Home loan rate wrap: Westpac, BOQ, The Rock & more

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AutoInsuranceMM.Info – Low income insurance – Home loan rate wrap: Westpac, BOQ, The Rock & more

Canstar’s database shows one of the big four banks made a rate hike while seven smaller lenders cut interest rates across a range of fixed and variable home loans last week.

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A total of 58 rate changes were recorded last week across variable and fixed rate home loans for owner occupiers and investors.

Fixed rate home loans dominated rate reductions for another week, with 30 cuts compared to only six for variable rate home loans, according to Canstar data.

AMO Group and TicToc Home Loans featured heavily in rate movements across the board, with TicToc delivering the biggest rate cut of up to 0.48 percentage points for owner occupiers paying principal and interest (P&I) on three-year fixed loans.

This applied to its ‘Live-in fixed 3 yrs’ home loan which lowered the interest rate to 3.84% (*comparison rate 3.82%).

Other lenders, including IMB, MyState and The Rock, reduced rates across a range of variable and fixed loans for owner occupiers and investors.

MyState made the steepest variable rate cut of 0.40 percentage points to 4.38% (*comparison rate 4.16%) for its ‘Inv Basic Variable Home Loan IO’ (interest-only) product.

Westpac lifts rates for owner occupiers

Westpac, the only lender of the big four banks to change rates last week, went against the tide with a rate hike.

Canstar recently saw Westpac move rates on a number of loans for owner occupiers paying interest only, but last week’s data showed it lifted interest rates for people paying principal and interest.

Westpac’s advertised interest rate on its ‘Fixed Options P&I 5 yrs’ for owner occupiers increased by 0.10 percentage points to 4.49% (*comparison rate 5.06%).

The biggest rate hike for owner occupiers, however, was seen from the Bank of Queensland (BOQ) which increased the variable rate on its ‘Economy’ home loan by 0.29 percentage points to 3.88% (*comparison rate 4.04%).

For a full summary of last week’s rate movements across fixed and variable home loan products for owner occupiers and investors, see below.

New owner occupier home loan rates

Principal & interest repayments

The table below shows owner occupier home loans with principal and interest repayments that experienced an adjusted rate between 24/07/18 and 30/07/18.

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

Interest only repayments

The table below shows owner occupier home loans with interest only repayments that experienced an adjusted rate between 24/07/18 and 30/07/18.

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

New investment home loan rates

Principal & interest repayments

The table below shows investment home loans with principal and interest repayments that experienced an adjusted rate between 24/07/18 and 30/07/18.

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

Interest only repayments

The table below shows investment home loans with interest only repayments that experienced an adjusted rate between 24/07/18 and 30/07/18.

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