After its big four compatriots NAB and ANZ announced some rate movements two weeks ago, Westpac has joined the cutting party.

Westpac's biggest cuts were to its 'Flexi First Option' home loan, as a special offer, from 15 to 24 basis points. The details are:

  • Flexi First Option P&I 70%: 24 basis point cut to 2.69% p.a. (2.70% p.a. comparison rate*)
  • Flexi First Option P&I 95%: 24 basis point cut to 2.79% p.a. (2.80% p.a. comparison rate*)
  • Investment Flexi First Option P&I 70%: 15 basis point cut to 3.09% p.a. (3.10% p.a. comparison rate*)
  • Investment Flexi First Option P&I 80%: 15 basis point cut to 3.19% p.a. (3.20% p.a. comparison rate*)

Westpac also made cuts to various 'Premier Advantage' fixed packaged home loans by up to 20 basis points.

Keep in mind special offers can be withdrawn at any time.

Market-wide, banks are edging ever closer to the elusive home loan that starts with a 1.

On Monday, HSBC cut its residential home loans fixed for two years paying principal and interest (P&I) down to 2.09% p.a (2.98% p.a. comparison rate*)

This represents a cut of 16 basis points.

Borrowers must have a maximum loan to value ratio (LVR) of 80% i.e. a 20% deposit.

Elsewhere, it was a fairly subdued week for home loan rate changes, with Bankwest and Bank Australia being two other major players to cut.

Bankwest home loan rate changes

Bankwest made a couple of cuts to fixed home loans for owner occupiers paying P&I:

  • Complete Home Loan Fixed Rate 2 Years: 45 basis point cut to 2.24% p.a. (3.57% p.a. comparison rate*)
  • Fixed Rate 2 Years: 45 basis point cut to 2.44% p.a. (4.39% p.a. comparison rate*)

Bank Australia home loan rate changes

Bank Australia made quite a few cuts to home loans by 50 basis points for both owner occupiers and investors willing to fix for five years. Some key cuts are:

  • Basic Fixed 5 Years 70% LVR: Down to 2.84% p.a. (3.10% p.a. comparison rate*)
  • Residential Premium Package 5 Years 70-90% LVR: Down to 2.79% p.a. (3.38% p.a. comparison rate*)
  • Inv Basic Fixed 5 Years 80% LVR: Down to 3.14% p.a. (3.35% p.a. comparison rate*)

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Lender

VariableMore details
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase

loans.com.au – Variable Home Loan (LVR < 90%)

    VariableMore details
    Unlimited Redraws
    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    Unlimited Redraws

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    VariableMore details

    ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

      Important Information and Comparison Rate Warning

      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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 December 11, 2023. View disclaimer.





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