CommBank and Westpac increase fixed rates; ANZ cuts variable rates

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Three big banks recently adjusted their interest rates following a decision by the Reserve Bank of Australia (RBA) to keep the cash rate at its current all-time low of 0.1%.

The RBA has hinted at a possible rate hike by 2023, earlier than the previous projection of a hike by 2024.

However, the big banks are showing a hike much sooner, with CommBank projecting the first rate hike by November 2022.

Comm Bank

CommBank has made some adjustments to its fixed rates for homeowners and investors. Here are some of the most significant changes:

  • Fixed residential P&I 3 years – up from 40bps to 2.84% pa (comparison rate of 4.25% pa)
  • Fixed residential P&I 4 years – up from 50bps to 3.04% pa (comparison rate of 4.19% pa)
  • Fixed P&I investment 3 years – up from 30bps to 2.84% pa (comparison rate of 4.67% pa)

ANZ

ANZ recently lowered variable rates as part of its Simplicity Plus product offering. Preferential rates are available to both owner-occupiers and investors:

  • Simplicity Plus P&I special offer – down from 43bps to 2.29% pa (comparison rate of 2.33% pa)
  • Investment Simplicity Plus P&I – down from 33% to 2.79% per year (comparison rate of 3.83% per year)
  • Simplicity Plus P&I special offer 70-80% – down 23bp to 2.49% pa (comparison rate of 2.53% pa)
  • Special Offer Investment Simplicity Plus P&I 70-80% – down from 13bps to 2.99% pa (comparison rate of 3.03% pa)

Westpac

Westpac has introduced a rate hike of up to 21 basis points on its fixed homeowner and investor loan products.

  • 3-year P&I fixed options 95% LVR – up from 21bps to 2.59% pa (comparison rate of 4.20% pa)
  • Fixed P&I investment 3 years 80% LVR – up 20bps to 2.89% pa (comparison rate of 4.67% pa)
  • Premier Advantage Fixed options P&I 3 years 95% 150k + – up 21 bps to 2.39% pa (comparison rate of 3.48% pa)
  • Premier Advantage Investment P&I fixed 3 years 80% – up 20bps to 2.69% pa (comparison rate of 3.94% pa)

Its subsidiaries have also changed their offers by increasing fixed rates while reducing some of their variable mortgage offers.

Bank SA

  • Fixed residential P&I 3 years – up from 31bps to 2.54% pa (comparison rate of 4.20% pa)
  • 3-year P&I Fixed Residential Advantage Package 150k + – up from 31bps to 2.39% pa (comparison rate of 3.45% pa)
  • Fixed P&I investment 3 years – up 20bps to 2.84% pa (comparison rate of 4.68% pa)
  • Fixed P&I Investment Advantage Package 3 years 150k + – up 20bps to 2.69% pa (comparison rate of 3.93% pa)
  • Basic promotion Variable P&I – down 10bps to 2.19% pa (comparison rate of 2.21% pa)
  • Investor Basic Promo Variable P&I – down 10bps to 2.49% pa (comparison rate of 2.51% pa)

saint george

  • Residential P&I fixed 3 years 60-80% LVR – up 31bps to 2.49% pa (comparison rate of 4.15% pa)
  • Fixed residential P&I 3 years> 80% LVR – up from 31bps to 2.54% pa (comparison rate of 4.20% pa)
  • Fixed P&I investment 3 years 60-80% LVR – up 20bps to 2.79% pa (comparison rate of 4.63% pa)
  • 3-year fixed P&I investment> 80% LVR – up 20bps to 2.84% pa (comparison rate of 4.68% pa)
  • Basic Investment Promo Variable P&I 60-80% LVR – down 10bps to 2.49% pa (comparison rate of 2.51% pa)
  • Basic Investment Promo Variable P&I> 80% LVR – down 10bps to 2.54% pa (comparison rate of 2.56% pa)
  • Basic promo Variable P&I 60-80% LVR – down 10bps to 2.19% pa (comparison rate of 2.21% pa)
  • Basic promotion Variable P&I> 80% LVR – down 10bps to 2.24% pa (comparison rate of 2.26% pa)

Bank of Melbourne

  • Residential P&I fixed 3 years – up 31bps to 2.44% pa (comparison rate of 4.09% pa)
  • Residential P&I fixed 3 years 60-80% LVR – up 31bps to 2.49% pa (comparison rate of 4.14% pa)
  • Fixed residential P&I 3 years> 80% LVR – up from 31bps to 2.54% pa (comparison rate of 4.19% pa)
  • Fixed P&I investment 3 years 60% LVR – up from 220bps to 2.74% pa (comparison rate of 4.58% pa)
  • Fixed P&I investment 3 years 60-80% LVR – up 20bps to 2.79% pa (comparison rate of 4.63% pa)

Auswide Bank

Auswide Bank reduced variable rates as part of its basic home loan product and as part of the Freedom Package. Changes are available to homeowners and investors.

