Several lenders have made some big moves with their mortgage rates over the past week.

Several lenders have made some big moves with their mortgage rates over the past week, with CommBank rolling out its second round of hikes for fixed rates in the month.

These are among the most significant changes in CommBank’s recent hike:

  • Investment Fixed P&I 3 yrs – up by 60bps to 3.44% p.a. (4.82% p.a. comparison rate)
  • Investment Fixed IO 3 yrs – up by 40bps to 3.64% p.a. (4.88% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs – up by 30bps to 3.14% p.a. (4.33% p.a. comparison rate)
  • Wealth Package Investment Fixed P&I 3 yrs 150k+ - up by 60bps to 3.29% p.a. (4.54% p.a. comparison rate)
  • Wealth Package Residential Fixed P&I 3 yrs 150k+ - up by 30bps to 2.99% p.a. (4.05% p.a. comparison rate)

Interestingly, CommBank is projecting the Reserve Bank of Australia to make its first interest rate hike by as early as November 2022.

86 400

After raising fixed rates recently, 86 400 decided to decrease its variable rates for investors by up to 30bps.

Some significant changes are as follows:

  • Investment Own Home Loan IO 60-70% - down 30bps to 2.59% p.a. (2.70% p.a. comparison rate)
  • Investment Own Home Loan P&I 70-80% - down 20bps to 2.59% p.a. (2.87% p.a. comparison rate)
  • Investment Neat Home Loan P&I 70-80% - down 25bps to 2.34% p.a. (2.35% p.a. comparison rate).

Heritage Bank

Heritage Bank made a slew of adjustments to its rates for owner-occupiers and investors.

The lender slashed its fixed rates while reducing variable rates, with most of the changes geared towards investors.

Here are some of the most notable changes:

  • Discount Variable 150k+ 80-90% - down 45bps to 2.44% p.a. (2.49% p.a. comparison rate)
  • Investment Discount Variable P&I 150k+ 80-90% - down 50bps to 2.69% p.a. (2.74% p.a. comparison rate)
  • Home Advantage Residential Fixed 3 yrs 150k+ - up 30bps to 2.59% p.a. (4.14% p.a. comparison rate)
  • Investment Fixed P&I 5 yrs - up by 30bps to 3.39% p.a. (4.51% p.a. comparison rate)
  • Home Advantage Investment Variable IO 80-90% 150-249k - down by 54bps to 3.14% p.a. (3.49% p.a. comparison rate)

Athena

Athena increased its fixed rates for owner-occupiers paying at different LVR tiers.

These are the most significant changes:

  • Fixed P&I 3 yrs ≤60% - up 40bps to 3.39% p.a. (2.33% p.a. comparison rate)
  • Fixed P&I 3 yrs 60-70% - up 40bps to 3.44% p.a. (2.36% p.a. comparison rate)
  • Fixed P&I 3 yrs 70-80% - up 40bps to 3.49% p.a. (2.40% p.a. comparison rate)

Suncorp Bank

Suncorp Bank followed the trend of hiking fixed rates while reducing variable rates.

However, it specifically lowered its one-year fixed rate for its mortgage offerings.

Below are few of the changes:

  • Back to Basics Better Together P&I 70-80% Special Offer – down 21bps to 2.02% p.a. (2.03% p.a. comparison rate)
  • Investment Back to Basics IO 70-80% Special Offer – down 20bps to 2.69% p.a. (2.55% p.a. comparison rate)
  • Fixed P&I 1 yr – down 14bps to 2.44% p.a. (4.92% p.a. comparison rate)
  • Investment Fixed P&I 1 yr – down 24bps to 2.79% p.a. (5.35% p.a. comparison rate)
  • Fixed P&I 3 yrs – up 52bps to 3.14% p.a. (4.68% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs - up 31bps to 3.24% p.a. (5.01% p.a. comparison rate)

ME Bank

ME Bank rolled out cuts to its variable rates under the Member Package Flexible Home Loan line-up.

The lender also adjusted its fixed rates, making increases of up to 30bps.

These are some of the new changes:

  • Member Package Flexible Home Loan OO P&I 60-70% 150-399k – down 34bps to 2.29% p.a. (2.75% p.a. comparison rate)
  • Member Package Flexible Fixed OO 2 yrs P&I – up 29bps to 2.18% p.a. (2.74% p.a. comparison rate)
  • Flexible Fixed OO 3 yrs P&I – up 30bps to 2.69% p.a. (3.91% p.a. comparison rate)
  • Member Package Inv Flexible Fixed 3 yrs P&I – up 30bps to 2.79% p.a. (3.60% p.a. comparison rate)

IMB Bank

IMB Bank decreased its variable rate for owner occupiers while increasing its fixed rates for investors. These are some of the most substantial changes:

  • Budget Home Loan P&I ≤80% - down 5bps to 2.19% p.a. (2.25% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs – up 19bps to 2.54% p.a. (3.37% p.a. comparison rate)

Qudos Bank

Qudos Bank made changes both to its variable and fixed rates. Some of the changes are the following:

  • Investment Fixed P&I 3 yrs 80% - up 40bps to 2.99% p.a. (3.03% p.a. comparison rate)
  • Owner Occupied Fixed P&I 3 yrs 80% - up 30bps to 2.49% p.a. (2.49% p.a. comparison rate)
  • Low Cost Home Loan Owner Occupied P&I 80% - down 10bps to 2.49% p.a. (2.49% p.a. comparison rate)
  • No Frills Home Loan P&I 80% - down 10bps to 2.29% p.a. (2.29% p.a. comparison rate)

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Photo by Chris Liverani on Unsplash.

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