Home loan rate wrap: QBANK, Freedom Lend & MOVE adjust rates

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AutoInsuranceMM.Info – Low income insurance – Home loan rate wrap: QBANK, Freedom Lend & MOVE adjust rates

Last week Freedom Lend, QBANK and MOVE adjusted rates on a range of investment home loans, while MOVE was the only provider on Canstar’s database to reduce rates for owner-occupiers.

Investment home loan rates reduced

Freedom Lend and MOVE cut investment home loan rates by up to 40 basis points across a range of variable and fixed rate products last week.

MOVE’s largest rate cut was to its Inv Lockit 3 yrs loan for investors paying principal and interest (P&I), reducing the advertised rate by 40 basis points from 4.29% to 3.89% (5.00% comparison rate*).

Freedom Lend reduced the rate on its Investment Freedom Variable IO 50-749k 80% by 35 basis points from 4.34% down to 3.99% (4.00% comparison rate*).

New investment home loan rates

Principal & interest

Rates based on variable & fixed investment home loans available for a loan amount of $350,000 at 80% LVR (principal & interest). Table sorted by provider name (alphabetically).

Interest-only

Rates based on variable & fixed investment home loans available for a loan amount of $350,000 at 80% LVR (interest only). Table sorted by provider name (alphabetically).

Fewer rate movements for owner-occupiers

Last week there were only four owner-occupier home loan rate movements on Canstar’s database.

QBANK raised rates by 6 basis points on its Classic Home Loan, Standard Variable and Classic Plus Classic Home Loan 250k+ variable rate owner-occupier home loan products.

MOVE was the only lender to reduce rates on owner-occupier home loans, cutting its Flexi Fixed 3yr loan by 10 basis points from 3.99% to 3.89% (4.68% comparison rate*).

New owner occupier home loan rates

Principal & interest

Rates based on variable & fixed owner-occupier home loans available for a loan amount of $350,000 at 80% LVR (principal & interest). Table sorted by provider name (alphabetically).

All home loan rate movements last week

Home Loan Product Level Changes between 22/05/2018 to 28/05/2018 (%)
Company Product  Old Rate New Rate Change Comparison Rate*
Owner Occupier Home Loans
Variable
QBANK Classic Home Loan 4.49 4.55 0.06 4.57
QBANK Standard Variable 4.99 5.05 0.06 5.07
QBANK Classic Plus Classic Home Loan 250k+ 4.39 4.45 0.06 4.76
Fixed
MOVE – People Driven Banking Flexi Fixed 3yr 3.99 3.89 -0.10 4.68
Investor Home Loans
Variable
Freedom Lend Investment Freedom Variable PI 50-749k 80% 3.94 3.84 -0.10 3.85
Freedom Lend Investment Freedom Variable IO 50-749k 80% 4.34 3.99 -0.35 4.00
QBANK Inv Standard Variable 5.24 5.40 0.16 5.46
QBANK Classic Plus Inv Classic Home Loan 250k+ 4.64 4.80 0.16 5.09
QBANK Inv Classic Home Loan 4.74 4.90 0.16 4.96
Fixed
Freedom Lend Investment Freedom Fixed IO 4 yrs 80% 4.74 4.64 -0.10 4.12
Freedom Lend Investment Freedom Fixed IO 5 yrs 80% 4.74 4.64 -0.10 4.14
Freedom Lend Investment Freedom Fixed PI 1 yr 80% 4.34 4.24 -0.10 3.89
Freedom Lend Investment Freedom Fixed IO 1 yr 80% 4.74 4.44 -0.30 3.91
Freedom Lend Investment Freedom Fixed PI 4 yrs 80% 4.54 4.44 -0.10 4.06
Freedom Lend Investment Freedom Fixed PI 5 yrs 80% 4.54 4.44 -0.10 4.06
Freedom Lend Investment Freedom Fixed IO 2 yrs 80% 4.45 4.44 -0.01 3.96
MOVE – People Driven Banking Inv Lockit 3 yrs 4.29 3.89 -0.40 5.00
Rates based on loans available for $400,000 at 80%LVR. *Comparison rate based on a loan amount of $150,000 over 25 years.