ANZ, NAB, and Westpac all increased fixed home loan rates in the past week, too.

This is the second time in three weeks Westpac increased rates - similar increases also applied to its subsidiaries St George, BankSA, and Bank of Melbourne.

A few variable loan rates from the majors were decreased, however, and this is also a growing theme among smaller lenders.

You'll also notice something a bit funny - usually comparison rates are higher than advertised rates, but many roll-over rates on fixed loans are now lower, which means comparison rates are pushed down too.

See Also: Is it too late to fix your home loan?

Tic:Toc

The online lender made a wide variety of changes to its fixed home loans for both owner occupiers and investors. Some highlights included:

  • Live-In Fixed P&I 3 Years: 20 basis point increase to 2.79% p.a. (2.12% p.a. comparison rate*)
  • Live-In Fixed P&I 5 Years: 25 basis point increase to 3.49% p.a. (2.52% p.a. comparison rate*)
  • Investor Fixed P&I 3 Years: 30 basis point increase to 2.90% p.a. (2.86% p.a. comparison rate*)
  • Investor Fixed P&I 5 Years: 30 basis point increase to 3.54% p.a. (3.13% p.a. comparison rate*)

The comparison rate is much lower than the advertised rate in large part because of the variable roll-over rates that apply when the fixed period ends.

At present for owner occupiers the roll-over rate is 1.89% p.a. while it's 2.84% p.a. for investors.

Suncorp

Suncorp made a wide variety of cuts to variable rates, while increasing fixed rates only modestly by between 5 and 13 basis points.

Some variable rate decreases included:

  • Back to Basics Better Together P&I 90%: 25 basis point cut to 2.29% p.a. (2.30% p.a. comparison rate*)
  • Home Package Plus First Home Buyer P&I 95%: 25 basis point cut to 2.44% p.a. (2.87% p.a. comparison rate*)
  • Investment Back to Basics P&I 70%: 10 basis point cut to 2.19% p.a. (2.20% p.a. comparison rate*)

Citi

Citi varied a few home loan rates - variable down, and fixed up.

  • Basic Variable P&I 80% 350k+: 10 basis point cut to 1.99% p.a. (2.04% p.a. comparison rate*)
  • Mortgage Plus Fixed 3 Years P&I 80%: 20 basis point increase to 3.19% p.a. (2.92% p.a. comparison rate*)
  • Inv Fixed 3 Years P&I 80%: 20 basis point increase to 3.49% p.a. (3.25% p.a. comparison rate*)

Bankwest

The CBA-owned Perth-based outfit increased rates on fixed home loans by between 10 and 55 basis points. Some highlights included:

  • Owner Occupied Complete P&I 3 Years 80%: 50 basis point increase to 3.59% p.a. (3.59% p.a. comparison rate*)
  • Owner Occupied Complete P&I 5 Years 80%: 50 basis point increase to 3.89% p.a. (3.80% p.a. comparison rate*)
  • Investment Complete P&I 3 Years: 50 basis point increase to 3.69% p.a. (4.29% p.a. comparison rate*)
  • Investment Complete P&I 5 Years: 50 basis point increase to 3.99% p.a. (4.37% p.a. comparison rate*)

Bank of Queensland

BoQ did what others didn't - it increased variable rates. 

The Economy Variable P&I home loan with 70% LVR was increased by 15 basis points to 2.13% p.a. (2.30% p.a. comparison rate*).

The same loan for 80% LVR was also increased by the same margin, now sitting at 2.18% p.a. (2.35% p.a. comparison rate*).

The usual fixed rate increases also applied, with some highlights including:

  • Residential Fixed 3 Years 90%: 25 basis point increase to 3.44% p.a. (3.32% p.a. comparison rate*)
  • Residential Fixed 5 Years 90%: 45 basis point increase to 3.94% p.a. (3.58% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years: 25 basis point increase to 4.29% p.a. (3.68% p.a. comparison rate*)
  • Investment Fixed P&I 5 Years: 30 basis point increase to 4.39% p.a. (3.79% p.a. comparison rate*)

Advertisement

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.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
 Featured Apply 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.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
 Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
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 . View disclaimer.

Photo by Mudassir Ali from Pexels



Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy