ANZ rolled out another set of changes to its variable rates after its recent implementation of the full rate hike by the Reserve Bank of Australia (RBA).
However, one surprising change was the 15 basis point reduction in its special offer variable under the Simplicity Plus line. This came with several increases in its investment variable rates over the past week.
Here are some of the most substantial changes to ANZ’s line up:
|
ANZ Loan Product |
Change |
New Rate |
|
Investment Simplicity Plus IO <70% Special Offer |
+20 bps |
3.34% p.a. (3.09% p.a. comparison rate) |
|
Investment Simplicity Plus P&I >80% Special Offer |
+20 bps |
3.67% p.a. (3.67% p.a. comparison rate) |
|
Investment Simplicity Plus P&I 70-80% Special Offer |
+20 bps |
3.04% p.a. (3.04% p.a. comparison rate) |
|
Simplicity Plus P&I <70% Special Offer |
-15 bps |
2.29% p.a. (2.30% p.a. comparison rate) |
Meanwhile, other banks also unveiled their respective changes to their interest-rate offerings. Here are some of the most recent movers:
AMP Bank
AMP Bank went against the grain and reduced its variable rate by up to 15 basis points.
|
AMP Bank Loan Product |
Change |
New Rate |
|
Professional Package Owner Occupied P&I ≤60% 500k+ |
-10 bps |
2.44% p.a. (2.86% p.a. comparison rate) |
|
Professional Package Owner Occupied P&I 60-80% 500k+ |
-15 bps |
2.44% p.a. (2.86% p.a. comparison rate) |
|
Essential Home Loan 80% 100k+ |
-10 bps |
2.37% p.a. (2.40% p.a. comparison rate) |
Bankwest
Bankwest increased the rates of several of its loan products, with the biggest increase at 150 basis points.
|
Bankwest Loan Product |
Change |
New Rate |
|
Complete Home Loan Variable Owner Occupied P&I 95% 200k+ |
+25 bps |
3.24% p.a. (3.68% p.a. comparison rate) |
|
Fixed Rate Owner Occupied P&I 1 yr 80-90% |
+120 bps |
4.69% p.a. (5.02% p.a. comparison rate) |
|
Fixed Rate Owner Occupied P&I 2 yrs 80-90% |
+150 bps |
5.29% p.a. (5.12% p.a. comparison rate) |
|
Fixed Rate Investment P&I 2 yrs |
+150 bps |
5.29% p.a. (5.64% p.a. comparison rate) |
MyState Bank
MyState Bank hiked its variable and fixed rates by as much as 50 bps.
|
MyState Bank Loan Product |
Change |
New Rate |
|
Basic Variable Home Loan ≤80% |
+25 bps |
2.49% p.a. (2.52% p.a. comparison rate) |
|
Investment Basic Variable Home Loan ≤80% |
+25 bps |
2.64% p.a. (2.69% p.a. comparison rate) |
|
Investment Fixed 3 yrs 80% |
+50 bps |
4.99% p.a. (4.74% p.a. comparison rate) |
|
Residential Fixed 3 yrs ≤70% |
+50 bps |
4.79% p.a. (4.69% p.a. comparison rate) |
Teachers Mutual Bank
Teachers Mutual Bank applied a uniform increase of 100 bps to its fixed-rate home loans and a 25 bps to its variable-rate products.
|
Teachers Mutual Bank Loan Product |
Change |
New Rate |
|
Investment Your Way P&I Fixed 3 yrs |
+100 bps |
5.24% p.a. (4.81% p.a. comparison rate) |
|
Your Way P&I Fixed 3 yrs |
+100 bps |
4.94% p.a. (4.50% p.a. comparison rate) |
|
Your Way Plus Home Loan P&I 80-90% |
+25 bps |
2.84% p.a. (3.17% p.a. comparison rate) |
|
Investment Your Way Plus Home Loan P&I 80-90% |
+25 bps |
3.14% p.a. (3.46% p.a. comparison rate) |
Illawarra Credit Union
Illawarra Credit Union made several increases to its fixed rates.
|
Illawarra Credit Union Loan Product |
Change |
New Rate |
|
Fixed PI 1 yr |
+40 bps |
3.19% p.a. (3.92% p.a. comparison rate) |
|
Bare Essentials Investment Loan Fixed IO 2 yrs |
+65 bps |
4.19% p.a. (3.66% p.a. comparison rate) |
|
Bare Essentials Investment Loan Fixed P&I 3 yrs |
+45 bps |
4.49% p.a. (3.80% p.a. comparison rate) |
|
Bare Essentials Home Loan Fixed IO 1 yr |
+41 bps |
3.89% p.a. (3.02% p.a. comparison rate) |
Aussie
Aussie passed on the recent rate hike and applied it on some of its variable rates. However, it did not pass on the whole increase fully on some of its products.
|
Aussie Loan Product |
Change |
New Rate |
|
Select Basic Variable PI 70-80% |
+25 bps |
2.44% p.a. (2.46% p.a. comparison rate) |
|
Inv Select Basic Variable PI 70-80% |
+20 bps |
2.49% (2.51% p.a. comparison rate) |
|
Inv Select Basic Variable IO 60-70% |
+5 bps |
2.84% p.a. (2.86% p.a. comparison rate) |
|
Select Basic Variable IO 70-80% |
+25 bps |
3.24% p.a. (3.25% p.a. comparison rate) |
Collections: Mortgage News Interest Rates
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