CommBank and Westpac continued to gear up for a potential change in monetary policy in June, rolling out another set of hikes in their fixed rates.
In its recent move, CommBank increased its owner-occupier and investor rates by as much as 90 bps. The rate increase applies to both standard and packaged home loan fixed rates.
Here are some of the biggest changes to CommBank’s fixed-rate offerings:
|
CommBank Loan Product |
Change |
New Rate |
|
Residential Fixed IO 3 yrs |
+55 bps |
4.99% p.a. (4.80% p.a. comparison rate) |
|
Residential Fixed P&I 2 yrs |
+50 bps |
3.94% p.a. (4.58% p.a. comparison rate) |
|
Investment Fixed IO 5 yrs |
+85 bps |
5.29% p.a. (5.33% p.a. comparison rate) |
|
Investment Fixed P&I 4 yrs |
+50 bps |
4.84% p.a. (5.17% p.a. comparison rate) |
|
Wealth Package Investment Fixed IO 2 yrs 150k+ |
+90 bps |
4.44% p.a. (4.36% p.a. comparison rate) |
Meanwhile, Westpac boosted its fixed rates by as much as 30 bps over the past week, applying the increase to owner-occupier and investor loan products.
|
Westpac Loan Product |
Change |
New Rate |
|
Fixed Options P&I 3 yrs 70% |
+30 bps |
4.34% p.a. (4.04% p.a. comparison rate) |
|
Fixed Options P&I 5 yrs 70% |
4.89% p.a. (4.59% p.a. comparison rate) |
|
|
Premier Advantage Fixed Options P&I 4 yrs 95% 150k+ |
4.39% p.a. (4.07% p.a. comparison rate) |
|
|
Premier Advantage Fixed Options P&I 5 yrs 95% 150k+ |
4.85% p.a. (4.27% p.a. comparison rate) |
Here are some other lenders who made significant changes to their rates over the past week:
Greater Bank
Greater Bank increased its fixed rates for both Great Rate and Ultimate home loan products.
|
Greater Bank Loan Product |
Change |
New Rate |
|
Great Rate Fixed 3 yr |
+50 bps |
4.19% p.a. (3.81% p.a. comparison rate) |
|
Great Rate Discount Fixed 4 yrs $150k+ |
+60 bps |
4.49% p.a. (2.95% p.a. comparison rate) |
|
Ultimate Fixed 2 yrs |
+40 bps |
3.69% p.a. (3.92% p.a. comparison rate) |
|
Ultimate Discount Fixed 5 yrs 150k+ |
+50 bps |
4.49% p.a. (3.88% p.a. comparison rate) |
BOQ
BOQ set up to an 80-bps increase in its fixed rates.
|
Lender Loan Product |
Change |
New Rate |
|
Residential Fixed IO 5 yrs |
+80 bps |
5.09% p.a. (4.05% p.a. comparison rate) |
|
Residential Fixed 1 yr |
+75 bps |
4.94% p.a. (3.40% p.a. comparison rate) |
|
Residential Fixed 3 yrs Discount Rate <80% |
+70 bps |
4.19% p.a. (3.52% p.a. comparison rate) |
|
Residential Fixed 4 yrs Discount Rate <80% |
+70 bps |
4.49% p.a. (3.70% p.a. comparison rate) |
ING
ING’s investor and owner-occupier fixed rates went up by as much as 75 bps over the past week.
|
ING Loan Product |
Change |
New Rate |
|
Residential Fixed 3 yrs ≤80% |
75 bps |
4.59% p.a. (2.74% p.a comparison rate) |
|
Residential Fixed 5 yrs 80-90% |
5.19% p.a. (3.46% p.a. comparison rate) |
|
|
Investment Fixed P&I 3 yrs |
4.69% p.a. (3.24% p.a. comparison rate) |
|
|
Investment Fixed P&I 5 yrs |
5.19% p.a. (3.81% p.a. comparison rate) |
Collections: Mortgage News Interest Rates
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