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Non major lenders, including mutual banks and credit unions, made some significant increases to their fixed rates over the past week.
One of the recent lenders to make changes was Aussie, which increased its fixed rates across its Elevate product line-up by as much as 35 basis points (bps).
Here are some of the significant changes in Aussie’s fixed rates:
Aussie
|
Aussie Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Investment Elevate Fixed 1 yr P&I |
+35 bps |
2.99% p.a. |
3.07% p.a. |
|
Elevate Offset Fixed 1 yr P&I |
+25 bps |
2.69% p.a. |
2.90% p.a. |
|
Elevate Fixed 3 yrs P&I |
+15 bps |
3.49% p.a. |
2.96% p.a. |
Meanwhile, Illawarra Credit Union moved in the opposite direction, lowering its one-year fixed rates under the The Works Package and Bare Essentials by as much as 24 bps.
However, the credit union still increased its fixed-rates for three- and five-year terms. Below are some of the most substantial changes:
Illawarra Credit Union
|
Illawarra Credit Union Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
The Works Package Home Loan Fixed IO 1 yr |
-24 bps |
2.65% p.a. |
3.03% p.a. |
|
The Works Package Investment Loan Fixed P&I 1 yr |
-10 bps |
2.75% p.a. |
3.74% p.a. |
|
Bare Essentials Home Loan Fixed P&I 1 yr |
-15 bps |
2.50% p.a. |
2.63% p.a. |
|
Bare Essentials Investment Loan Fixed P&I 3 yrs |
+69 bps |
3.34% p.a. |
3.28% p.a. |
Several other lenders also increased their fixed rates over the past week. Here are some of the highlights:
G&C Mutual Bank
|
G&C Mutual Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Residential Fixed P&I 5 yrs |
+80 bps |
3.69% p.a. |
3.75% p.a. |
|
Investment Fixed P&I 5 yrs |
+80 bps |
4.09% p.a. |
4.15% p.a. |
Great Southern Bank
|
Great Southern Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Fixed P&I 1 yr |
+30 bps |
2.59% p.a. |
3.70% p.a. |
|
Fixed P&I 3 yrs |
+25 bps |
3.59% p.a. |
3.76% p.a. |
|
Investment Fixed P&I 1 yr |
+30 bps |
2.89% p.a. |
4.11% p.a |
|
Investment Fixed P&I 3 yrs |
+25 bps |
3.69% p.a. |
4.11% p.a. |
Heritage Bank
|
Heritage Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Home Advantage Residential Fixed 3 yrs 150k+ |
+45 bps |
3.44% p.a. |
3.13% p.a. |
|
Home Advantage Residential Fixed 5 yrs 150k+ |
+50 bps |
3.99% p.a. |
3.49% p.a. |
|
Home Advantage Investment Fixed P&I 1 yr 150k+ |
+25 bps |
2.84% p.a. |
3.10% p.a. |
|
Home Advantage Investment Fixed P&I 2 yrs 150k+ |
+40 bps |
3.19% p.a. |
3.18% p.a. |
bcu
|
bcu Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Residential Fixed P&I 2 yrs |
+20 bps |
2.79% p.a. |
3.83% p.a. |
|
Residential Fixed P&I 3 yrs |
+25 bps |
3.19% p.a. |
3.84% p.a. |
|
Investment Fixed P&I 3 yrs |
+20 bps |
3.34% p.a. |
3.99% p.a. |
|
Investment Fixed P&I 5 yrs |
+5 bps |
3.89% p.a. |
4.09% p.a. |
Bank of Sydney
|
Bank of Sydney Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Expect More Residential Fixed 3 yrs P&I |
+60 bps |
3.89% p.a. |
3.61% p.a. |
|
Expect More Residential Fixed 5 yrs P&I |
+60 bps |
4.09% p.a. |
3.83% p.a. |
|
Expect More Investment Fixed 3 yrs P&I |
+35 bps |
4.00% p.a. |
4.04% p.a. |
|
Expect More Investment Fixed 5 yrs P&I |
+45 bps |
4.30% p.a. |
4.24% p.a. |
Unity Bank
|
Unity Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
First Home Buyer Fixed Rate 2 yrs |
+25 bps |
2.69% p.a. |
2.22% p.a. |
|
First Home Buyer Fixed Rate 3 yrs |
+25 bps |
3.09% p.a. |
2.37% p.a. |
|
Fixed Rate Inv 3 yr P&I |
+15 bps |
3.49% p.a. |
4.41% p.a. |
|
Fixed Rate Inv 5 yr P&I |
+30 bps |
4.19% p.a. |
4.53% p.a. |
Adelaide Bank
|
Adelaide Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Investment SmartFix P&I 1 yr |
+35 bps |
2.99% p.a. |
3.22% p.a. |
|
SmartFix P&I 1 yr |
+25 bps |
2.69% p.a. |
3.01% p.a. |
|
SmartSaver Fixed P&I 3 yrs |
+15 bps |
3.49% p.a. |
3.01% p.a. |
Pacific Mortgage Group
|
Pacific Mortgage Group Loan Product |
Change |
New Advertised Rate |
Comparison Rate* |
|
Investment Fixed P&I 2 yrs |
+45 bps |
2.94% p.a. |
2.38% p.a. |
|
Investment Fixed P&I 3 yrs |
+45 bps |
3.24% p.a. |
2.50% p.a. |
|
Residential Fixed P&I 2 yr |
+55 bps |
2.94% p.a. |
2.38% p.a. |
|
Residential Fixed P&I 3 yr |
+55 bps |
3.24% p.a. |
2.50% p.a. |
—
*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 March 15, 2022.
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Collections: Mortgage News Interest Rates
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