Here are some of the changes:

  • Basic mortgage 75-90% LVR – down from 20bps to 2.39% pa (comparison rate of 2.41% pa)
  • P&I basic investment loan 75-90% LVR – down 20bps to 2.49% pa (comparison rate of 2.51% pa)
  • Basic investment loan IO 75-90% LVR – down 10bps to 2.79% pa (comparison rate of 2.81% pa)
  • Variable P&I Freedom package 75-90% LVR Special offer – down from 30bps to 2.59% pa (comparison rate of 3.01% pa)
  • P&I Variable Investment Freedom Package 75-90% LVR Special Offer – down from 20bps to 2.79% pa (comparison rate of 3.21% pa)

bcu

The member-owned bcu has followed the trend of increasing fixed rates while reducing variable rates.

Here are some of the changes:

  • OMG! P&I variable rate 60-80% LVR – down 10bps to 2.29% pa (comparison rate of 2.29% pa)
  • Fixed residential P&I 3 years – up 10bps to 2.29% pa (comparison rate of 3.61% pa)
  • Fixed P&I investment 3 years – up 20bps to 2.49% pa (comparison rate of 3.77% pa)

HSBC

HSBC has lowered its variable rate for both homeowners and investors.

  • Home IO value – down from 61bps to 2.37% pa (comparison rate of 2.23 pa)
  • Variable IO mortgage loan package – down from 61bps to 2.47% pa (comparison rate of 2.73% pa)
  • Home P&I value 80-90% Promotional offer – down 27bps to 2.27% pa (comparison rate of 2.28% pa)
  • Real estate loan package Variable investment IO 80-90% Promotional offer – down from 37bps to 2.87% pa (comparison rate of 3.13% pa)
  • Real estate loan package Variable P&I investment 80-90% Promotional offer – down from 32bps to 2.67% pa (comparison rate of 3.11% pa)

Latest fixed rate cuts

Here are the other lenders who have adjusted their fixed rates over the past week:

Bankwest

  • Full mortgage at fixed rate Owner Occupied P&I 3 years ≤80% LVR – up from 72bps to 2.79% pa (comparison rate of 3.39% pa)
  • Full mortgage at fixed rate Owner Occupied P&I 4 years 80-90% LVR – down from 30bps to 3.29% pa (comparison rate of 3.54% pa)
  • Full home loan P&I fixed rate investment 3 years 200k + – up 45 basis points to 2.79% pa (comparison rate of 4.06% pa)

AMP Bank

  • 2-year basic fixed P&I – up 30bps to 2.34% pa (comparison rate of 2.83% pa)
  • Professional Residential Fixed P&I 2-year plan 80-90% LVR – up 30bp to 2.34% pa (comparison rate of 2.88% pa)
  • Fixed Professional Residential P&I package 2 years ≤80% LVR – up 30bps to 2.14% pa (comparison rate of 2.60% pa)

Hume Bank

  • myBlue P&I Fixed 3 years 60-80% LVR – up 10bps to 2.24% pa (comparison rate of 2.32% pa)
  • myBlue P&I Fixed 3 years 80-90% LVR – up from 15bps to 2.39% pa (comparison rate of 2.43% pa)
  • myBlue Investment IO Fixed 1 year 60-80% LVR – down 10bps to 2.54% pa (comparison rate of 2.68% pa)
  • myBlue Investment IO Fixed 2 years 60-80% LVR – down 10bps to 2.59% pa (comparison rate of 2.67% pa)

Citi

  • Mortgage Plus Investment Standard P&I fixed 3 years 80% 350k + – up 35 basis points to 2.89% pa (comparison rate of 3.17% pa)
  • Mortgage Plus Standard Fixed P&I 3 years 80% 350k + – up from 35bps to 2.59% pa (comparison rate of 2.84% pa)

IMB

  • Fixed P&I investment 5 years – up 20bps to 2.99% pa (comparison rate of 3.41% pa)
  • IO Fixed Residential 4 years – up 10bps to 3.84% pa (comparison rate of 3.35% pa)
  • IO Fixed Residential 5 years – up 20bps to 3.84% pa (comparison rate of 3.41% pa)

Arab Bank Australia

  • Residential Fixed 3 years ≤60% – up 15 bps to 2.25% pa (comparison rate of 3.25% pa)
  • Fixed investment 3 years ≤60% – up 20bps to 2.7% pa (comparison rate of 3.81% pa)

Qudos Bank

  • Fixed P&I investment 3 years 80% – up 20bps to 2.59% pa (comparison rate of 3.08% pa)
  • Owner Busy Fixed I / O 1 year 80% – down from 20bps to 2.39% pa (comparison rate of 2.76% pa)
  • Owner Busy Fixed I / O 2 years 80% – down 10bps to 2.49% pa (comparison rate of 2.74% pa)

Photo by Joshua Mayo on Unsplash.


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