Athena welcomed the new year with a series of reduction in its variable rates.
Athena CEO Nathan Walsh said this rate cut bucks the trend of many lenders increasing their rates, especially the fixed ones.
“There is a lot of speculation that the cash rate will go up later this year, so we have the opportunity to allow our customers to save more and get ahead on their loan before that happens,” he said.
"That’s what our voluntary rate drop is all about."
Here are some of the biggest changes to Athena’s variable-rate offerings:
|
Athena Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Evaporate Investor P&I 60-70% LVR |
-25bps |
2.24% p.a. |
2.21% p.a. |
|
Liberate Investor P&I 70-80% LVR |
-30bps |
2.29% p.a. |
2.23% p.a. |
|
Evaporate Owner Occupier P&I 60-70% LVR |
-15bps |
1.94% p.a. |
1.91% p.a. |
|
Liberate Owner Occupier P&I 70-80% LVR |
-20bps |
1.99% p.a. |
1.93% p.a. |
Citi
Citi also reduced its variable rates for both investors and owner-occupiers.
|
Citi Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Basic Variable P&I 80% 350k+ |
-10bps |
2.09% p.a. |
2.14% p.a. |
|
Investment Basic Variable P&I 80% 350k+ |
-28bps |
2.21% p.a. |
2.26% p.a. |
Gateway Bank
On the other hand, Gateway Bank introduced hikes to its variable rates and fixed rates.
The increase in fixed and variable rates was applied to Gateway Bank’s Premium Package loan products.
|
Gateway Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Premium Residential Fixed 1 yr 150k+ |
+20bps |
2.49% p.a. |
3.51% p.a. |
|
Premium Residential Fixed 2 yr 150k+ |
+10bps |
2.59% p.a. |
3.46% p.a. |
|
Premium Residential Fixed 3 yr 150k+ |
+20bps |
2.89% p.a. |
3.48% p.a. |
|
Premium Residential Fixed 51 yr 150k+ |
+ 10bps |
3.49% p.a. |
3.67% p.a. |
|
Premium Variable 80% 150k+ |
+25bps |
2.39% p.a. |
2.73% p.a. |
|
Green Home Loan |
+25bps |
2.24% p.a. |
2.59% p.a. |
Queensland Country Bank
Queensland Country Bank bucked the hike trend for fixed rates — the cuts, however, only apply to one- and two-year fixed terms on interest-only payment basis.
Here are some of the changes:
|
Queensland Country Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
1 Year Fixed Rate Home Loan IO <80% |
-15bps |
3.04% p.a. |
4.83% p.a. |
|
2 Year Fixed Rate Home Loan IO <80% |
-15bps |
3.04% p.a. |
4.67% p.a. |
|
3 year Fixed Rate Home Loan IO <80% |
+5bps |
3.24% p.a. |
4.57% p.a. |
—
Photo by @tierramallorca on Unsplash.
Collections: Mortgage News Interest Rates
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