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

author-avatar By
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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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
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • Refinance only. Fast online application
  • No Nano fees. Free 100% offset sub account
  • Mobile app, Visa debit card & instant payments
VariableMore details
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of November 27, 2021. 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 click through onto the web site links.

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author-avatar
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 is passionate about breaking down complex financial topics for the everyday consumer.

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