CommBank, Westpac hike fixed rates; ANZ slashes variable rates

By Gerv Tacadena

CommBank, Westpac hike fixed rates; ANZ slashes variable rates

Three big banks have recently adjusted their interest rates following the Reserve Bank of Australia (RBA)’s decision to hold the cash rate at its current historic low of 0.1%.

The RBA hinted a possible rate hike by 2023, earlier than the previous projection of an increase by 2024.

However, major banks are manifesting a much earlier hike, with CommBank projecting the first rate increase by November 2022.

CommBank

CommBank made some adjustment to its fixed rates for both owner-occupiers and investors. Here are some of the biggest changes:

  • Residential Fixed P&I 3 yrs - up by 40bps to 2.84% p.a. (4.25% p.a. comparison rate)
  • Residential Fixed P&I 4 yrs - up by 50bps to 3.04% p.a. (4.19% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs - up by 30bps to 2.84% p.a. (4.67% p.a. comparison rate)

ANZ

ANZ recently lowered its variable rates under its Simplicity Plus product offer. The discounted rates are accessible to both owner-occupiers and investors:

  • Simplicity Plus P&I <70% Special Offer - down by 43bps to 2.29% p.a. (2.33% p.a. comparison rate)
  • Investment Simplicity Plus P&I <70% Special Offer - down by 33% to 2.79% p.a. (3.83% p.a. comparison rate)
  • Simplicity Plus P&I 70-80% Special Offer - down by 23bps to 2.49% p.a. (2.53% p.a. comparison rate)
  • Investment Simplicity Plus P&I 70-80% Special Offer - down by 13bps to 2.99% p.a. (3.03% p.a. comparison rate)

Westpac

Westpac introduced up to a 21bps rate increase across its fixed loan products for both owner-occupiers and investors.

  • Fixed Options P&I 3 yrs 95% LVR - up 21bps to 2.59% p.a. (4.20% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs 80% LVR - up 20bps to 2.89% p.a. (4.67% p.a. comparison rate)
  • Premier Advantage Fixed Options P&I 3 yrs 95% 150k+ - up by 21bps to 2.39% p.a. (3.48% p.a. comparison rate)
  • Premier Advantage Investment Fixed P&I 3 yrs 80% - up by 20bps to 2.69% p.a. (3.94% p.a. comparison rate)

Its subsidiaries also made some changes to their offerings, increasing fixed rates while cutting some of their variable home loan offers.

BankSA

  • Residential Fixed P&I 3 yrs - up by 31bps to 2.54% p.a. (4.20% p.a. comparison rate)
  • Advantage Package Residential Fixed P&I 3 yrs 150k+ - up by 31bps to 2.39% p.a. (3.45% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs - up by 20bps to 2.84% p.a. (4.68% p.a. comparison rate)
  • Advantage Package Investment Fixed P&I 3 yrs 150k+ - up by 20bps to 2.69% p.a. (3.93% p.a. comparison rate)
  • Basic Promo Variable P&I - down by 10bps to 2.19% p.a. (2.21% p.a. comparison rate)
  • Investor Basic Promo Variable P&I - down by 10bps to 2.49% p.a. (2.51% p.a. comparison rate)

St George

  • Residential Fixed P&I 3 yrs 60-80% LVR - up by 31bps to 2.49% p.a. (4.15% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs >80% LVR - up by 31bps to 2.54% p.a.  (4.20% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs 60-80% LVR - up by 20bps to 2.79% p.a. (4.63% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs >80% LVR - up by 20bps to 2.84% p.a. (4.68% p.a. comparison rate)
  • Investment Basic Promo Variable P&I 60-80% LVR - down 10bps to 2.49% p.a. (2.51% p.a. comparison rate)
  • Investment Basic Promo Variable P&I >80% LVR - down 10bps to 2.54% p.a. (2.56% p.a. comparison rate)
  • Basic Promo Variable P&I 60-80% LVR - down 10bps to 2.19% p.a. (2.21% p.a. comparison rate)
  • Basic Promo Variable P&I >80% LVR - down 10bps to 2.24% p.a. (2.26% p.a. comparison rate)

Bank of Melbourne

  • Residential Fixed P&I 3 yrs <60% LVR - up 31bps to 2.44% p.a. (4.09% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs 60-80% LVR - up 31bps to 2.49% p.a. (4.14% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs >80% LVR - up 31bps to 2.54% p.a. (4.19% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs 60% LVR - up 220bps to 2.74% p.a. (4.58% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs 60-80% LVR - up 20bps to 2.79% p.a. (4.63% p.a. comparison rate)

Auswide Bank

Auswide Bank slashed its variable rates under its basic home loan product and under the Freedom Package. The changes are available to owner-occupiers and investors.

