ING stock.jpg

ING, Suncorp and Bank Australia were all among the lenders to boost some variable home loan rates this week, unprompted by any RBA movement.

In fact, recent developments suggest the next cash rate change might be downwards, with softer than forecast GDP growth in the September quarter, unemployment rising and household spending continuing to contract.

According to CommBank head of Australian Economics Gareth Aird, a 25 bps rate cut by September 2024 is now fully priced in, and said more hikes appear increasingly unlikely.

"Against the backdrop of rising unemployment and falling GDP per capita the Board will be quite reluctant to tighten policy further," he said.

"Indeed, the need for further rate rises has dissipated."

However, plenty of mortgage holders will be thinking that they've seen this film before, with similar sentiment around the start of spring, before subsequent inflation shocks saw rates go up again in November.

For now, here are the most notable lenders who altered rates this week.

ING hikes variable rates 5 bps

ING moved on Friday morning to slightly increase rates on some of its products, for loans over $150,000.

Some of the new rates for owner occupiers include:

  • The Mortgage Simplifier (LVR<80%) now has a rate of 6.19% p.a (6.22% p.a comparison rate*)
  • The Variable Orange Advantage (LVR<80%) has a new rate of 6.19% p.a (6.48% p.a comparison rate*)

And for investors:

  • The Investment Mortgage Simplifier (LVR<80%) now has a rate of 6.39% p.a (6.42% p.a comparison rate*)
  • The Orange Advantage Investment loan (LVR<80%) is now 6.39% p.a (6.67% p.a comparison rate*)

Suncorp varies variable rates up to 13 bps

Suncorp was the other big bank to move variable rates this week.

For investors, it was positive, with cuts to some interest only rates on investment loans, including:

  • The Investment back to basics loan (LVR<80%) Interest only special offer had rates cut by 10 bps to 6.59% p.a (6.41% p.a comparison rate*)
  • The Investment home package plus (LVR<70%) Interest only special offer also was cut by 10 bps, with a new rate of 6.59% p.a (6.82% p.a comparison rate*)

For owner occupiers though, some rates were increased this week:

  • The Home Package Plus Special Offer (LVR<80%) had rates upped by 5 bps to 6.30% p.a (6.65% p.a comparison rate*)
  • The Back to Basics Better Together (LVR<80%) also was increased by 5 bps, with a new rate of 6.19% p.a (6.20% p.a comparison rate).

Other notable moves

  • Bank Australia increased fixed rates up to 45 bps, including its Basic Home Loan five year fixed (LVR<80%), which was upped by 30 bps to 6.54% p.a (6.40% p.a comparison rate*).
  • Australian Unity increased variable rates on its special offer Kick Start home loan by up to 10 bps, including the discounted variable owner occupier loan (LVR<90%), which has a new rate of 6.44% p.a (6.43% p.a comparison rate*).
  • BankWest dropped variable rates by 10 bps, including its Complete variable owner occupied home loan (LVR<80%), which has a new rate of 6.34% p.a (6.36% p.a comparison rate).

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000

More details
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Collections: