Westpac and NAB continue to hike fixed home loan rates

Two of the big-four took the reins this week increasing fixed home loan rates, while Great Southern Bank increased both fixed and variable rates.

For the seventh time this year, Westpac increased fixed home loan rates by up to 80 basis points with its subsidiaries in St George, Bank of Melbourne and Bank SA also increasing.

Westpac continues to hold top-spot amongst the big-four with the highest number of fixed rate home loan increases to date in 2022. 

Westpac’s increase applies to principal and interest (P&I) and interest-only (IO) loans across Fixed, Investment and Premier Advantage products.

Key changes across Westpac’s home loan portfolio for owner-occupiers included:

• Fixed Options P&I 1 Year 70%: 80 basis point increase to 3.89% p.a. (4.88% p.a. comparison rate*)
• Fixed Options P&I 3 Years 95%: 50 basis point increase to 4.99% p.a. (5.01% p.a. comparison rate*)
• Premier Advantage Fixed Options P&I 5 Years 95% 150k+: 30 basis point increase to 4.99% p.a. (4.54% p.a. comparison rate*)
• Premier Advantage Fixed Options IO 5 Years 70% 150k+: 40 basis point increase to 5.49% p.a. (5.03% p.a. comparison rate*)

For investors, some key increases included:

• Investment Fixed P&I 1 Year 70%: 70 basis point increase to 3.99% p.a. (5.38% p.a. comparison rate*)
• Investment Fixed P&I 3 Years 80%: 40 basis point increase to 5.09% p.a. (5.44% p.a. comparison rate*)
• Premier Advantage Investment Fixed P&I 5 Years 70%: 20 basis point increase to 4.99% p.a. (4.79% p.a. comparison rate*)
• Premier Advantage Investment Fixed IO 5 Years 70%: 20 basis point increase to 5.29% p.a. (5.07% p.a. comparison rate*)

Read more: Which lenders offer three-year fixed rate home loans

NAB

NAB has increased fixed home loan rates for owner occupiers and investors by up to 90 basis points. 

These increases apply across a number of products including Tailored, Investment and Choice Package.

Highlights of fixed rate increases for owner occupiers across NAB's home loan portfolio included:

• Tailored Fixed P&I 1 Year 95%: 60 basis point increase to 3.69% p.a. (4.80% p.a. comparison rate*)
• Tailored Fixed P&I 3 Years 95%: 50 basis point increase to 5.09% p.a. (4.99% p.a. comparison rate*)
• Tailored Fixed IO 1 Year 95%: 80 basis point increase to 4.99% p.a. (5.09% p.a. comparison rate*)
• Tailored Fixed IO 3 Years 95%: 35 basis point increase to 5.44% p.a. (5.15% p.a. comparison rate*)

For investors, some key increases included:

• Investment Tailored Fixed P&I 1 Year 90%: 90 basis point increase to 4.19% p.a. (5.38% p.a. comparison rate*)
• Investment Tailored Fixed IO 1 Year 90%: 40 basis point increase to 4.29% p.a. (5.49% p.a. comparison rate*)
• Choice Package Investment Tailored Fixed - P&I 1 Year 150k+: 90 basis point increase to 4.09% p.a. (5.09% p.a. comparison rate*)

Around the grounds

ING

ING has increased fixed home loan rates for owner occupiers and investors by up to 80 basis points. 

Key changes across ING's home loan portfolio for owner-occupiers included:

• Residential Fixed 1 Year 80-90%: 80 basis point increase to 4.19% p.a. (2.66% p.a. comparison rate*)
• Residential Fixed 3 Years 80-90%: 50 basis point increase to 5.19% p.a. (3.20% p.a. comparison rate*)
• Orange Advantage Residential Fixed 1 Year ≤ 80%: 80 basis point increase to 3.99% p.a. (2.83% p.a. comparison rate*)
• Orange Advantage Residential Fixed 3 Years 90-95%: 50 basis point increase to 5.54% p.a. (3.65% p.a. comparison rate*)

Key changes across ING's home loan portfolio for investors included:

• Investment Fixed P&I 1 Year 80%: 80 basis point increase to 4.29% p.a. (3.04% p.a. comparison rate*)
• Investment Fixed IO 1 Year 80%: 80 basis point increase to 4.49% p.a. (3.15% p.a. comparison rate*)

Great Southern Bank

Great Southern Bank took an alternative route to the big four, increasing both fixed and variable rate home loans for owner occupiers and investors.

The mutual bank follows the lead of ANZ, which previously increased variable home loan rates for investors out of lockstep with the RBA earlier this week. 

Variable rate increases were significantly smaller than fixed rate increases, rising up to 10 basis points compared to 125 basis points for fixed rates.

Highlights of variable rate increases included:

• Basic Variable P&I 70-80%: 5 basis point increase to 2.49% p.a. (2.54% p.a. comparison rate*)
• Investment Basic Variable IO 70-80%: 5 basis point increase to 2.94% p.a. (2.87% p.a. comparison rate*)
• Offset Construction Variable 70-80%: 10 basis point increase to 3.24% p.a. (2.80% p.a. comparison rate*)
• Investment Offset Construction Variable 70-80%: 10 basis point increase to 3.69% p.a. (3.29% p.a. comparison rate*)

Key fixed rate increases across Great Southern Bank's home loan portfolio included:

• Fixed P&I 1 Year 95%: 125 basis point increase to 4.84% p.a. (4.13% p.a. comparison rate*)
• Fixed IO 1 Year 90%: 125 basis point increase to 5.34% p.a. (4.18% p.a. comparison rate*)
• Investment Fixed P&I 3 Years 90%: 70 basis point increase to 5.39% p.a. (4.74% p.a. comparison rate*)
• Investment Fixed IO 3 Years 90%: 70 basis point increase to 5.44% p.a. (4.76% p.a. comparison rate*)

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