Rate Watch: Macquarie Cuts Variable Rates; Heritage hiking packages

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The Reserve Bank of Australia kept the lid on its cash rate, but lenders still made some rate adjustments over the past week.

Here are some of the latest market changes in mortgage rates:

Macquarie Bank

Macquarie has implemented cuts to several of its homeowner and investor mortgage products.

The reductions ranged from 10 to 30 basis points (bps) and apply to both current rates and rates of return. Here are some of the changes:

30bps cut

  • Basic variable Owner Occupied IO 60% LVR – 2.59% pa (comparison rate of 2.59% pa)
  • Basic variable Owner Busy I / O 70% LVR – 2.59% pa (comparison rate of 2.59% pa)

20bps cut

  • Basic variable investment IO 70% LVR – 2.59% pa (comparison rate of 2.59% pa)
  • Variable investment IO 70% LVR – 2.59% pa (comparison rate of 2.86% pa)

15bps cut

  • Basic variable Owner Occupied PI 60% LVR – 2.14% per year (comparison rate of 2.42% per year) *
  • Base Variable Owner Occupied PI 70% LVR – 2.19% per year (comparison rate of 2.47% per year) *
  • Base Variable Owner Occupied PI 80% LVR – 2.24% per year (comparison rate of 2.52% per year) *

* Comparison rates shown above apply to variable rates with netting accounts. Without the compensation function, the comparison rates are the same as the advertised rates.

10bps cut

  • Basic variable investment IO 80% LVR – 2.89% pa (comparison rate of 2.89% pa)
  • Basic variable investment PI 80% LVR – 2.49% pa (comparison rate of 2.49% pa)
  • Basic variable Owner Busy I / O 80% LVR – 2.89% per year (comparison rate of 2.89% per year)
  • Basic variable Owner Occupied PI 90% LVR – 2.69% pa (comparison rate of 2.69% pa)

Heritage Bank

Heritage Bank has raised its fixed rates by 10 basis points for the Home Advantage Investment product, as well as for the basic investment and residential loan offerings.

Here are some of the changes:

  • 3 year fixed rate owner occupied P&I – 2.29% per year (comparison rate of 4.07% per year)
    • Home Advantage Plan Comparison Rate – 3.06%
  • 5 year fixed rate owner occupied P&I – 2.69% per year (comparison rate of 3.91% per year)
    • Home Advantage Package Comparison Rate – 3.15%
  • 3-year fixed rate investment P&I – 2.49% per year (comparison rate of 4.51% per year)
  • 3-year fixed rate investment OI – 2.59% pa (comparison rate of 4.57% pa)
  • 5-year fixed rate investment P&I – 2.99% pa (comparison rate 4.35% pa)
  • 3-year fixed rate investment OI – 3.19% pa (comparison rate of 4.45% pa)

Vic Bank

BankVic unveiled its new two-year introductory rate at 1.95% pa (comparison rate of 2.92% pa).

This introductory offer is available to new applicants and refinancers.

The rate will revert to BankVic’s floating rate, which is currently 3.11% pa (comparison rate 3.16% pa), at the end of the introductory period.

Queensland Bank

Bank of Queensland has adjusted the rates on its investment products with the mortgage insurance offer from lenders to $ 1. This applies to loans with LVRs of up to 85%.

Here are some of the changes:

  • Fixed P&I investment 4 years 80-85% LVR $ 1 LMI Offer – 3.24% pa (Comparison rates are not available at time of printing)
  • Fixed P&I investment 5 years 80-85% LVR $ 1 LMI Offer – 3.29% pa (Comparison rates are not available at time of going to press)

The $ 1 LMI offer will be available on mortgage applications received between September 6, 2021 and January 15, 2022.

Newcastle Permanent

Newcastle Permanent has made some changes to the rates on its special loan offers. Here are some of the changes made by the lender:

  • Premium Plus P&I variable package 80-95% LVR 150k + Special offer – 3.21% pa (comparison rate of 3.61% pa)
  • Premium Plus P&I variable package – 2.69% pa (3.10% pa comparison rate)
  • Special offer P&I Real Deal 80% LVR 150k + – 2.49% pa (comparison rate of 2.53% pa)


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