These increases come a day after NAB increased rates on fixed home loans.
One ING home loan was increased by 50 basis points - 0.50% or half a percentage point - and that went to the investment five year fixed loan paying principal & interest (P&I).
It is now 3.59% p.a. (4.31% p.a. comparison rate*).
A range of other home loan rates fixed between two and five years were also increased.
Some notable changes for owner occupiers included:
- Residential Fixed 2 Years 80%: 30 basis point increase to 2.59% p.a. (3.86% p.a. comparison rate*)
- Residential Fixed 3 Years 80%: 30 basis point increase to 2.99% p.a. (3.84% p.a. comparison rate*)
- Residential Fixed 4 Years 80%: 40 basis point increase to 3.29% p.a. (3.85% p.a. comparison rate*)
- Residential Fixed 5 Years 80%: 40 basis point increase to 3.49% p.a. (3.88% p.a. comparison rate*)
In September 2020, the four-year rate was as low as 2.09% p.a. (3.46% p.a. comparison rate*).
A 120 basis point difference on a $400,000 30-year home loan equates to $253 a month in extra interest paid.
And for investors:
- Investment Fixed 2 Years: 20 basis point increase to 2.69% p.a. (4.42% p.a. comparison rate*)
- Investment Fixed 3 Years: 40 basis point increase to 3.09% p.a. (4.35% p.a. comparison rate*)
- Investment Fixed 4 Years: 40 basis point increase to 3.39% p.a. (4.33% p.a. comparison rate*)
One notable feature of the latest spate of rate hikes is that one-year fixed-rate home loans were often left untouched or even reduced.
BCU increases
The Coffs Coast credit union increased rates on fixed-rate home loans, albeit at subtler increments.
Some noteworthy changes included:
- Residential Fixed P&I 3 Years: 10 basis point increase to 2.39% p.a. (3.63% p.a. comparison rate*)
- Residential Fixed P&I 5 Years: 15 basis point increase to 2.99% p.a. (3.63% p.a. comparison rate*)
Various investment home loans were also increased by similar increments.
IMB changes
While IMB increased rates on a few fixed-rate home loans, it also decreased rates on variable ones.
'Budget' and 'Essentials' variable-rate home loans for owner occupiers were decreased by 4 to 5 basis points.
Meanwhile, a couple of increases included:
- Investment Fixed P&I 3 Years: 19 basis point increase to 2.54% p.a. (3.37% p.a. comparison rate*)
- Investment Fixed P&I 5 Years: 19 basis point increase to 3.18% p.a. (3.49% p.a. comparison rate*)
These investment home loans have a maximum LVR of 90%
86 400 cuts
86 400 focused solely on rate cuts this week, namely to variable-rate investment home loans.
Home loans were decreased by between 15 and 25 basis points, and a couple of changes included:
- Own Home Loan P&I 80%: 20 basis point cut to 2.59% p.a. (2.87% p.a. comparison rate*)
- Neat Home Loan P&I 80%: 25 basis point cut to 2.34% p.a. (2.35% p.a. comparisonrate*)
The main point of difference between the 'Own' and 'Neat' products is that Own home loans come with an offset account.
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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.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure |
Photo by Laure Noverraz on Unsplash
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