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*)
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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 | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 5.95% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
