Three of Australia’s biggest banks have made several adjustments to their home loan rates over the past two weeks, particularly focusing on increasing fixed rates.
The RBA decided to leave the cash rate unchanged in its monetary policy decision last week, but experts and some financial institutions are still expecting it to move the needle and make a hike later this year.
Westpac, for instance, projects an August rate hike, which would bring the cash rate target to 0.2%.
The RBA’s last upwards movement on the cash rate was in November 2010, when the cash rate was raised by 25bps to 4.75%.
Below are some of the most significant rate changes made recently by ANZ, NAB, CommBank, and other smaller lenders:
ANZ
ANZ raised most of its fixed-rate offerings but also lowered its investor variable rate under its Simplicity Plus product line.
|
ANZ Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Investment Simplicity Plus P&I 70-80% Special Offer |
-40bps |
2.59% p.a. |
2.63% p.a. |
|
Breakfree Residential Fixed 3 yrs ≤80% |
+40bps |
3.39% p.a. |
3.52% p.a. |
|
Breakfree Investment Fixed 3 yrs ≤80% |
+30bps |
3.59% p.a. |
4.00% p.a. |
|
Residential Fixed 5 yrs ≤80% |
+40bps |
4.14% p.a. |
4.36% p.a. |
|
Investment Fixed 5 yrs ≤80% |
+40bps |
4.34% p.a. |
4.80% p.a. |
NAB
NAB also raised its rates for investors and owner-occupiers across its home loan products.
|
NAB Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Choice Package Tailored Fixed - P&I 1 yr 150k+ |
+10bps |
2.64% p.a. |
4.21% p.a. |
|
Choice Package Tailored Fixed - P&I 3 yrs 150k+ |
+20bps |
3.34% p.a. |
4.17% p.a. |
|
Inv Tailored Fixed - P&I 1 yr |
+15bps |
3.04% p.a. |
5.05% p.a. |
|
Inv Tailored Fixed - P&I 3 yrs |
+15bps |
3.64% p.a. |
4.85% p.a. |
CommBank
CommBank increased most of its fixed rates but made a substantial cut to its investor variable rates under the Extra Home Loan product.
|
CBA Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Residential Fixed P&I 5 yrs |
+20bps |
3.94% p.a. |
4.44% p.a. |
|
Investment Fixed P&I 5 yrs |
+20bps |
4.04% p.a. |
4.82% p.a. |
|
Wealth Package Residential Fixed P&I 2 yrs 150k+ |
+15bps |
2.84% p.a. |
4.09% p.a. |
|
Wealth Package Investment Fixed P&I 2 yrs 150k+ |
+10bps |
2.99% p.a. |
4.58% p.a. |
|
Inv Extra P&I <70% |
-40bps |
2.49% p.a. |
2.50% p.a. |
|
Inv Extra P&I 70-80% |
-40bps |
2.59% p.a. |
2.60% p.a. |
Greater Bank
|
Greater Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Ultimate Fixed 3 yrs |
+20bps |
2.94% p.a. |
3.74% p.a. |
|
Ultimate Investment P&I Fixed 3 yrs |
+10bps |
3.09% p.a. |
4.06% p.a. |
|
Great Rate Fixed 2 yr |
+20bps |
2.39% p.a. |
3.45% p.a. |
|
Great Rate Investment Fixed P&I 2 yrs |
+20bps |
2.69% p.a. |
3.81%% p.a. |
ING
|
ING Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Orange Advantage Residential Fixed 3 yrs ≤ 80% |
+30bps |
3.19% p.a. |
3.89% p.a. |
|
Orange Advantage Variable PI 150-499k 80% |
+10bps |
2.14% p.a. |
2.50% p.a. |
|
Investment Fixed P&I 3 yrs |
+30bps |
3.39% p.a. |
4.43% p.a. |
|
Residential Fixed 3 yrs ≤80% |
+30bps |
3.29% p.a. |
3.91% p.a. |
—
Photo by @un_ku_sh on Unsplash
Collections: Interest Rates Mortgage News
Share