NAB and small lenders have adjusted their variable and fixed rates ahead of the RBA’s next meeting on monetary policy, which will take place early next week.

After major banks like ANZ, Westpac, and CommBank adjusted their rates, this news was made public.

NAB

NAB made three changes in its mortgage line up.

It has reduced its one year fixed rate by as high as 15bps and increased its longer term fixed rates by 10bps. These rates are applicable to owner-occupier fixed rate and owner-occupier rates.

The bank has also reduced its variable rate in a special deal Variable rates will be 40bps lower for Borrowers who have up to 80% LVR

  • Choice Package Tailored Fixed – P&I 1 yr 150k+ – Drop by 10bps to 1.99% per year (4.15% p.a. Comparison rate
  • Choice Package Tailored Fixed – P&I 2 yrs 150k+– Up to 10bps up to 2.09% per year (4.00% p.a. Comparative rate
  • Choice Package Tailored Fixed – P&I 3 yrs 150k+– From 2.91% p.a. to 2.288% (3.91% p.a. Comparison rate
  • Choice Package Tailored Fixed – P&I 5 yrs 150k+– Increased 20bps to 2.99% (3.95% per annum). Comparative rate
  • Choice Package Inv Tailored Fixed – P&I 1 yr 150k+– 15bps decrease to 2.39% per year (4.71% p.a. Comparison rate
  • Choice Package Inv Tailored Fixed – P&I 3 yrs 150k+– Increased 10bps to 2.544% per annum (4.40% p.a. (4.40% p.a.
  • Choice Package Inv Tailored Fixed – P&I 4 yrs 150k+– Up to 5bps up to 2.99% per annum (4.40%/p.a. Comparable rate
  • Choice Package Inv Tailored Fixed – P&I 5 yrs 150k+– Increased 15bps to 3.009% per annum (4.33% p.a. Comparison rate
  • Base Variable Rate P&I Special Offer <80% – decreased by 40bps, to 2.29% p.a. (2.33% p.a. Comparison rate
  • Base Variable Rate P&I Special Offer >80%– A reduction of 5bps to 2.99% per annum (3.03% p.a. Comparison rate

IMB

IMB listened to current rate trends and reduced its variable rate for Budget Home Loan Product while increasing its fixed rate for the longer term.

  • Budget Home Loan P&I ≤70% – 19 bps reduction to 2.24% per annum (2.30% p.a. Comparative rate
  • Residential Fixed P&I 2 yrs– Increased by 10bps at 2.07 % per annum (2.90% p.a. Comparison rate
  • Residential Fixed P&I 3 yrs– From 10bps to 2.17% per year (2.86% p.a. Comparison rate
  • Residential Fixed P&I 4 yrs – 20bps increase up to 2.69% per annum (2.97% p.a. Comparison rate
  • Residential Fixed P&I 5 yrs– From 20bps to 2.699% per annum (2.95% per annum). Comparison rate

Gateway Bank

Gateway Bank reduced variable rates for several products by making several cuts.

One of the most notable was the 45bps cut to its Green Plus Home Loan, which puts its rate at one of the industry’s lowest at 1.89% p.a. (2.24% p.a. Comparison rate

  • Premium Variable 80% 150k+45bps reduction to 2.14% per annum (2.49% p.a. Comparison rate
  • Premium Variable 80% 500k+35bps to 1.99% per year (2.34% p.a. Comparison rate
  • Green Home Loan 45bps to 1.99% per annum (2.34% p.a. Comparative rate
  • Green Plus Home LoanThe – declined by 45bps to 1.89p.a. (2.24% p.a. Comparison rate
  • Low-Rate Essentials26bps reduction to 2.29p.a. (2.32% p.a. Comparative rate
  • 500k Special low rate essentials+ – Down 47bps to 2.04% (2.07% p.a. Rate comparison

Bendigo Bank

Bendigo Bank has reduced its 1-year fixed rate to 35bps for both investors and owners-occupiers.

Like other lenders, the bank increased its fixed rates to be more stable over the long term.

  • Complete Home Loan Fixed P&I 1 yr 35 bps lower to 1.89% (2.60% annum). Comparative rate
  • Complete Home Loan Fixed P&I 4 yr– 20 bps increase at 2.74% (2.76% per annum). Comparison rate
  • Complete Home Loan Fixed P&I 5 yrs– 20 bps up to 2.99% (2.88% per year). Comparison rate
  • Investment Complete Home Loan Fixed P&I 1 yr25bps drop to 2.39% p.a. (2.74% p.a. Comparative rate
  • Investment Complete Home Loan Fixed P&I 4 yrs– 10bps increase in rate to 3.04% (2.92%/p.a. Comparative rate

AMP Bank

AMP Bank has made adjustments to its investment-mortgage products. They reduced the rates of its Professional Package Investment Line.

  • Professional Package Investment Variable P&I ≤60% 500k+– 40bps reduction to 2.34% per year (2.76% p.a. Comparison rate
  • Professional Package Investment Variable P&I 60-80% 500k+35bps reduction to 2.44% per annum (2.86% p.a. Comparison rate
  • Professional Package Investment Construction 500k+ ≤60%– 30bps reduction to 2.79% per year (2.86% p.a. Comparison rate

—