Westpac lifts fixed home loan rates for the fourth time this year

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on October 19, 2021
Westpac lifts fixed home loan rates for the fourth time this year

On Tuesday Westpac made slight increases to its home loan interest rates fixed for between two and five years.

Fixed interest rates were increased by 10 basis points (0.10%), following increases in August, June, and April this year, while Westpac also cut variable rates in September.

Westpac's changes come after CommBank made similar moves on Friday.

A wide array of Westpac's fixed 'Fixed Options' and 'Premier Advantage' products for owner occupiers were increased. 

Some of the more noteworthy changes include:

  • Premier Advantage P&I 2 Years 70%: Now 1.99% p.a. (3.40% p.a. comparison rate*)
  • Premier Advantage P&I 3 Years 70%: Now 2.08% p.a. (3.33% p.a. comparison rate*)
  • Fixed Options P&I 2 Years 70%: Now 2.19% p.a. (3.40% p.a. comparison rate*)
  • Fixed Options P&I 3 Years 70%: Now 2.28% p.a. (4.05% p.a. comparison rate*)

These rates are for new lending only, and apply for borrowers with a minimum 30% deposit - or 70% loan-to-value ratio (LVR), though 95% LVR loans were also increased.

Greater Bank also lifts fixed home loan rates

Challenger brand Greater Bank has increased a wide variety of fixed home loan interest rates by between 15 and 35 basis points, for both owner occupiers and investors.

The standard three year fixed rate for owner occupiers was increased by 35 basis points to 2.34% p.a. (3.54% p.a. comparison rate*)

A couple of the more noteworthy changes include:

  • Ultimate Fixed 3 Years: 15 basis point increase to 2.14% p.a. (3.03% p.a. comparison rate*)
  • Inv Ultimate Fixed 3 Years: 15 basis point increase to 2.34% p.a. (3.87% p.a. comparison rate*)

These home loans are for borrowers paying principal & interest.


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Lender

Variable
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Variable
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100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

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  • Extra repayments + redraw services
Variable
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QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS

Variable Home Loan (Principal and Interest)

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Variable
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REFINANCE ONLY
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Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
NO ONGOING FEESFREE REDRAW FACILITY
  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.
NO ONGOING FEESFREE REDRAW FACILITY

Live-in Variable Loan (Principal and Interest) (LVR < 90%)

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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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 July 3, 2022. View disclaimer.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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