CBA and ING cut variable rates, regardless of new credit restrictions

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The movement in mortgage rates has remained a hot topic over the past week as some lenders – including Commonwealth Bank and ING – have lowered variable rates.

The changes came more than a week after the Australian Prudential Regulation Authority increased the service rate for mortgage loan applications.

Commonwealth Bank

Commonwealth Bank has reduced its variable rate offer on its homeowner and investor products.

Most notable was the 40 basis point drop for Homeowners under Extra Home Loans who borrow with an LVR below 70%.

Meanwhile, the CBA has raised some of its fixed rates for homeowners, especially those with fixed rate terms of two years and more.

Owner-occupant rates:

  • Additional P&I 80-95% – down from 14bps to 2.99% pa (3% pa ​​comparison rate)
  • Additional P&I 70-80% – down 30bp to 2.39% pa (comparison rate of 2.4% pa)
  • Additional P&I – down from 40bps to 2.29% pa (comparison rate of 2.3% pa)
  • Residential Fixed P&I 1 year – down 10bps to 2.14% pa (comparison rate of 4.47% pa)
  • P&I fixed residential 2 years – up 10bp to 2.24% pa (comparison rate of 4.28% pa)
  • Fixed residential P&I 3 years – up 10bps to 2.44% pa (comparison rate of 4.15% pa)
  • Fixed P&I Residential Wealth Package 1 year 150k + – down 10bps to 1.99% pa (comparison rate of 4.1% pa)
  • Fixed P&I Residential Wealth Package 2 years 150k + – up 10bps to 2.09% pa (comparison rate of 3.96% pa)
  • Fixed P&I Residential Wealth Package 3 years 150k + – up 10bps to 2.09% pa (comparison rate of 3.87% pa)

Rates for investors:

  • Inv Extra P&I – down from 23bps to 2.89% pa (comparison rate of 2.9% pa)
  • Inv Extra P&I 70-80% – down from 16bps to 2.99% pa (3% pa ​​comparison rate)
  • Fixed P&I investment 1 year – down 20bps to 2.64% pa (comparison rate of 5.03% pa)
  • Fixed P&I Investment Wealth Package 1 year 150k + – down 20bps to 2.49% (comparison rate of 4.66% per year)

ING

ING has made similar moves with its mortgage rates.

The lender lowered variable rates for investors and homeowners by up to 25 basis points.

On the other hand, ING has raised the fixed rates for owner-occupiers up to 20 basis points.

Variable prices:

  • Orange Advantage Variable PI 150-499k 80% – down 25bps to 2.29 pa (comparison rate of 2.64% pa)
  • Orange Advantage Variable PI 500-999k 80% – down 25bps to 2.29 pa (comparison rate of 2.64% pa)
  • PI 150-499k 80% Mortgage Simplifier – down 25bps to 2.24 pa (comparison rate of 2.27% pa)
  • PI 500-999k 80% Mortgage Simplifier – down 25bps to 2.24 pa (comparison rate of 2.27% pa)

Fixed rates:

  • Orange Advantage Residential Fixed 3 years ≤ 80% – up 20bps to 2.09 pa (comparison rate of 3.61% pa)
  • Orange Advantage Residential Fixed 4 years ≤ 80% – up 20bps to 2.54 pa (comparison rate of 3.61% pa)
  • Orange Advantage Residential Fixed 5 years ≤ 80% – up 20bps to 2.69 pa (comparison rate of 3.56% pa)
  • Residential Fixed 2 years ≤80% – up 5bps to 1.99 pa (comparison rate of 3.75% pa)
  • Residential Fixed 3 years ≤80% – up 20bps to 2.19 pa (comparison rate of 3.64% pa)
  • Residential Fixed 4 years ≤80% – up 20bps to 2.64 pa (comparison rate of 3.64% pa)
  • Residential Fixed 5 years ≤80% – up 20bps to 2.79 pa (comparison rate of 3.60% pa)

Rates for investors:

  • Inv Orange Variable Advantage PI 150-499k – down 25bps to 2.44% pa (comparison rate of 2.79% pa)
  • Inv Orange Variable Advantage PI 500k-1m – down 25bps to 2.44 pa (comparison rate of 2.79% pa)
  • Mortgage simplifier inv PI 150-499k – down 25bps to 2.39 pa (comparison rate of 2.42% pa)
  • Mortgage simplifier inv PI 500k + – down 25bps to 2.39 pa (comparison rate of 2.42% pa)

Australian military bank

The customer-owned Australian military bank cut its one-year fixed rate by 94 basis points while increasing its three-year fixed rate by 10 basis points. Here are the new prices for the two fixed rate products:

  • Fixed rate 1 year – down from 94bps to 1.95% pa (comparison rate of 4.46% pa)
  • 3-year fixed rate – up 10bps to 2.29% pa (comparison rate of 4.1% pa)

AMP Bank

Investors who would ask for variable rates under the AMP will benefit from lower variable rates as the lender has reduced mortgage costs for the Professional Package line of loans.

Here are the changes:

  • Professional package Variable P&I investment ≤80% 100-499k – down from 63bps to 2.49% pa (comparison rate of 2.91% pa)
  • Professional Package Variable Investment IO 80% 100-499k – down from 54bps to 2.79% pa (comparison rate of 2.97% pa)
  • Professional package Variable P&I investment 90% 100-499k – down from 52bps to 3.09% pa (comparison rate of 3.49% pa)
  • Professional plan Investment line of credit 100-499k – down 54 basis points to 2.99% pa (comparison rate of 3.13% pa)
  • Professional Construction Investment Package 100-500k – down 54bp to 2.79% pa (comparison rate of 3.45% pa)

Unity Bank

Unity Bank, owned by its members, has lowered its two-year fixed rate for owner-occupiers pay P&I. The new rate is now 25 basis points lower at 2.24 pa (comparison rate of 3.97% pa).

Photo by K8 on Unsplash.


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