ANZ cuts variable rates, Westpac offers fixed rate increases for home loans


On Thursday, ANZ cut a floating interest rate, while on Friday Westpac raised rates.

ANZ has cut the rate on its ‘Simplicity Plus’ variable homeowner’s loan, paying principal and interest with up to 80% LVR.

It was lowered by 10 basis points to 2.29% pa (2.33% pa ​​comparison rate*).

ANZ did, however, raise interest rates on a few variable investment mortgages by 10 to 20 basis points.

Meanwhile, Westpac has raised interest rates on a range of fixed home loans.

Everything fixed between one and five years, packaged and unpackaged, investor and owner occupier, on a variety of LVRs have been subject to a rate increase.

Some highlights included:

  • 70% 3-year P&I fixed options: Up 15 basis points to 3.24% pa (4.30% pa comparison rate*)
  • 4-year 70% P&I fixed options: Up 15 basis points to 3.54% pa (comparative rate of 4.30% pa*)
  • Investment P&I fixed 3 years 70%: Up 10 basis points to 3.44% pa (comparative rate of 4.74% pa*)
  • Fixed P&I investment 4 years 70%: Up 10 basis points to 3.74% pa (comparative rate of 4.73% pa*)

Other home loans were increased by 5 to 20 basis points, and numerous rate increases were also applied to Westpac subsidiaries, including St George, BankSA and Bank of Melbourne.

At some point in 2020, Westpac’s four-year fixed rate home loans for homeowners started with a 1.

Since January 2021, there have now been 145 basis points of increases in Westpac’s four-year fixed home loans.

In the case of Westpac’s four-year fixed option home loan for homeowners, 145 basis points on a $400,000 home loan with a 30-year term adds $308 in additional interest paid per month.

Westpac economists also forecast a 15 basis point RBA rate hike in August 2022 and a suspension of its bond-buying program in February.

Around the field

Again, it was a story of smaller institutional clients raising mortgage rates over the past week.

Qudos Bank

Qudos Bank raised a range of home loan rates, set between one and five years for homeowners and investors, by 10 to 30 basis points.

Some highlights included:

  • OO 1 year P&I fixed 80%: Up 10 basis points to 1.89% pa (comparative rate of 2.44% pa*)
  • OO 3 years P&I fixed 80%: Up 30 basis points to 2.79% pa (comparative rate of 2.56% pa*)
  • Inv 1 year P&I fixed 80%: Up 10 basis points to 2.69% pa (comparative rate of 3.01% pa*)
  • Inv 3 years P&I fixed 80%: Up 30 basis points to 3.29% pa (comparative rate of 3.10% pa*)

Summerland Credit Union

The Northern Rivers-based credit union raised rates on a range of fixed home loans, including these highlights:

  • Fixed standard 1 year: Up 30 basis points to 2.29% pa (comparative rate of 4.46% pa*)
  • Fixed standard 3 years: Up 30 basis points to 3.04% pa (comparative rate of 4.29% pa*)
  • Inv Standard Fixed 1 year: Up 30 basis points to 2.79% pa (comparative rate of 4.93% pa*)
  • Inv Standard Fixed 3 years: Up 30 basis points to 3.39% pa (comparative rate of 4.72% pa*)

Summerland also cut its owner-occupied variable mortgage, up to 80% LVR, by 20 basis points – it now stands at 2.29% per annum (

Gateway bank

In addition to its rate increases last week, Gateway Bank made a few changes this week for homeowners, including:
  • 80% variable bonus: Up 25 basis points to 2.39% pa (comparative rate of 2.73% pa*)
  • Green real estate loan: Up 25 basis points to 2.24% pa (comparative rate of 2.59% pa*)
  • Green Plus home loan: Up 25 basis points to 2.14% pa (comparative rate of 2.49% pa*)
  • Low Flow Essentials 80% 250,000+: Up 25 basis points to 2.29% pa (comparative rate of 2.32% pa*)

National Bank of Queensland

The QCB has had its ups and downs like a fiddler’s elbow with its rate changes, bucking the trend and lowering some fixed rates.

Some fixed rate cuts included:

  • I/O over 1 year > 80%: Decrease of 20 basis points to 3.24% per year (comparative rate of 4.84% per year*)
  • P&I over 1 year > 80%: Decline of 5 basis points to 3.04% per year (comparative rate of 4.51% per year*)

Various other fixed home loans were cut by up to 20 basis points, while others were increased by up to 20 basis points.

QCB also cut the interest rate on its Ultimate home loan by 90 basis points only paying up to 80% LVR.

It is now 2.59% per year (comparative rate of 2.98% per year*).


Are you buying a house or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.


Rate type Gap Redraw Ongoing charges The initial costs LVR Lump sum reimbursement Additional refunds Pre-approval

Variable More details

Smart Booster Home Loan Discounted Variable – 2 years (LVR
  • Fast turnaround times, can meet 30 day settlement
  • For purchase and refinancing, down payment min 20%
  • No ongoing or monthly fees, add 0.10% compensation

Variable More details

Homeowner Accelerates – Celebrate (LVR
  • We lower your rate based on the amount you have repaid on your loan
  • Automatic Fare Matching
  • No upfront or ongoing fees

Fixed More details

Fixed mortgage 1 year (capital and interest) (LVR
  • Make up to $20,000 in additional repayments per fixed term
  • Redraw available – allows you to access any additional loan repayments you have made
  • Choose to lock rates for 90 days (fees apply)

Variable More details

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

  • No application or ongoing fees.
  • 100% free clearing sub-account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Photo by John Fornander on Unsplash

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website.,, and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.


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