Major banks slash home loan rates: All you need to know

Included in the mix were NAB-owned ubank and CommBank-backed Bankwest, both of which lowered advertised home loan rates by up to 73 basis points.

Meanwhile, ING and Macquaire joined in on the cutting action, with the former bank slashing variable rates and the latter unveiling a new market-leading fixed rate.

If you've been following along in recent weeks, you'll know that CBA, NAB, and Macquarie haven't been shy to cut rates.

NAB dropped its own advertised rates in July, Macquarie followed suit in August, and CommBank rounded out the trio by cutting variable rates a fortnight ago.

This week's rate moves came as new data from the ABS showed Australia's economy has slowed to a crawl – growing just 0.2% in the June quarter.

While that likely won't be enough to spur the Reserve Bank of Australia (RBA) to cut the cash rate, it's another piece of the data puzzle suggesting the first downwards move isn't too far away.

So, without further ado, let's dive into the brand new interest rates on offer from major lenders and their subsidiaries as of this week.

NAB's ubank slashes rates by up to 73 basis points

First things first, NAB's digital lender ubank made significant changes to the variable interest rates it offers homebuyers, refinancers, and investors this week.

The products that saw range changes belong to ubank's Flex range, which comes with an offset account, but also demands higher fees than the bank's basic Neat product range.

Interest rate changes made to the bank's Flex lineup for owner-occupiers making principal and interest repayments are as follows:

Product	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
Flex Variable	<60%	-5bp	6.09%	6.33%
Flex Variable	60-80%	-5bp	6.14%	6.38%
Flex Variable	80-85%	-10bp	6.64%	6.88%

Ubank also cut variable rates on its Flex product for investors and now advertises these rates:

Product	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
Investment Flex Variable P&I	<60%	-5bp	6.24%	6.48%
Investment Flex Variable P&I	60-80%	-5bp	6.29%	6.53%
Investment Flex Variable IO	<60%	-10bp	6.54%	6.59%
Investment Flex Variable IO	60-80%	-5bp	6.64%	6.66%

ING cuts up to 60 basis points off variable and fixed home loan rates

ING joined in on the cutting action too, shaving 5 basis points off the variable rates charged to borrowers with smaller deposits.

If your loan-to-value ratio (LVR) is between 80% and 90% and you're eyeing ING's Mortgage Simplifier or Orange Advantage home loan, you may now be eligible for an interest rate of 6.34% p.a. – 5 basis points lower than was on offer last week (comparison rates* 6.37% p.a. and 6.62% p.a. respectively).

The former variable rate home loan product has few fees while the latter comes with an offset account.

If you're in the market for a fixed rate home loan, on the other hand, you might be interested to learn of these changes to ING's fixed rate lineup for owner-occupiers with LVRs of 80% or less making principal and interest repayments:

Fixed rate period	Change	New rate (p.a.)	Comparison rate* (p.a.)
One year	-30bp	6.09%	6.16%
Two years	-35bp	5.84%	6.11%
Three years	-30bp	5.79%	6.07%
Four years	-45bp	5.84%	6.06%
Five years	-45bp	5.84%	6.03%

CommBank's Bankwest lowers advertised fixed rates by up to 50 basis points

CommBank's Western Australia-based brand Bankwest dropped many of its advertised fixed home loan rates by as much as half a percentage point to as low as 5.89% p.a. this week.

This year has been tumultuous for the bank.

It was revealed in March that Bankwest will be transitioning to a digital-only bank before 2024 is out, with the majority of its branches to be closed and the rest converted into CommBank outlets.

The lowest rates in the bank's fixed home loan lineup currently belong to its Complete Home Loan Package.

The package promises access to up to nine 40% offset accounts and a fee-free credit card, all for the cost of a $395 annual fee.

Changes for owner-occupiers turning to the product with LVRs of 80% or less who plan to make principal and interest repayments include:

Fixed rate period	Change	New rate (p.a.)	Comparison rate* (p.a.)
One year	-40bp	6.19%	7.28%
Two years	-50bp	5.89%	7.14%
Three years	-40bp	5.89%	7.05%
Four years	-40bp	5.99%	7.00%
Five years	-50bp	5.99%	6.92%

Macquarie unveils fixed home loan rates as low as 5.59% p.a.

Not even a month after Macquarie dropped its advertised fixed home loan interest rates by up to 76 basis points, the not-quite-big-four bank is at it again.

And once again it's dropped its offers to sit among the lowest on the market, having been bested by HSBC last week.

The latest changes made to its advertised fixed rates for owner-occupiers making principal and interest repayments are as follows:

Fixed rate period	LVR	Change	New rate (p.a.)	Comparison rate* (p.a.)
One year	≤70%	-10bp	5.79%	6.13%
	≤80%	-10bp	5.89%	6.18%
	≤95%	-10bp	6.15%	7.10%
Two years	≤70%	-20bp	5.59%	6.06%
	≤80%	-20bp	5.69%	6.12%
	≤95%	-20bp	6.09%	6.99%
Three years	≤70%	-20bp	5.59%	6.01%
	≤80%	-20bp	5.69%	6.07%
	≤95%	-20bp	6.09%	6.89%

Other movers

In the home loan world, when it rains, it pours.

That was certainly the case this week, with these lenders also making interest rate moves:

• Bank of Queensland-backed ME Bank dropped variable interest rates by as much as 1.11%
  All cuts put forward by the digital bank this week were for borrowers with deposits of between 10% and 20%, with investor home loan rates leading the charge

• Heritage Bank & People's Choice both cut fixed rates by up to 10 basis points
  The two banks merged last year and are yet to begin trading under their new name - People First Bank

• Teachers Mutual Bank Limited banks dropped rates by up to 20 basis points
  The group encompasses Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, and Unibank and its Your Way Plus home loan product now offers variable rates from 6.24% p.a.

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