Three big banks have recently adjusted their interest rates following the Reserve Bank of Australia (RBA)’s decision to hold the cash rate at its current historic low of 0.1%.

The RBA hinted a possible rate hike by 2023, earlier than the previous projection of an increase by 2024.

However, major banks are manifesting a much earlier hike, with CommBank projecting the first rate increase by November 2022.

CommBank

CommBank made some adjustment to its fixed rates for both owner-occupiers and investors. Here are some of the biggest changes:

• Residential Fixed P&I 3 yrs - up by 40bps to 2.84% p.a. (4.25% p.a. comparison rate)
• Residential Fixed P&I 4 yrs - up by 50bps to 3.04% p.a. (4.19% p.a. comparison rate)
• Investment Fixed P&I 3 yrs - up by 30bps to 2.84% p.a. (4.67% p.a. comparison rate)

ANZ

ANZ recently lowered its variable rates under its Simplicity Plus product offer. The discounted rates are accessible to both owner-occupiers and investors:

• Simplicity Plus P&I <70% Special Offer - down by 43bps to 2.29% p.a. (2.33% p.a. comparison rate)
• Investment Simplicity Plus P&I <70% Special Offer - down by 33% to 2.79% p.a. (3.83% p.a. comparison rate)
• Simplicity Plus P&I 70-80% Special Offer - down by 23bps to 2.49% p.a. (2.53% p.a. comparison rate)
• Investment Simplicity Plus P&I 70-80% Special Offer - down by 13bps to 2.99% p.a. (3.03% p.a. comparison rate)

Westpac

Westpac introduced up to a 21bps rate increase across its fixed loan products for both owner-occupiers and investors.

• Fixed Options P&I 3 yrs 95% LVR - up 21bps to 2.59% p.a. (4.20% p.a. comparison rate)
• Investment Fixed P&I 3 yrs 80% LVR - up 20bps to 2.89% p.a. (4.67% p.a. comparison rate)
• Premier Advantage Fixed Options P&I 3 yrs 95% 150k+ - up by 21bps to 2.39% p.a. (3.48% p.a. comparison rate)
• Premier Advantage Investment Fixed P&I 3 yrs 80% - up by 20bps to 2.69% p.a. (3.94% p.a. comparison rate)

Its subsidiaries also made some changes to their offerings, increasing fixed rates while cutting some of their variable home loan offers.

BankSA

• Residential Fixed P&I 3 yrs - up by 31bps to 2.54% p.a. (4.20% p.a. comparison rate)
• Advantage Package Residential Fixed P&I 3 yrs 150k+ - up by 31bps to 2.39% p.a. (3.45% p.a. comparison rate)
• Investment Fixed P&I 3 yrs - up by 20bps to 2.84% p.a. (4.68% p.a. comparison rate)
• Advantage Package Investment Fixed P&I 3 yrs 150k+ - up by 20bps to 2.69% p.a. (3.93% p.a. comparison rate)
• Basic Promo Variable P&I - down by 10bps to 2.19% p.a. (2.21% p.a. comparison rate)
• Investor Basic Promo Variable P&I - down by 10bps to 2.49% p.a. (2.51% p.a. comparison rate)

St George

• Residential Fixed P&I 3 yrs 60-80% LVR - up by 31bps to 2.49% p.a. (4.15% p.a. comparison rate)
• Residential Fixed P&I 3 yrs >80% LVR - up by 31bps to 2.54% p.a.  (4.20% p.a. comparison rate)
• Investment Fixed P&I 3 yrs 60-80% LVR - up by 20bps to 2.79% p.a. (4.63% p.a. comparison rate)
• Investment Fixed P&I 3 yrs >80% LVR - up by 20bps to 2.84% p.a. (4.68% p.a. comparison rate)
• Investment Basic Promo Variable P&I 60-80% LVR - down 10bps to 2.49% p.a. (2.51% p.a. comparison rate)
• Investment Basic Promo Variable P&I >80% LVR - down 10bps to 2.54% p.a. (2.56% p.a. comparison rate)
• Basic Promo Variable P&I 60-80% LVR - down 10bps to 2.19% p.a. (2.21% p.a. comparison rate)
• Basic Promo Variable P&I >80% LVR - down 10bps to 2.24% p.a. (2.26% p.a. comparison rate)

Bank of Melbourne

• Residential Fixed P&I 3 yrs <60% LVR - up 31bps to 2.44% p.a. (4.09% p.a. comparison rate)
• Residential Fixed P&I 3 yrs 60-80% LVR - up 31bps to 2.49% p.a. (4.14% p.a. comparison rate)
• Residential Fixed P&I 3 yrs >80% LVR - up 31bps to 2.54% p.a. (4.19% p.a. comparison rate)
• Investment Fixed P&I 3 yrs 60% LVR - up 220bps to 2.74% p.a. (4.58% p.a. comparison rate)
• Investment Fixed P&I 3 yrs 60-80% LVR - up 20bps to 2.79% p.a. (4.63% p.a. comparison rate)

Auswide Bank

Auswide Bank slashed its variable rates under its basic home loan product and under the Freedom Package. The changes are available to owner-occupiers and investors.

