Among this week's home loan rate movers were banking giant Macquarie, mutual major Teachers Mutual Bank and subsidiaries, and customer-owned Summerland Bank.
Their downwards movement came despite very little news on the interest rate front.
Though, mortgage borrowers and refinancers should stay tuned for upcoming market developments, particularly with key inflation data set for release next week.
Wednesday will see the Australian Bureau of Statistics (ABS) release inflation figures for the three months ended December.
If the quarterly inflation rate were to surprise on the downside, it could bring a swathe of rate cut speculation.
No doubt borrowers (and consumers more generally) will be willing price growth to have tumbled towards the pointy end of 2024.
Until then, these lenders are making downwards rate movements. Let's dive in.
Macquarie Bank cuts fixed rates by up to 16 basis points
Macquarie Bank has cut fixed rates by up to 16 basis points, now offering rates as low as 5.55% p.a. for one- to three-year terms.
That rate is offered to owner-occupiers making principal and interest repayments (P&I) with loan-to-value ratios (LVRs) of 70% or less who fixed their rates for two or three years (comparison rates* 6.00% p.a. - 6.05% p.a.).
And investors weren't forgotten, with fixed rates on investment mortgages now starting from 5.69% p.a.
For more information on Macquarie's latest changes, check out our previous coverage.
Customer-owned giant Teachers Mutual Bank drops variable rates
Teachers Mutual Bank and its subsidiaries UniBank, Firefighters Mutual Bank, and Health Professionals Bank each slashed 5 basis points from the Your Way Plus Home Loan lineup.
The product comes with an offset account and an establishment fee waiver at the cost of a $300 annual fee.
Rates on the Your Way Plus mortgage now start at 6.04% p.a., with changes for those making P&I repayments including:
| Borrower | Max LVR |
New rate |
Comp rate* |
|---|---|---|---|
| Owner- occupier |
≤60% | 6.09% (-5bp) |
6.39% |
| 60-80% | 6.19% (-5bp) |
6.49% | |
| 80-90% | 6.64% (-5bp) |
6.94% | |
| 90-95% | 6.89% (-5bp) |
7.18% | |
| Investor | ≤60% | 6.39% (-5bp) |
6.69% |
| 60-80% | 6.49% (-5bp) |
6.79% | |
| 80-90% | 6.94% (-5bp) |
7.23% | |
| 90-95% | 7.19% (-5bp) |
7.48% |
Summerland Bank cuts variable rates by up to 40 basis points
Finally, Summerland Bank cut variable rates on its Premium Home Loan product for borrowers with LVRs under 80% this week.
The lineup offers an offset account and a fee-free credit card while demanding a $380 annual fee.
Special offer rates now advertised to owner-occupiers turning to the mortgage with LVRs of 60% to 80% now sit at 6.14% p.a. and 6.24% p.a. (respective comparison rates* 6.49% p.a. and 6.59% p.a.). The lower of the two rates is available to those borrowing $500,000 or more and the higher to those borrowing between $250,000 and $500,000.
Summerland also cut rates for property investors by as much as 40 basis points, with rates on the Investment Premium Home Loan now beginning at 6.49% p.a.
Other movers
- IMB cut rates on its Budget and Essentials home loans by up to 10 basis points for select borrowers
- BCU cut rates on two-year fixed investment home loans by up to 40 basis points
Advertisement
Lender Home Loan Interest 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 Tags Features Link Compare Promoted Product Disclosure
4.6 STAR CUSTOMER RATINGS
Promoted
Disclosure
Disclosure
Disclosure
Share