The home loan with the biggest rate cut was the basic variable product for owner occupiers, paying interest-only, with a 60% loan-to-value ratio.
It was cut by 30 basis points down to 2.59% p.a. (2.59% p.a. comparison rate*).
All up there were about 30 individual rate changes, but a handful of other cuts included:
- Basic Variable Owner Occ P&I 60%: 15 basis point cut to 2.14% p.a. (2.14% p.a. comparison rate*)
- Basic Variable Owner Occ P&I 80%: 15 basis point cut to 2.24% p.a. (2.24% p.a. comparison rate*)
- Basic Variable Inv P&I 60%: 10 basis point cut to 2.29% p.a. (2.29% p.a. comparison rate*)
- Basic Variable Inv P&I 80%: 10 basis point cut to 2.49% p.a. (2.49% p.a. comparison rate*)
A noteworthy feature of these home loans is that the comparison rates are the same as the advertised rates - this implies there are little to no extra fees or other costs associated with the home loan.
Elsewhere, it was a pretty quiet week on the home loan front, particularly for rate cuts.
BankVic introduced a new 2 year introductory variable home loan for owner occupiers.
The rate is 1.95% p.a. (2.92% p.a. comparison rate*).
Newcastle Permanent slashed its 'Real Deal' home loan as a special offer for owner occupiers with 80% LVR paying P&I.
The rate is 10 basis points lower, now 2.49% p.a. (2.53% p.a. comparison rate*).
Meanwhile, Heritage Bank increased rates on a handful of products by 10 basis points. Some included:
- Residential Fixed 3 Years: Now 2.29% p.a. (4.07% p.a. comparison rate*)
- Residential Fixed 5 Years: Now 2.69% p.a. (3.91% p.a. comparison rate*)
- Investment Fixed 3 Years: Now 2.49% p.a. (4.51% p.a. comparison rate*)
- Investment Fixed 5 Years: Now 2.99% p.a. (4.35% p.a. comparison rate*)
Heritage's fixed home loans are for borrowers with up to 90% LVR.
The reason for the gulf between the advertised rate and comparison rate is because of a $600 application fee, and an $8 per month loan service fee, while the revert rate may also factor.
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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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.16% p.a. | $2,319 | Principal & Interest | Fixed | $0 | $530 | 90% | Featured |
| Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Apply in minutes |
| Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $2,421 | Principal & Interest | Variable | $0 | $250 | 60% | Featured |
| Disclosure |
Photo by VirtualWolf on Unsplash
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