The banking boom time might be bursting at the seams. 

At least, that's one potential takeaway of the full year results released by NAB, Westpac, and ANZ this week.

Each bank recorded year-on-year profit drops of between around 7% and 8%, with two pointing much of the blame at competition in the mortgage market.

Meanwhile, home loan arrears reached their highest point since 2021 at the three majors, suggesting more households are beginning to struggle.

"The Australian economy has remained resilient, however the impact of higher interest rates and cost of living is challenging for our customers," NAB CEO Andrew Irvine said.

It's no secret that the big four banks are rarely among those offering the lowest rate deals to customers, and in high interest rate environments like that we've found ourselves in, every basis point makes a difference.

Many eyes were likely glued to the Reserve Bank of Australia (RBA) on Tuesday as it unveiled its November cash rate decision – another hold.

We appear to be approaching the pointy end of the cash rate cycle, with many experts predicting rate cuts will begin early next year. Though, such hopes are far from cemented.

With all that considered, let's dive into the home loan lenders making interest rate changes this week.

Bank of Queensland hikes fixed rates by 10bp

Bank of Queensland (BoQ) was the biggest home loan lender making interest rate changes this week, hiking rates on many of its fixed products by 10 basis points.

The following changes were made to its discounted home loan rates. The following are exclusively available to new-to-bank customers with loan-to-value ratios (LVRs) of 80% or less making principal and interest repayments:

Product Change New rate Comparison rate*
Owner-occupier
Two years fixed		 +10bp 5.69% 6.37%
Investment
Two years fixed		 +10bp 5.89% 6.49%
Owner-occupier
Three years fixed		 +10bp 5.69% 6.31%
Investment
Three years fixed		 +10bp 5.89% 6.44%
Owner-occupier
Four years fixed		 +10bp 5.99% 6.37%
Investment
Four years fixed		 +10bp 6.19% 6.50%
Owner-occupier
Five years fixed		 +10bp 5.99% 6.34%
Investment
Five years fixed		 +10bp 6.19% 6.48%

ME Bank cuts some fixed rates, hikes others

The interest rate gap between ME Bank's basic and packaged Flexible Fixed products narrowed this week, with rates on the unpackaged product dropping while those on the packaged product rose.

ME Bank's Member Package comes at a $395 annual cost but offers a borrower a lower interest rate.

Here are the new rates on the table from the BoQ-owned lender for owner-occupiers making principal and interest repayments:

Fixed
period		 LVR Product Change New
rate		 Comparison
rate*
One
year		 ≤80% Flexible Fixed -15bp 6.34% 8.41%
w/ Member Package +10bp 6.19% 6.66%
80-90% Flexible Fixed -15bp 6.54% 8.62%
w/ Member Package +10bp 6.39% 6.86%
Two
years		 ≤80% Flexible Fixed -15bp 5.84% 8.08%
w/ Member Package +10bp 5.69% 6.55%
80-90% Flexible Fixed -15bp 6.04% 8.28%
w/ Member Package +10bp 5.89% 6.75%
Three
years		 ≤80% Flexible Fixed -10bp 5.84% 7.83%
w/ Member Package +10bp 5.69% 6.50%
80-90% Flexible Fixed -20bp 5.94% 8.00%
w/ Member Package +10bp 5.79% 6.67%
Four
years		 ≤80% Flexible Fixed -15bp 6.14% 7.71%
w/ Member Package +10bp 5.99% 6.56%
80-90% Flexible Fixed -25bp 6.24% 7.88%
w/ Member Package +10bp 6.09% 6.73%
Five
years		 ≤80% Flexible Fixed -15bp 6.14% 7.53%
w/ Member Package +10bp 5.99% 6.54%
80-90% Flexible Fixed -25bp 6.24% 7.69%
w/ Member Package +10bp 6.09% 6.70%

Other movers

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 STAR CUSTOMER RATINGS
  • Available for purchase or refinance, min10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender.
  • Backed by the Commonwealth Bank.
 Disclosure
6.14% p.a.
6.16% p.a.
$3,043
Principal & Interest
Variable
$0
$350
60%
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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