Here are some of the changes:

• Basic Home Loan 75-90% LVR - down by 20bps to 2.39% p.a. (2.41% p.a. comparison rate)
• Basic Investment Loan P&I 75-90% LVR - down by 20bps to 2.49% p.a. (2.51% p.a. comparison rate)
• Basic Investment Loan IO 75-90% LVR - down by 10bps to 2.79% p.a. (2.81% p.a. comparison rate)
• Freedom Package Variable P&I 75-90% LVR Special Offer - down 30bps to 2.59% p.a. (3.01% p.a. comparison rate)
• Freedom Package Investment Variable P&I 75-90% LVR Special Offer - down 20bps to 2.79% p.a. (3.21% p.a. comparison rate)

bcu

Member-owned bcu followed the trend of increasing fixed rates while cutting variable rates.

Below are some of the changes:

• OMG! Variable Rate P&I 60-80% LVR - down by 10bps to 2.29% p.a. (2.29% p.a. comparison rate)
• Residential Fixed P&I 3 yrs - up by 10bps to 2.29% p.a. (3.61% p.a. comparison rate)
• Investment Fixed P&I 3 yrs - up by 20bps to 2.49% p.a. (3.77% p.a. comparison rate)

HSBC

HSBC decreased its variable rate for both owner-occupiers and investors.

• Home Value IO <80% Promotional Offer - down by 61bps to 2.37% p.a. (2.23 p.a. comparison rate)
• Home Loan Package Variable IO <80% Promotional Offer - down by 61bps to 2.47% p.a. (2.73% p.a. comparison rate)
• Home Value P&I 80-90% Promotional Offer - down by 27bps to 2.27% p.a. (2.28% p.a. comparison rate)
• Home Loan Package Investment Variable IO 80-90% Promotional Offer - down by 37bps to 2.87% p.a. (3.13% p.a. comparison rate)
• Home Loan Package Investment Variable P&I 80-90% Promotional Offer - down by 32bps to 2.67% p.a. (3.11% p.a. comparison rate)

Latest cuts to fixed rates

Here are the other lenders that adjusted their fixed rates over the past week:

Bankwest

• Complete Home Loan Fixed Rate Owner Occupied P&I 3 yrs ≤80% LVR - up by 72bps to 2.79% p.a. (3.39% p.a. comparison rate)
• Complete Home Loan Fixed Rate Owner Occupied P&I 4 yrs 80-90% LVR - down by 30bps to 3.29% p.a. (3.54% p.a. comparison rate)
• Complete Home Loan Fixed Rate Investment P&I 3 yrs 200k+ - up by 45bps to 2.79% p.a. (4.06% p.a. comparison rate)

AMP Bank

• Basic Fixed P&I 2 yrs - up by 30bps to 2.34% p.a. (2.83% p.a. comparison rate)
• Professional Package Residential Fixed P&I 2 yrs 80-90% LVR - up by 30bps to 2.34% p.a. (2.88% p.a. comparison rate)
• Professional Package Residential Fixed P&I 2 yrs ≤80% LVR - up by 30bps to 2.14% p.a. (2.60% p.a. comparison rate)

Hume Bank

• myBlue P&I Fixed 3 yrs 60-80% LVR - up by 10bps to 2.24% p.a. (2.32% p.a. comparison rate)
• myBlue P&I Fixed 3 yrs 80-90% LVR - up by 15bps to 2.39% p.a. (2.43% p.a. comparison rate)
• myBlue Investment IO Fixed 1 yr 60-80% LVR - down by 10bps to 2.54% p.a. (2.68% p.a. comparison rate)
• myBlue Investment IO Fixed 2 yr 60-80% LVR - down by 10bps to 2.59% p.a. (2.67% p.a. comparison rate)

Citi

• Mortgage Plus Investment Standard Fixed P&I 3 yrs 80% 350k+ - up by 35bps to 2.89% p.a. (3.17% p.a. comparison rate)
• Mortgage Plus Standard Fixed P&I 3 yrs 80% 350k+ - up by 35bps to 2.59% p.a (2.84% p.a. comparison rate)

IMB

• Investment Fixed P&I 5 yrs - up by 20bps to 2.99% p.a. (3.41% p.a. comparison rate)
• Residential Fixed IO 4 yrs - up by 10bps to 3.84% p.a. (3.35% p.a. comparison rate)
• Residential Fixed IO 5 yrs - up by 20bps to 3.84% p.a. (3.41% p.a. comparison rate)

Arab Bank Australia

• Residential Fixed 3 yrs ≤60% - up by 15bps to 2.25% p.a. (3.25% p.a. comparison rate)
• Investment Fixed 3 yrs ≤60% - up by 20bps to 2.7% p.a. (3.81% p.a. comparison rate)

Qudos Bank

• Investment Fixed P&I 3 yrs 80% - up by 20bps to 2.59% p.a. (3.08% p.a. comparison rate)
• Owner Occupied Fixed IO 1 yr 80% - down by 20bps to 2.39% p.a. (2.76% p.a. comparison rate)
• Owner Occupied Fixed IO 2 yrs 80% - down by 10bps to 2.49% p.a. (2.74% p.a. comparison rate)

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Photo by Joshua Mayo on Unsplash.