CBA increases fixed interest rates by up to 60 basis points
CommBank, Suncorp and ME Bank have all increased fixed interest rates by up to 62 basis points.
Home loan interest rate moves this week generally followed the ongoing trend of rising fixed rates and falling floating rates.
From Commonwealth Bank to Athena, let’s dive into some of the market activity over the past week.
CommBank has raised various fixed rates
CBA has raised a number of its fixed rates for both owner-occupier and investor mortgages from 10 to 60 basis points:
- Wohn-Fest P&I 3 years: Increase by 30 basis points to 3.14% pa (4.33% comparison rate)
- Investment Fixed IO 3 years: Increase of 40 basis points to 3.64% pa (4.88% comparison rate)
- Investment Fixed P&I 3 years: Increase by 60 basis points to 3.44% pa (4.82% comparison rate)
- Asset package investment fixed IO 3 years 150,000+: Increase of 40 basis points to 3.49% pa (4.57% comparison rate)
Suncorp increases fixed rates, decreases variable rates
Suncorp Bank adjusted the interest rates on many of their home loan products.
Specifically, it increased its fixed interest rates by up to 62 basis points and lowered its variable interest rates by up to 32 basis points.
- Home Package Plus P&I Fixed 3 years ≤80% special offer: Increase of 52 basis points to 2.69% pa (2.88% comparison rate)
- Home Package Plus P&I Fixed 3 Years 80-90% Special Offer: Increase of 62 basis points to 2.89% pa (3.16% comparison rate)
- Investment Home Package Plus P&I 70-80% special offer: Decrease of 32 basis points to 2.57% pa (2.99% comparison rate)
- Back to Basics Better Together P&I 70-80% special offer: Decrease by 21 basis points to 2.02% pa (2.03% comparison rate)
Against the tide, the bank also cut some of its fixed rates, including:
- Investment Home Package Plus P&I Fixed 1 year 80-90% special offer: Decline by 24 basis points to 2.34% pa (3.43% comparison rate)
Athena increases fixed interest rates by up to 40 basis points
Non-bank lender Athena raised the fixed rate on its owner-occupier mortgages.
- Fixed P&I 3 years ≤60%: Increase of 40 basis points to 3.39% pa (2.33% comparison rate)
- Fixed P&I 3 years 60-70%: Increase of 40 basis points to 3.44% pa (2.36% comparison rate)
- Fixed P&I 3 years 70-80%: Increase of 40 basis points to 3.49% pa (2.40% comparison rate)
ME increases fixed interest rates for owner-occupiers and investors
In addition, ME Bank increased its fixed interest rates and lowered its variable interest rates at the same time.
BoQ’s own bank increased its fixed interest rates by up to 30 basis points, including its Flexible Fixed OO 3 Years P&I (2.69% pa, 3.91% comparison rate).
At the same time, it lowered its variable interest rates – such as the Member Package Flexible Home Loan OO P&I 60-70% 150-399,000 (2.29% pa, 2.75% comparison rate) – by up to 34 basis points.
Would you like to buy your own home or refinance? The table below shows home loans with some of the lowest interest rates in the owner-occupier market.
|Tariff type||Offset||Draw again||Ongoing fee||Upfront fees||LVR||Repayment of the lump sum||Additional repayments||Pre-approval|
|SELECTEDLIMITED TIME OFFER|
Smart Booster Home Loan With Variable Discount – 2 Years (LVR.)
|SELECTED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES|
Low Interest Home Loans – Prime (Principle and Interest) (Owner Occupied) (LVR
|SELECTEDREFINANCING IN MINUTES, NOT WEEKS|
Nano Home Equity Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
|SELECTEDNO UPDATE OR ONGOING CHARGES|
Owner Occupier Accelerates – Celebrate (LVR.)
- Fast processing times, can take 30 days to complete
- For purchase and refinancing, at least 20% down payment
- No ongoing or monthly fees, add 0.10% offset
Disclaimers of Liability
When selecting the above products, the entire market was not considered. Rather, a reduced part of the market was considered. Some vendors’ products may not be available in all states. In order to be considered, the product and price must be clearly published on the product provider’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest and how we are paid, please click through the website links.