past week were by up to 80 basis points (0.80%).

CommBank has closed out the week by slashing a number of variable home loan rates for owner occupiers and investors across both principal and interest (P&I) and interest-only (IO) loan options.

The decision to cut variable rates by up to 80 basis points comes as ABS lending data for July revealed the value of home loan commitments for new owner-occupiers fell 7.0%, while new investor loan commitments fell 11.2%. 

For owner occupiers, key decreases across CommBank's variable home loan portfolio include:

  • Extra P&I <70%: 10 basis point decrease to 3.69% p.a. (3.70% p.a. comparison rate*)
  • Extra P&I 80-95%: 10 basis point decrease to 4.64% p.a. (4.65% p.a. comparison rate*)

For investors, key decreases include:

  • Investment Extra P&I <70%: 10 basis point decrease to 3.99% p.a. (4.00% p.a. comparison rate*)
  • Investment Extra P&I 80-90%: 80 basis point decrease to 4.49% p.a. (4.50% p.a. comparison rate*)
  • Investment Extra IO 80-90%: 80 basis point decrease to 5.05% p.a. (4.73% p.a. comparison rate*)

NAB cuts variable home loan rates by up to 0.30% p.a.

Cutting variable rates earlier this week, NAB's decrease applies to three 'Base' variable rate home loans with a loan-to-value ratio (LVR) of 80%. 

The major bank's decreases include: 

  • Base Variable Rate P&I Special Offer <80%: 20 basis point decrease to 3.74% p.a.
  • Investment Base Variable Rate P&I Special Offer <80%: 30 basis point decrease to 4.24% p.a.
  • Investment Base Variable Rate IO Special Offer <80%: 5 basis point decrease to 4.69% p.a. 

Around the grounds

Bankwest cuts variable home loan rates by up to 0.20% p.a. 

Following the majors lead, Bankwest has cut variable rates this week by up to 20 basis points.

Changes to Bankwest variable rate home loans apply to those with an LVR of either 70% or 80%. 

Highlights of these changes include:

  • Premium Select Home Loan OO P&I 80%: 10 basis point decrease to 3.69% p.a. (3.71% p.a. comparison rate*)
  • Complete Home Loan Variable Owner Occupied 80% 750k+: 10 basis point decrease to 3.69% p.a. (3.71% p.a. comparison rate*)
  • Premium Select Home Loan Investment P&I 80% $20k+: 20 basis point decrease to 3.99% p.a. (4.01% p.a. comparison rate*)
  • Complete Variable Home Loan Investment 750k+ 80%: 15 basis point decrease to 3.99% p.a. (4.01% p.a. comparison rate*)

Australian Mutual Bank lifts variable home loan rates by 0.90% p.a.

The mutual bank has increased variable home loan rates by up to 90 basis points over the past week.

Increases to Australian Mutual Bank's home loan portfolio apply to variable rate loans with a LVR of 95%. 

Key changes include:

  • Basic Variable Home Loan: 90 basis point increase to 3.94% p.a. (4.01% p.a. comparison rate*)
  • Standard Variable: 90 basis point increase to 4.19% p.a. (4.26% p.a. comparison rate*)
  • First Home Buyer Loan Basic Variable: 90 basis point increase to 3.94% p.a. (3.97% p.a. comparison rate*)
  • First Home Buyer Loan Standard Variable: 90 basis point increase to 4.19% p.a. (4.22% p.a. comparison rate*)
  • Investment Variable: 90 basis point increase to 4.69% p.a. (4.76% p.a. comparison rate*)

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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
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.

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