Several lenders have made substantial changes to their rates over the past week. These top lenders made major changes to their mortgage rates.

Greater Bank

Greater Bank has lowered the rates on its fixed rate roster. Greater Bank’s fixed rate currently stands at 1.59% p.a. This includes both the standard rates and the reduced rates offered by the Great Rate Fixed 1-Year and 2-Year Products.

Additionally, the bank cut rates by 20-30 basis point (bps) for both investors and owners-occupiers.

These are just a few of the changes you need to be aware:

  • Amazing Rates for 1 Year  10bps cut to 1.59% p.a. (3.48% p.a. Comparison rate
  • Amazing 2-year rate 20bps cut to 1.59% p.a. (3.31% p.a. Comparison rate
  • Great Rate Discount Variable $150k+ ≤90%LVR: 20bps cut to 2.19% p.a. (2.2% p.a. Comparative rate
  • Great Rate Discount Investment Variable P&I $150k+:  30bps cut to 2.29% p.a. (2.3% p.a. Comparative rate

NAB

NAB, a major bank, raised the fixed rates for its Tailored Fixed Rate products and Choice Package products from three to five years to 5. These changes will be applicable to principal and interest payers.

These are the changes that have occurred:

Choice Package

  • 3-Year:  up to 10bps increase to 2.18% p.a. (3.88% p.a. Comparative rate
  • 4-Year: up to 25bps increase to 2.49% p.a. (3.85% p.a. Comparative rate
  • 5-Year: up to 30bps increase to 2.79% p.a. (3.87% p.a. Comparative rate

Tailor Fixed:

  • 3-Year: up to 10bps increase to 2.28% p.a. (4.07% p.a. Comparative rate
  • 4-Year: up to 25bps increase to 2.59% p.a. (4.01% p.a. Comparative rate
  • 5-Year: up to 30bps increase to 2.89% p.a. (3.99% p.a. Comparative rate

Aussie Home Loans

Aussie has cut the rate for its Select Basic Variable range of products. For investors and owners-occupiers, there were reductions of 10 to 30% in product options.

These are the new rates

Owner-Occupier Select Basic Variable P&I

  • ≤60%: 2.19% p.a. (2.21% p.a. Comparison rate
  • 60-70%: 2.19% p.a. (2.21% p.a. Comparison rate
  • 70-80%: 2.29% p.a. (2.31% p.a. Comparison rate
  • 80-90%: 2.29% p.a. (2.31% p.a. Comparison rate
  • 90-95%: 2.99% p.a. (3.01% p.a. Comparison rate

Investment Select Basic Variable P&I

  • ≤60%: 2.44% p.a. (2.46% p.a. Comparative rate
  • 60-70%: 2.49% p.a. (2.51% p.a. Comparison rate
  • 70-80%: 2.49% p.a. (2.51% p.a. Comparison rate
  • 80-90%: 2.99% p.a. (3.01% p.a. Comparison rate

ING

ING announced recent rate reductions of up to 60% for Orange Advantage products and Mortgage Simplifier. These rate cuts are available to both owner-occupier and investor loans.

Here are some highlights

  • Orange Advantage Variable IO 500 – 999k 60bps reduced by 2.99% per annum (3.33% p.a. Comparison rate
  • Mortgage Simplifier IO 500-999k:60bps reduced to 2.944% per annum (2.96%/p.a. Comparison rate
  • Variable Io 500k+ for Investor Orange Advantage15bps reduced by 2.94 p.a. (3.28% p.a. Comparison rate
  • Investor Mortgage Simplifier IO 500k+:15bps reduced to 2.899% p.a. (2.91% p.a. Comparison rate

Gateway Bank

Gateway also changed its rates to accommodate its Premium Investment Fixed products.

These changes are applicable to borrowers on interest-only terms.

Here are the latest rates:

  • Premium Investment Fixed 1-Year IO 150k+: 2.85% (3.86% p.a. Comparison rate
  • Premium Investment Fixed 2-Year IO 150k+: 2.85% (3.80% p.a. Comparison rate
  • Premium Investment Fixed 3-Year IO 150k+: 2.95% (3.76% p.a. Comparison rate
  • Premium Investment Fixed 5-Year IO 150k+: 3.05% (3.71% p.a. Comparison rate
  • Premium Investment Variable 80% IO 150k+: 2.79% (3.12% p.a. Comparison rate
  • Premium Investment Variable IO 80% Special Offer 500k+: 2.79% (3.12% p.a. Comparison rate
  • Investor Essentials at a Lower Rate 2.75% (2.78% p.a. Comparison rate