Three of Australia’s biggest banks have made several adjustments to their home loan rates over the past two weeks, particularly focusing on increasing fixed rates.
Experts and financial institutions expect the RBA to increase the cash rate in the future, even though the RBA kept the cash rate at the current level in its monetary policy decision on Wednesday.
Westpac predicts an August rate hike, which would bring the cash rate goal up by 0.2%.
The RBA’s last upwards movement on the cash rate was in November 2010, when the cash rate was raised by 25bps to 4.75%.
These are the most recent rate adjustments by ANZ, NAB, CommBank and smaller lenders.
ANZ
ANZ raised most of its fixed rate offerings, but also lowered its investor variable rate rates under the Simplicity Plus line.
|
ANZ Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Investment Simplicity Plus P&I 70-80% Special Offer |
-40bps |
2.59% p.a. |
2.63% p.a. |
|
Breakfree Residential Fixed 3 yrs ≤80% |
+40bps |
3.39% p.a. |
3.52% p.a. |
|
Breakfree Investment Fixed 3 yrs ≤80% |
+30bps |
3.59% p.a. |
4.00% p.a. |
|
Residential Fixed 5 yrs ≤80% |
+40bps |
4.14% p.a. |
4.36% p.a. |
|
Investment Fixed 5 yrs ≤80% |
+40bps |
4.34% p.a. |
4.80% p.a. |
NAB
NAB also increased rates on its home loan products to investors and owners-occupiers.
|
NAB Loan Product |
Change |
Changes in the Advertisement Rate |
Comparison Rate |
|
Choice Package Tailored Fixed – P&I 1 yr 150k+ |
+10bps |
2.64% p.a. |
4.21% p.a. |
|
Choice Package Tailored Fixed – P&I 3 yrs 150k+ |
+20bps |
3.34% p.a. |
4.17% p.a. |
|
Inv Tailored Fixed – P&I 1 yr |
+15bps |
3.04% p.a. |
5.05% p.a. |
|
Inv Tailored Fixed – P&I 3 yrs |
+15bps |
3.64% p.a. |
4.85% p.a. |
CommBank
CommBank increased its majority of fixed rates but significantly reduced investor variable rates under its Extra home loan product.
|
CBA Loan Products |
Change |
Advertisement Rate Change |
Comparison Rate |
|
Residential Fixed P&I 5 yrs |
+20bps |
3.94% p.a. |
4.44% p.a. |
|
Investment Fixed P&I 5 yrs |
+20bps |
4.04% p.a. |
4.82% p.a. |
|
Wealth Package Residential Fixed P&I 2 yrs 150k+ |
+15bps |
2.84% p.a. |
4.09% p.a. |
|
Wealth Package Investment Fixed P&I 2 yrs 150k+ |
+10bps |
2.99% p.a. |
4.58% p.a. |
|
Inv Extra P&I <70% |
-40bps |
2.49% p.a. |
2.50% p.a. |
|
Inv Extra P&I 70-80% |
-40bps |
2.59% p.a. |
2.60% p.a. |
Greater Bank
|
Greater Bank Loan Products |
Change |
Changes in the Advertisement Rate |
Comparison Rate |
|
Ultimate Fixed 3-year Warranty |
+20bps |
2.94% p.a. |
3.74% p.a. |
|
Ultimate Investment P&I Fixed 3 yrs |
+10bps |
3.09% p.a. |
4.06% p.a. |
|
Fantastic Rates for 2 Year Fixed |
+20bps |
2.39% p.a. |
3.45% p.a. |
|
Great Rate Investment Fixed P&I 2 yrs |
+20bps |
2.69% p.a. |
3.81%% p.a. |
ING
|
ING Loan Products |
Change |
Changes in the Advertisement Rate |
Comparison Rate |
|
Orange Advantage Residential Fixed 3 yrs ≤ 80% |
+30bps |
3.19% p.a. |
3.89% p.a. |
|
Orange Advantage Variable Pi 150-499k 88% |
+10bps |
2.14% p.a. |
2.50% p.a. |
|
Investment Fixed P&I 3 yrs |
+30bps |
3.39% p.a. |
4.43% p.a. |
|
Residential Fixed 3 yrs ≤80% |
+30bps |
3.29% p.a. |
3.91% p.a. |
—