Here are some of the changes:

  • Basic Home Loan 75-90% LVR - down by 20bps to 2.39% p.a. (2.41% p.a. comparison rate)
  • Basic Investment Loan P&I 75-90% LVR - down by 20bps to 2.49% p.a. (2.51% p.a. comparison rate)
  • Basic Investment Loan IO 75-90% LVR - down by 10bps to 2.79% p.a. (2.81% p.a. comparison rate)
  • Freedom Package Variable P&I 75-90% LVR Special Offer - down 30bps to 2.59% p.a. (3.01% p.a. comparison rate)
  • Freedom Package Investment Variable P&I 75-90% LVR Special Offer - down 20bps to 2.79% p.a. (3.21% p.a. comparison rate)

bcu

Member-owned bcu followed the trend of increasing fixed rates while cutting variable rates.

Below are some of the changes:

  • OMG! Variable Rate P&I 60-80% LVR - down by 10bps to 2.29% p.a. (2.29% p.a. comparison rate)
  • Residential Fixed P&I 3 yrs - up by 10bps to 2.29% p.a. (3.61% p.a. comparison rate)
  • Investment Fixed P&I 3 yrs - up by 20bps to 2.49% p.a. (3.77% p.a. comparison rate)

HSBC

HSBC decreased its variable rate for both owner-occupiers and investors.

  • Home Value IO <80% Promotional Offer - down by 61bps to 2.37% p.a. (2.23 p.a. comparison rate)
  • Home Loan Package Variable IO <80% Promotional Offer - down by 61bps to 2.47% p.a. (2.73% p.a. comparison rate)
  • Home Value P&I 80-90% Promotional Offer - down by 27bps to 2.27% p.a. (2.28% p.a. comparison rate)
  • Home Loan Package Investment Variable IO 80-90% Promotional Offer - down by 37bps to 2.87% p.a. (3.13% p.a. comparison rate)
  • Home Loan Package Investment Variable P&I 80-90% Promotional Offer - down by 32bps to 2.67% p.a. (3.11% p.a. comparison rate)

Latest cuts to fixed rates

Here are the other lenders that adjusted their fixed rates over the past week:

Bankwest

  • Complete Home Loan Fixed Rate Owner Occupied P&I 3 yrs ≤80% LVR - up by 72bps to 2.79% p.a. (3.39% p.a. comparison rate)
  • Complete Home Loan Fixed Rate Owner Occupied P&I 4 yrs 80-90% LVR - down by 30bps to 3.29% p.a. (3.54% p.a. comparison rate)
  • Complete Home Loan Fixed Rate Investment P&I 3 yrs 200k+ - up by 45bps to 2.79% p.a. (4.06% p.a. comparison rate)

AMP Bank

  • Basic Fixed P&I 2 yrs - up by 30bps to 2.34% p.a. (2.83% p.a. comparison rate)
  • Professional Package Residential Fixed P&I 2 yrs 80-90% LVR - up by 30bps to 2.34% p.a. (2.88% p.a. comparison rate)
  • Professional Package Residential Fixed P&I 2 yrs ≤80% LVR - up by 30bps to 2.14% p.a. (2.60% p.a. comparison rate)

Hume Bank

  • myBlue P&I Fixed 3 yrs 60-80% LVR - up by 10bps to 2.24% p.a. (2.32% p.a. comparison rate)
  • myBlue P&I Fixed 3 yrs 80-90% LVR - up by 15bps to 2.39% p.a. (2.43% p.a. comparison rate)
  • myBlue Investment IO Fixed 1 yr 60-80% LVR - down by 10bps to 2.54% p.a. (2.68% p.a. comparison rate)
  • myBlue Investment IO Fixed 2 yr 60-80% LVR - down by 10bps to 2.59% p.a. (2.67% p.a. comparison rate)

Citi

  • Mortgage Plus Investment Standard Fixed P&I 3 yrs 80% 350k+ - up by 35bps to 2.89% p.a. (3.17% p.a. comparison rate)
  • Mortgage Plus Standard Fixed P&I 3 yrs 80% 350k+ - up by 35bps to 2.59% p.a (2.84% p.a. comparison rate)

IMB

  • Investment Fixed P&I 5 yrs - up by 20bps to 2.99% p.a. (3.41% p.a. comparison rate)
  • Residential Fixed IO 4 yrs - up by 10bps to 3.84% p.a. (3.35% p.a. comparison rate)
  • Residential Fixed IO 5 yrs - up by 20bps to 3.84% p.a. (3.41% p.a. comparison rate)

Arab Bank Australia

  • Residential Fixed 3 yrs ≤60% - up by 15bps to 2.25% p.a. (3.25% p.a. comparison rate)
  • Investment Fixed 3 yrs ≤60% - up by 20bps to 2.7% p.a. (3.81% p.a. comparison rate)

Qudos Bank

  • Investment Fixed P&I 3 yrs 80% - up by 20bps to 2.59% p.a. (3.08% p.a. comparison rate)
  • Owner Occupied Fixed IO 1 yr 80% - down by 20bps to 2.39% p.a. (2.76% p.a. comparison rate)
  • Owner Occupied Fixed IO 2 yrs 80% - down by 10bps to 2.49% p.a. (2.74% p.a. comparison rate)

Photo by Joshua Mayo on Unsplash.

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