Westpac and CommBank made some significant changes to their fixed and variable rates over the past week.

Both banks made up to 30 bps increase to their fixed rates while slightly lowering its variable rates on special offer.

Westpac

Westpac made a 30-bps increase across its fixed-rate products for investors and owner-occupiers. The increase is apparent across all fixed terms.

The bank also made a small reduction to its special offer rate for both investors and owner-occupiers.

Westpac’s subsidiaries — Bank of Melbourne, St. George, and BankSA — also made similar changes to fixed rates.

Westpac Loan Product

Change

New Advertised Rate

Comparison Rate

Fixed Options P&I 3 yrs 70%

Up 30 bps

4.04% p.a.

4.58% p.a.

Investment Fixed P&I 3 yrs 70%

Up 30 bps

4.19% p.a.

5.01% p.a.

Fixed Options P&I 5 yrs 95%

Up 30 bps

4.59% p.a.

4.72% p.a.

Investment Fixed P&I 5 yrs 80%

Up 30 bps

4.69% p.a.

5.08% p.a.

Flexi First Option P&I 95% LVR Special Offer

Down 10 bps

2.19% p.a.

2.20% p.a.

Inv Flexi First Option IO 80% Special Offer

Down 20 bps

2.89% p.a.

2.90% p.a.

 

CommBank

CommBank raised its investor and owner-occupier rates under its standard fixed and packaged products.

Similar to Westpac’s move, CommBank also made some minor cuts to its variable rate under the Extra Home Loan product.

CommBank Loan Product

Change

New Advertised Rate

Comparison Rate

Residential Fixed P&I 1 yr

Up 20 bps

3.14% p.a.

4.56% p.a.

Investment Fixed P&I 1 yr

Up 20 bps

3.34% p.a.

5.10% p.a.

Residential Fixed P&I 3 yrs

Up 30 bps

3.94% p.a.

4.53% p.a.

Investment Fixed P&I 3 yrs

Up 30 bps

4.14% p.a.

5.01% p.a.

Extra P&I 70-80%

Down 10 bps

2.29% p.a.

2.30% p.a.

Other lenders also rolled out changes to their rates. Here are some of them:

AMP Bank

AMP Bank decreased its variable rates for owner-occupiers and investors under the Professional Package product by up to 15 bps.

At the same time, the bank made up to 30 bps hike to its investor and owner-occupier fixed rates.

AMP Bank Loan Product

Change

New Advertised Rate

Comparison Rate

Professional Package Owner Occupied P&I 80-90% 100-499k

Down 12 bps

2.42% p.a.

2.84% p.a.

Professional Package Investment Variable P&I 60-80% 500k+

Down 15 bps

2.34 2% p.a.

2.76% p.a.

Professional Package Residential Fixed P&I 3 yrs ≤80%

Up 30 bps

3.74% p.a.

3.04% p.a.

Professional Package Investment Fixed P&I 3 yrs ≤80%

Up 30 bps

3.79% p.a.

3.06% p.a.

ING

ING rolled out several changes to its line-up over the past week — it reduced the variable rate of some of its interest-only products while increasing principal-and-interest rates slightly.

The lender also made a uniform 25 bps increase across its fixed rates for both owner-occupiers and investors.

ING Loan Product

Change

New Advertised Rate

Comparison Rate

Inv Mortgage Simplifier IO 500k+

Down 10 bps

2.59% p.a.

2.61% p.a.

Mortgage Simplifier PI 150-499k 80%

Up 10 bps

2.09% p.a.

2.12% p.a.

Investment Fixed P&I 3 yrs

Up 25 bps

3.94% p.a.

3.05% p.a.

Residential Fixed 3 yrs 80-90%

Up 25 bps

3.94% p.a.

 2.69% p.a.

 

Suncorp Bank

Suncorp Bank made several increases across its fixed and variable-rate products.

Suncorp Bank Loan Product

Change

New Advertised Rate

Comparison Rate

Back to Basics Better Together P&I 70-80% Special Offer

Up 10 bps

2.12% p.a.

2.13% p.a.

Investment Home Package Plus P&I 70-80% Special Offer

Up 10 bps

2.49% p.a.

2.92% p.a.

Investment Home Package Plus P&I Fixed 3 yrs 80-90% Special Offer

Up 25 bps

3.99% p.a.

3.58% p.a.

Home Package Plus P&I Fixed 3 yrs 80-90% Special Offer

Up 10 bps

3.79% p.a.

3.28% p.a.

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Photo by @tierramallorca on Unsplash

 

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