ING home loan rate changes
ING hiked rates on some high loan-to-value ratio (LVR) home loans, including the Mortgage Simplifier and Orange Advantage variable owner occupier loans by 11 basis points.
These home loan rates now stand at 3.00% p.a. (3.03% p.a. comparison rate*), and 3.05% p.a. (3.39% p.a. comparison rate*), respectively.
This is for borrowers paying principal and interest (P&I) with up to 95% LVR.
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 |
It's important to note that ING also cut rates on a wide variety of products by up to 80 basis points.
However, the most substantial cuts were to fixed investment loans.
For example, the investor loan fixed for 5 years paying P&I was cut by 80 basis points down to 2.64% p.a. (3.93% p.a. comparison rate*).
Adelaide Bank home loan rate changes
Earlier in the week Adelaide Bank also hiked some fixed owner occupier loans by up to 15 basis points.
This affects both the 'SmartFix' and 'SmartSaver' product lines, fixed by between one and three years.
For example, the SmartFix P&I 3 Year rate is now 2.20% p.a. (2.83% p.a. comparison rate*), while the SmartSaver P&I 3 Year rate is also 2.20% p.a. (2.64% p.a. comparison rate*).
Where did the cuts happen?
In the past week, a few lenders did manage to cut a few home loan interest rates.
HSBC cut a few loans by up to 20 basis points, including the Investment 'Home Value' loan paying P&I with 80% LVR down to 2.69% p.a. (2.70% p.a. comparison rate*).
The equivalent 'Home Value' loan for owner occupiers up to 90% LVR was also cut by 10 basis points to 2.54% p.a. (2.55% p.a. comparison rate*).
These are promotional rates and could end at any time.
Community First Credit Union also cut a couple of fixed home loans by 71 basis points.
The 'Honeymoon' owner occupier product fixed for 1 year is now down to 2.44% p.a. (3.78% p.a. comparison rate*) when paying P&I.
The equivalent loan for investors was also cut by 71 basis points, down to 2.74% p.a. (4.08% p.a. comparison rate*).
MOVE Bank also cut some home loan rates by up to 40 basis points.
The 'Complete Package' for owner occupiers fixed for 3 years paying P&I is down to 2.09% p.a. (3.02% p.a. comparison rate*).
The equivalent loan for investors was cut by 30 basis points down to 2.39% p.a. (3.52% p.a. comparison rate*)
Northern Inland Credit Union also introduced a home loan under 2% for investors - sub-2% home loans for investors are rare compared to what's available in the owner occupier space.