It was a quiet week for rate changes, with Hume Bank and Adelaide Bank some of the only lenders to cut home loan rates.

Adelaide Bank made cuts by up to 24 basis points on some interest-only (IO) variable products:

  • Inv SmartSaver IO 80%: Down to 2.99% p.a. (2.71% p.a. comparison rate*)
  • SmartSaver IO 80%: Down to 2.99% p.a. (2.90% p.a. comparison rate*)

Meanwhile, Hume Bank cut a wide variety of home loans by up to 20 basis points, including the residential loan, fixed for two years paying principal & interest (P&I).

That loan is down to 2.19% p.a. (3.51% p.a. comparison rate*).

Some other notable rate changes from Hume Bank included:

  • Residential Fixed P&I 3 Years: Cut by 10 basis points to 2.19% p.a. (3.39% p.a. comparison rate*)
  • Investment Fixed P&I 1 Year: Cut by 10 basis points to 2.49% p.a. (4.12% p.a. comparison rate*)
  • Investment Flexi Low Rate 70% 'Special Offer': Cut by 10 basis points to 2.79% p.a. (2.79% p.a. comparison rate*)
  • Investment Fixed P&I 4 Years: Cut by 20 basis points to 2.99% p.a. (3.87% p.a. comparison rate*)

Hume Bank also has two home loans under 2%.

For owner-occupiers who have a 70% LVR (i.e. a 30% deposit), the two-year fixed rate is 1.99% p.a. (3.48% p.a. comparison rate*).

In addition, Hume Bank is distinct in that it is one of the only lenders to have a construction 'HomeBuilder' loan under 2% p.a.

That loan is 1.99% p.a. (3.34% p.a. comparison rate*).

However, the loan is subject to strict location guidelines - borrowers must be within a 150km radius of the Albury Post Office in NSW. 

Construction contracts must also be finalised before 31 December.

Photo by RealKina on Unsplash



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