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:
Summerland Credit Union
The Northern Rivers-based credit union raised rates on a range of fixed home loans, including these highlights:
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
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:
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*).
Advertising
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.
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Lender |
Rate type | Gap | Redraw | Ongoing charges | The initial costs | LVR | Lump sum reimbursement | Additional refunds | Pre-approval | ||||
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Variable | More details | |||||||||||
| FEATUREDLIMITED TIME OFFER | |||||||||||||
Smart Booster Home Loan Discounted Variable – 2 years (LVR
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Variable | More details | |||||||||||
| FEATUREDZERO APPLICATION FEESCOMPENSATION WITHOUT COST | |||||||||||||
Homeowner Accelerates – Celebrate (LVR
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Fixed | More details | |||||||||||
| FEATUREDUSE AN INDUSTRY-LEADING APP TO HELP YOU PAY OFF YOUR LOAN EARLIER | |||||||||||||
Fixed mortgage 1 year (capital and interest) (LVR
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Variable | More details | |||||||||||
| FEATUREDREFINANCING IN MINUTES, NOT WEEKS | |||||||||||||
Nano Home Loans Owner Occupied Variable, Principal & Interest (Refinance Only)
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- 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
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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au 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.
