On Wednesday Westpac increased interest rates on fixed home loans by as much as 30 basis points.
The fixed rate rise continues as many lenders continue hiking fixed interest rates while cutting variable interest rates on mortgages.
Noteworthy increases include:
- Fixed Options P&I 3 yrs 70%: Rose 30 basis points to 3.09% (comparison rate 4.26%)
- Fixed Options P&I 5 yrs 70%: Rose 30 basis points to 3.59% (comparison rate 4.26%)
- Investment Fixed P&I 3 yrs 70%: Rose 25 basis points to 3.34% (comparison rate 4.72%)
These increased rates apply to new lending with a maximum loan-to-value ratio of 70% for owner occupiers.
At the start of the year the three year fixed rate for owner occupiers was 2.29% p.a. (4.12% p.a. comparison rate*).
Westpac isn't the only bank to hike interest rates recently, with Suncorp and ME Bank increasing fixed interest rates by up to 62 basis points last month.
The big four banks also tend to move in unison, with NAB, ANZ and CommBank making similar changes just over a week ago.
These also follow multiple rate hikes over September through November.
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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 Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
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Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
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| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEES | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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- 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%
Rates correct as of January 17, 2022. View disclaimer.
Image by Mathias Jensen via Unsplash
