The ME home loans to get the biggest haircut were interest only (IO) investor home loans, including:

  • Inv Flexible Fixed 4 Years IO: 50 basis point cut to 3.34% p.a. (4.50% p.a. comparison rate*)
  • Inv Flexible Fixed 5 Years IO: 50 basis point cut to 3.34% p.a. (4.38% p.a. comparison rate*)
  • Member Package Inv Flexible Fixed 4 Years IO: 50 basis point cut to 3.19% p.a. (3.69% p.a. comparison rate*)
  • Member Package Inv Flexible Fixed 5 Years IO: 50 basis point cut to 3.19% p.a. (3.68% p.a. comparison rate*)

These rates apply to borrowers with a maximum loan-to-value ratio (LVR) of 80%, meaning borrowers either need at least a 20% deposit, or the equivalent of 20% equity in the home.

All of ME Bank's cuts in the past week were to investor loans, with other cuts by between 29 and 40 basis points.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Rates
Features
Fees
Other
Lender
VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
VariableMore details
Refinance OnlyApply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000

More details
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 11, 2023. View disclaimer.

Other notable ME home loans to get a cut in the past week include:

  • Inv Flexible Fixed 1 Year P&I: 40 basis point cut to 2.64% p.a. (4.86% p.a. comparison rate*)
  • Inv Flexible Fixed 3 Year P&I: 40 basis point cut to 2.64% p.a. (4.45% p.a. comparison rate*)
  • Member Package Inv Flexible 1 Year Fixed P&I: 40 basis point cut to 2.49% p.a. (3.65% p.a. comparison rate*)
  • Member Package Inv Flexible 3 Year Fixed P&I: 40 basis point cut to 2.49% p.a. (3.52% p.a. comparison rate*)

Elsewhere, Credit Union SA also made a couple of changes to its home loans, including:

  • Discounted Variable Rate 'Special Offer': 25 basis point cut to 2.34% p.a. (2.78% p.a. comparison rate*)
  • Variable Package 'Special Offer': 25 basis point cut to 2.34% p.a. (2.36% p.a. comparison rate*)

The special offer requires minimum borrowings of $150,000, and the 'special offer' could expire at any time.

Photo by Shelia Regita Pasaribu on Unsplash



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