Fixed rate hikes continue for ANZ and Westpac

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Several other lenders have also made changes to their fixed rates over the past week.

ANZ and Westpac continued the upward trend in fixed rates over the past week.

These moves build on similar moves made by the two major lenders over the past month.

Several other lenders have also changed their rates over the past week. Here are some of the biggest movers:

Westpac

Westpac has rolled out another round of fixed rate hikes for homeowner and investor offers.

This follows a similar move from Westpac last month.

The prices of standard and packaged products have been affected by the recent move. Here are some of the most significant changes:

Westpac loan product

Change

New tariff announced

Comparison rate

Fixed options P&I 3 years 70%

+ 30bps

3.09% per year

4.26% per year

3-year P&I fixed options 95%

+ 30bps

3.19% per year

4.35% per year

Fixed P&I investment 3 years 80%

+ 25bps

3.44% per year

4.82% per year

Premier Advantage Fixed options P&I 3 years 95% 150k +

+ 30bps

2.99% per year

3.63% per year

Premier Advantage Investment P&I fixed 3 years 70%

+ 25bps

3.14% per year

3.99% per year

ANZ

After lowering its variable rates last month, ANZ made major changes to its fixed rates for homeowners and investors.

ANZ loan product

Change

New tariff announced

Comparison rate

Breakfree Investment IO Fixed 5 years ≤80%

+ 50bps

4.09% per year

4.16% per year

Investment Breakfree Fixed 5 years 80-90%

+ 40bps

3.84% per year

4.22% per year

Residential Fixed 3 years ≤80%

+ 20bps

3.14% per year

4.13% per year

Residential Fixed 5 years 80-90%

+ 40bps

3.79% per year

4.22% per year

Aussie

Aussie has made several changes to its variable and fixed rate products.

The lender has reduced its variable rates on all available LVR levels while increasing its fixed rates.

Interestingly, the Aussie lowered its one-year fixed rates for homeowners. Here are some of the main changes:

Australian loan product

Change

New tariff announced

Comparison rate

Select the basic PI 70-80% variable

-30bps

1.99% per year

2.01% per year

Select Basic Fixed PI 5 years 70-80%

+ 55bps

3.29% per year

2.51% per year

Select the basic fixed IP 1 year 70-80%

-15bps

2.04% per year

2.01% per year

Inv Select Basic variable PI 70-80%

-5bps

2.44% per year

2.46% per year

Bank SA

BankSA has increased its fixed residential and investment rates for its Standard and Advantage Package mortgage products.

BankSA loan product

Change

New tariff announced

Comparison rate

P&I Residential Fixed 2 years

+ 30bps

2.74% per year

4.39% per year

Fixed Residential Advantage Package P&I 3 years 150k +

+ 20bps

2.99% per year

3.60% pa

Fixed P&I investment 3 years

+ 25bps

3.39% per year

4.82% per year

Fixed P&I Investment Advantage Package 3 years 150k +

+ 25bps

3.24% per year

4.07% per year

UBank

UBank recently unveiled a variable rate below 2% with a limited duration.

Its UHomeLoan P&I rebate offer will have a floating rate of 1.99% pa (1.99% pa compare rate), which will be available for claims received through January 31, 2022 and settled by May 1, 2022.

Photo by Jeremy Bishop on Unsplash.


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