It was a quiet week on the data front but lenders didn't disappoint, with many making notable rate changes.
The sole data release worth mentioning was the latest GDP figures, which posted a 0.3% rise for the September quarter.
While that was slightly lower than most forecasts, it wasn't so much so that it might force the Reserve Bank of Australia (RBA) to cut sooner than it otherwise would.
So, on that note, let's dive into the lenders making home loan waves this week.
ANZ-owned Suncorp Bank drops variable and fixed rates
Just days after ANZ slashed its special offer variable home loan rates, its new subsidiary, Suncorp Bank, has made similar moves.
ANZ's acquisition of Suncorp Bank took effect earlier this year boosting the big four bank's position in the mortgage market with an additional $53 billion worth of home loan debt.
New rates for property investors turning to the bank's Bank to Basics home loan product, making principal and interest repayments, include:
| LVR | Change | New Rate | Comparison Rate* |
|---|---|---|---|
| ≤60% | -10bp | 6.33% | 6.34% |
| 60-80% | -10bp | 6.34% | 6.35% |
| 80-90% | -10bp | 6.84% | 6.84% |
And owner-occupiers weren't forgotten in the bank's rate cuts.
It also slashed those advertised for owner-occupiers looking to fix their interest rate, with new special offer rates on its Home Package Plus product as follows:
| Product | LVR | Change | New Rate | Comparison Rate* |
|---|---|---|---|---|
| One year fixed | ≤80% | -30bp | 6.20% | 6.60% |
| 80-90% | -30bp | 6.20% | 6.85% | |
| Two years fixed | ≤80% | -45bp | 5.99% | 6.55% |
| 80-90% | -45bp | 6.19% | 6.82% | |
| Three years fixed | ≤80% | -50bp | 5.99% | 6.53% |
| 80-90% | -50bp | 6.19% | 6.79% | |
| Five years fixed | ≤80% | -40bp | 5.99% | 6.49% |
| 80-90% | -40bp | 6.19% | 6.73% |
HSBC hikes fixed home loan rates
It wasn't all downwards moves this week, however.
HSBC was among the lenders upping home loan rates, hiking by as much as 50 basis points.
Some of the bank's new fixed rates for owner-occupiers are as follows:
| Product | LVR | Change | New Rate | Comparison Rate* |
|---|---|---|---|---|
| Home Loan Package One year fixed | <60% | +10bp | 5.89% | 6.48% |
| 60-80% | +15bp | 5.94% | 6.57% | |
| 80-90% | +25bp | 6.34% | 6.88% | |
| Home Loan Package Two years fixed | <60% | +10bp | 5.69% | 6.42% |
| 60-80% | +15bp | 5.74% | 6.51% | |
| 80-90% | +25bp | 6.14% | 6.82% | |
| Home Loan Package Three years fixed | <60% | +10bp | 5.69% | 6.38% |
| 60-80% | +15bp | 5.74% | 6.46% | |
| 80-90% | +25bp | 6.14% | 6.79% | |
| Home Loan Package Four years fixed | <60% | +10bp | 5.69% | 6.34% |
| 60-80% | +15bp | 5.74% | 6.42% | |
| 80-90% | +25bp | 6.14% | 6.75% | |
| Home Loan Package Five years fixed | <60% | +10bp | 5.69% | 6.31% |
| 60-80% | +15bp | 5.74% | 6.39% | |
| 80-90% | +25bp | 6.14% | 6.72% |
Changes for police and emergency services rates
Both BankVic and Police Credit Union - each customer-owned banks aimed at servicing police and emergency services workers - made home loan rate changes this week.
Police Credit Union upped its special offer rate on three-year fixed rate terms by 15 basis points to 5.54% p.a. (6.63% p.a. comparison rate*).
That's still among the lowest rates on offer right now.
Meanwhile, BankVic lowered many of its rates for one, four, and five year fixed periods to 5.85% p.a. for owner-occupiers (comparison rates* from 6.04% p.a. to 6.12% p.a.) and 6.05% p.a. for investors making principal and interest repayments (comparison rates* from 6.50% p.a. to 6.35% p.a.) .
Other movers
- Heritage Bank and People's Choice changed fixed home loan rates by up to 20 basis points
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