Which banks and lenders altered home loan rates this week?
It seems lenders are cooling their heels, perhaps taking in the latest economic data released through the week.
No doubt the Reserve Bank of Australia is doing the same in the run-up to its next board meeting on 17-18 June.
The latest quarterly national accounts data showed household savings are at their lowest rate for 17 years, just before the Global Financial Crisis struck in 2007.
The data comes amid stubborn inflation that's continued to climb over its last three monthly readings.
In case we'd forgotten, RBA governor Michele Bullock reiterated to a Senate estimates committee this week that the cash rate would not be going down until inflation was coming down.
So, while a cut in the official cash rate may not be on the cards this month, a few smaller lenders have fine-tuned their home loan offerings.
IMB Bank tweaks rates
The customer-owned bank hailing from the Illawarra, south of Sydney, has made some minor adjustments to variable and fixed rates this week.
Its Essentials Home Loan has ticked up five basis points to a variable rate of 6.24% p.a. (6.35% comparison rate*) for principal and interest (P&I) repayments and ≤80% loan-to-value ratio (LVR).
But IMB cut the rates on a range of its investment loans.
Its Budget Home Loan for new investment loans with P&I repayments and ≤80% LVR is now 6.29% p.a. (6.35% p.a. comparison rate*), dropping five basis points.
Its three-year fixed investment loan fell 10 basis points to 6.19% p.a. (6.78% comparison rate*).
Bank First ups rates on lower deposit loans
The Victorian mutual bank dialled up the interest rates on a range of its 80->90% LVR variable home loans by between 10-15 basis points.
Bank First's Basic Variable owner occupier P&I 80-90% loan at now at 6.49% p.a. (6.52% comparison rate*) - a 10 basis point jump.
The interest rate climbs to 6.99% p.a. for >90% LVR (7.02% p.a. comparison rate*), up 15 basis points.
MyState increases
While not a customer-owned bank, the Tasmanian-based MyState lifted its Basic Variable Home Loan rate to 6.19% p.a. (6.22% p.a. comparison rate*) for 70-80% LVR loans, a five-basis point hike.
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.
| Lender | Home Loan | Interest 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 | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
