This week, non-major lenders, including credit unions and mutual banking, saw significant increases in fixed rate rates.
Aussie was among the lenders to make recent changes. It increased its fixed rates on Elevate products by as much as 35 basis points (bps).
Here are some of the significant changes in Aussie’s fixed rates:
Aussie
|
Aussie Loan Product |
Change |
Changes in the Advertisement Rate |
Comparison Rate* |
|
Investment Elevate Fixed 1 yr P&I |
+35 bps |
2.99% p.a. |
3.07% p.a. |
|
Elevate Offset Fixed 1 yr P&I |
+25 bps |
2.69% p.a. |
2.90% p.a. |
|
Elevate Fixed 3 yrs P&I |
+15 bps |
3.49% p.a. |
2.96% p.a. |
Illawarra Credit Union moved in the opposite direction and reduced its fixed rates for one year under The Works Package and Bare Essentials by as much as 24 BSP.
Although the credit union raised its fixed rates for 3- and 5-year terms, it did not increase enough to offset the increase. These are the most significant changes:
Illawarra Credit Union
|
Illawarra Credit Union Loan Product |
Change |
Advertisement Rate Change |
Comparison Rate* |
|
Fixed 1 Year The Works Package Home Loan |
-24 bps |
2.65% p.a. |
3.03% p.a. |
|
The Works Package Investment Loan Fixed P&I 1 yr |
-10 bps |
2.75% p.a. |
3.74% p.a. |
|
Bare Essentials Home Loan Fixed P&I 1 yr |
-15 bps |
2.50% p.a. |
2.63% p.a. |
|
Bare Essentials Investment Loan Fixed P&I 3 yrs |
+69 bps |
3.34% p.a. |
3.28% p.a. |
In the same week, other lenders raised their fixed rates. Here are some highlights.
G&C Mutual Bank
|
G&C Mutual Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Residential Fixed P&I 5 yrs |
+80 bps |
3.69% p.a. |
3.75% p.a. |
|
Investment Fixed P&I 5 yrs |
+80 bps |
4.09% p.a. |
4.15% p.a. |
Great Southern Bank
|
Great Southern Bank Loan Products |
Change |
Changes in the Advertisement Rate |
Comparison Rate* |
|
Fixed P&I 1 yr |
+30 bps |
2.59% p.a. |
3.70% p.a. |
|
Fixed P&I 3 yrs |
+25 bps |
3.59% p.a. |
3.76% p.a. |
|
Investment Fixed P&I 1 yr |
+30 bps |
2.89% p.a. |
4.11% p.a |
|
Investment Fixed P&I 3 yrs |
+25 bps |
3.69% p.a. |
4.11% p.a. |
Heritage Bank
|
Heritage Bank Loan Products |
Change |
New Advertised Rate |
Comparison Rate* |
|
Home Advantage Residential Fixed 3 year Warranty 150k+ |
+45 bps |
3.44% p.a. |
3.13% p.a. |
|
Home Advantage Residential Fixed 5 years 150k+ |
+50 bps |
3.99% p.a. |
3.49% p.a. |
|
Home Advantage Investment Fixed P&I 1 yr 150k+ |
+25 bps |
2.84% p.a. |
3.10% p.a. |
|
Home Advantage Investment Fixed P&I 2 yrs 150k+ |
+40 bps |
3.19% p.a. |
3.18% p.a. |
bcu
|
bcu Loan Product |
Change |
Changes in the Advertisement Rate |
Comparison Rate* |
|
Residential Fixed P&I 2 yrs |
+20 bps |
2.79% p.a. |
3.83% p.a. |
|
Residential Fixed P&I 3 yrs |
+25 bps |
3.19% p.a. |
3.84% p.a. |
|
Investment Fixed P&I 3 yrs |
+20 bps |
3.34% p.a. |
3.99% p.a. |
|
Investment Fixed P&I 5 yrs |
+5 bps |
3.89% p.a. |
4.09% p.a. |
Bank of Sydney
|
Bank of Sydney Loan Product |
Change |
Changes in the Advertisement Rate |
Comparison Rate* |
|
Expect More Residential Fixed 3 yrs P&I |
+60 bps |
3.89% p.a. |
3.61% p.a. |
|
Expect More Residential Fixed 5 yrs P&I |
+60 bps |
4.09% p.a. |
3.83% p.a. |
|
Expect More Investment Fixed 3 yrs P&I |
+35 bps |
4.00% p.a. |
4.04% p.a. |
|
Expect More Investment Fixed 5 yrs P&I |
+45 bps |
4.30% p.a. |
4.24% p.a. |
Unity Bank
|
Unity Bank Loan Product |
Change |
Advertisement Rate Change |
Comparison Rate* |
|
Fixed Rate 2 Year Contract for First Home Buyers |
+25 bps |
2.69% p.a. |
2.22% p.a. |
|
Fixed Rates for First Homebuyers 3 Years |
+25 bps |
3.09% p.a. |
2.37% p.a. |
|
Fixed Rate Inv 3 yr P&I |
+15 bps |
3.49% p.a. |
4.41% p.a. |
|
Fixed Rate Inv 5 yr P&I |
+30 bps |
4.19% p.a. |
4.53% p.a. |
Adelaide Bank
|
Adelaide Bank Loan Products |
Change |
Advertisement Rates Change |
Comparison Rate* |
|
Investment SmartFix P&I 1 yr |
+35 bps |
2.99% p.a. |
3.22% p.a. |
|
SmartFix P&I 1 yr |
+25 bps |
2.69% p.a. |
3.01% p.a. |
|
SmartSaver Fixed P&I 3 yrs |
+15 bps |
3.49% p.a. |
3.01% p.a. |
Pacific Mortgage Group
|
Pacific Mortgage Group Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Investment Fixed P&I 2 yrs |
+45 bps |
2.94% p.a. |
2.38% p.a. |
|
Investment Fixed P&I 3 yrs |
+45 bps |
3.24% p.a. |
2.50% p.a. |
|
Residential Fixed P&I 2 yr |
+55 bps |
2.94% p.a. |
2.38% p.a. |
|
Residential Fixed P&I 3 yr |
+55 bps |
3.24% p.a. |
2.50% p.a. |
—
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: The above example is the only one that this comparison rate applies to. This rate does not include all fees. It is possible to get different comparison rates for different terms and loan amounts. Rates as of March 15, 2022
