All up, 14 individual home loan rates were cut, with some of the more noteworthy ones being:

  • Orange Advantage 150-499k: 60 basis point cut to 2.99% p.a. (3.33% p.a. comparison rate*)
  • Mortgage Simplifier 150-499k: 60 basis point cut to 2.94% p.a. (2.96% p.a. comparison rate*)
  • Inv Orange Advantage 150-499k: 15 basis point cut to 2.94% p.a. (3.28% p.a. comparison rate*)
  • Inv Mortgage Simplifier 150-499k: 15 basis point cut to 2.89% p.a. (2.91% p.a. comparison rate*)

The main difference between the two product lines is that the Orange Advantage has a 100% offset account. 

The maximum loan-to-value ratio (LVR) across these home loans is 80%, meaning borrowers must have at least a 20% deposit.

These cuts follow NAB's fixed rate increases on Wednesday - at least the third time this year it has raised rates.

On Thursday, Gateway Bank also made a few changes to variable and fixed rate home loans. 

It decreased a number of investment loan rates for borrowers paying interest-only. Some noteworthy changes were:

  • Premium Inv Variable 80% 150k+: 43 basis point cut to 2.79% p.a. (3.12% p.a. comparison rate*)
  • Inv Low Rate Essentials IO: 43 basis point cut to 2.75% p.a. (2.78% p.a. comparison rate*)
  • Premium Inv Fixed 1 Year: 14 basis point cut to 2.95% p.a. (5.02% p.a. comparison rate*)
  • Premium Inv Fixed 3 Years: 14 basis point cut to 3.05% p.a. (4.67% p.a. comparison rate*)

Part of the reason for the seemingly high comparison rate on the fixed loans is because the rate reverts to the Standard Variable IO home loan after the fixed period ends.

In this case, the Standard Variable IO rate is 5.61% p.a. (5.67% p.a. comparison rate*).

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