What happened to mortgage rates this week?

Tic:Toc, Suncorp, Citi, Bankwest and Bank of Queensland have all fluctuated their home loan interest rates over the past week, with some up and some down.

ANZ, NAB and Westpac also raised fixed mortgage rates over the past week.

This is the second time in three weeks that Westpac has raised rates – similar increases have also been applied to its St George, BankSA and Bank of Melbourne subsidiaries.

However, a few variable loan rates from the majors have been reduced, and this is also a growing theme among smaller lenders.

You’ll also notice something a little funny – usually comparison rates are higher than advertised rates, but many rollover rates on fixed loans are now lower, which means comparison rates are also reduced.

See also: Is it too late to settle your mortgage?

TIC Toc

The online lender has made a wide variety of changes to its fixed home loans for homeowners and investors. Some highlights included:

• Live-In Fixed P&I 3 years: Increase of 20 basis points to 2.79% per year (comparative rate of 2.12% per year*)
• Live-In Fixed P&I 5 years: Increase of 25 basis points to 3.49% per year (comparative rate of 2.52% per year*)
• 3-year fixed P&I investor: Increase of 30 basis points to 2.90% per annum (comparative rate of 2.86% per annum*)
• 5-year fixed P&I investor: Increase of 30 basis points to 3.54% per annum (comparative rate of 3.13% per annum*)

The comparison rate is much lower than the advertised rate, largely due to the variable rollover rates that apply at the end of the fixed period.

Currently, for owner occupiers, the turnover rate is 1.89% per year, while it is 2.84% per year for investors.

Suncorp

Suncorp made a wide variety of variable rate cuts, while only modestly increasing fixed rates by 5 to 13 basis points.

Some variable rate cuts included:

• Back to Basics Better Together P&I 90%: Reduction of 25 basis points to 2.29% per annum (comparative rate of 2.30% per annum*)
• 95% P&I Home Plus First Time Buyer Package: Reduction of 25 basis points to 2.44% per annum (comparative rate of 2.87% per annum*)
• Investment Back to basics P&I 70%: Reduction of 10 basis points to 2.19% per annum (comparative rate of 2.20% per annum*)

City

Citi has varied a few mortgage rates – variable down and fixed up.

• Basic variable P&I 80% 350k+: Reduction of 10 basis points to 1.99% per annum (comparative rate of 2.04% per annum*)
• Mortgage Plus Fixed 3 Year P&I 80%: Increase of 20 basis points to 3.19% per year (comparative rate of 2.92% per year*)
• Fixed inv 3 years P&I 80%: Increase of 20 basis points to 3.49% per annum (comparative rate of 3.25% per annum*)

Bankwest

The Perth-based company, owned by the ABC, raised rates on fixed home loans by 10 to 55 basis points. Some highlights included:

• Owner occupied Full P&I 3 years 80%: Increase of 50 basis points to 3.59% per annum (comparative rate of 3.59% per annum*)
• Owner occupied Full P&I 5 years 80%: Increase of 50 basis points to 3.89% per annum (comparative rate of 3.80% per annum*)
• Full investment P&I 3 years: Increase of 50 basis points to 3.69% per year (comparative rate of 4.29% per year*)
• Full investment P&I 5 years: Increase of 50 basis points to 3.99% per year (comparative rate of 4.37% per year*)

Bank of Queensland

The BoQ did what the others didn’t – it raised variable rates.

The Economy Variable P&I home loan with 70% LVR was increased by 15 basis points to 2.13% pa ​​(2.30% pa comparison rate*).

The same loan at 80% LVR has also been increased by the same margin, now standing at 2.18% per annum (comparative rate of 2.35% per annum*).

The usual fixed rate increases were also applied, with a few highlights including:

• Residential Fixed 3 Years 90%: Increase of 25 basis points to 3.44% per annum (comparative rate of 3.32% per annum*)
• Residential Fixed 5 Years 90%: Increase of 45 basis points to 3.94% per year (comparative rate of 3.58% per year*)
• 3-year fixed P&I investment: Increase of 25 basis points to 4.29% per year (comparative rate of 3.68% per year*)
• 5-year fixed P&I investment: Increase of 30 basis points to 4.39% per year (comparative rate of 3.79% per year*)

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Are you buying a house or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.

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Smart Booster Home Loan Discounted Variable – 2 years (LVR

Product Features

• Fast turnaround times, can meet 30 day settlement
• For purchase and refinancing, down payment min 20%
• No ongoing or monthly fees, add 0.10% compensation

Monthly repayments:$1,449

1.85%Advertised price (pa)

2.21%Comparison rate*

Photo by Mudassir Ali from Pexels