Westpac cuts rates, 86 400 increases

By Gerv Tacadena

Westpac has slashed rates for investors by up to 30 basis points.

It was a relatively quieter time for lenders this week compared to last week when NAB made substantial cuts to its range of fixed rate products.

Still, one major bank made minor adjustments to its special offer rates for investors.

Here are the lenders who made some adjustments to their mortgage rates over the past week:

Westpac

Westpac made the biggest change this week as it lowered the advertised special rate for investors under the Flexi First Option product paying interest only (IO). Here are the changes:

  • Investor Flexi First Option IO 70% LVR Special Offer - down 30bps to 2.99% p.a. (3.00% p.a. comparison rate)
  • Investor Flexi First Option IO 80% LVR Special Offer - down 30 bps to 3.09% p.a. (3.10% p.a. comparison rate)

Westpac Subsidiaries

Following Westpac’s recent rate adjustments, the major bank’s subsidiaries have also adjusted their interest-only variable rates for investors under the Basic Promo product line.

St. George Bank

  • Investment Basic Promo Variable IO <60% LVR - down 20bps to 2.74% p.a. (2.76% p.a. comparison rate)
  • Investment Basic Promo Variable IO 60-80% LVR - down 20bps to 2.79% p.a. (2.81% p.a. comparison rate)

Bank of Melbourne

  • Investment Basic Promo Variable IO 60% LVR - down 20bps to 2.74% p.a. (2.76% p.a. comparison rate)
  • Investment Basic Promo Variable IO 80% LVR - down 20bps to 2.79% p.a. (2.81% p.a. comparison rate)

BankSA

  • Investment Basic Promo Variable IO - down 20bps to 2.79% p.a. (2.81% p.a. comparison rate)

86 400

Neobank 86 400 increased the three-year fixed rate under its Own Home Loan product line by 10bps to 1.95% p.a. (2.5% p.a. comparison rate). This applies to loans with an LVR of ≤80%.

Qudos Bank

Qudos Bank recently lowered rates across its variable and fixed-rate products.

  • No Frills Home Loan P&I 80% - down 5 bps to 2.29% p.a. (2.29% p.a. comparison rate)
  • Owner Occupied Fixed P&I 1 yr 80% LVR - down 10bps to 1.89% p.a. (2.71% p.a. comparison rate)
  • Owner Occupied Fixed P&I 2 yrs 80% LVR - down 10bps to 1.89% p.a. (2.64% p.a. comparison rate)

Great Southern Bank

Great Southern Bank adjusted the variable rate for owner-occupiers and fixed rates for both owner-occupiers and investors.

The bank also increased the owner-occupier two- and three-year fixed rates for owner-occupiers. Here are the changes:

  • Basic Variable P&I ≤80% LVR - down 10 bps to 2.39% p.a. (2.44% p.a. comparison rate)
  • Fixed P&I 1 yr - down 15 bps to 2.04% p.a. (3.65% p.a. comparison rate)
  • Fixed P&I 2 yrs - up 5 bps to 1.94% p.a. (3.48% p.a. comparison rate)
  • Fixed P&I 3 yrs - up 5 bps to 2.02% p.a. (3.36% p.a. comparison rate)
  • Investment Fixed P&I 1 yr - down 30 bps to 2.39% p.a. (4.07% p.a. comparison rate)
  • Investment Fixed IO 1 yr - down 30 bps to 2.49% p.a. (4.08% p.a. comparison rate)

Photo by Scancode Productions on Unsplash

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