As the RBA dust settles and a few laggard lenders bring in the rear with their rate increases, below are some items of note outside of the RBA framework.

Credit Union SA double dips

On Friday morning Credit Union SA made a 40 basis point increase to its discounted variable-rate home loan for owner occupiers. 

The rate is now 6.94% p.a. (6.97% p.a. comparison rate*).

Notably this product has a maximum LVR of 97% meaning borrowers need only a 3% deposit; they will also need to pay lenders mortgage insurance.

While this advertised rate is for new customers only, this adds to the 25 basis point increase it made for all variable-rate home loans for both new and existing customers on 15 November.

Qudos Bank makes outsized variable-rate increases

The customer-owned bank originally for Qantas staff hiked a variety of variable-rate home loans by 35 basis points. 

The below rates apply to new business for those paying P&I with a maximum 80% LVR:

  • No Frills: Up 35 basis points to 6.14% p.a. (6.14% p.a. comparison rate*)
  • Inv No Frills: 35 basis point increase to 6.44% p.a. (6.44% p.a. comparison rate*)
  • Value Package Low Cost: 35 basis point increase to 6.24% p.a. (6.42% p.a. comparison rate*)
  • Inv Value Package Low Cost: 35 basis point increase to 6.54% p.a. (6.72% p.a. comparison rate*)

A wide array of other fixed and variable home loan rates were increased by between 10 and 50 basis points.

NAB hikes fixed rates by up to 25bps

NAB made a wide array of increases to fixed-rate home loans; below are some of the more notable product changes.

  • Tailored Fixed P&I 2 Years 80%: 25 basis point increase to 6.64% p.a. (7.62% p.a. comparison rate*)
  • Inv Tailored Fixed P&I 2 Years 80%: 10 basis point increase to 6.79% p.a. (8.11% p.a. comparison rate*)

Notably NAB's 1 year fixed rates are higher than its 2-3 year fixed rates, implying higher rates will persist at least for the next 12 months.

Other notable movers

The bulk of this week's variable-rate increases are in response to the RBA's November cash rate increase; existing customers would have been notified by email or post.

Notable movers this week include ANZ, Westpac and subsidiaries, Tiimely (formerly Tic:Toc), Community First Bank, Queensland Country Bank, BCU, Move Bank, Beyond Bank, Heritage & People's Choice, RACQ Bank, Bank Australia, and Adelaide Bank.


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Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
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5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Refinance onlyAPPLY IN MINUTES
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
90%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) repayments. All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for a 30 year term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. For Interest only loans – the monthly repayment figure is applicable only for the interest only period. After the interest only period, your principal and interest repayments will be higher than these repayments. For Fixed rate loans – the monthly repayment is based on an interest rate that applies for an initial period only and will change when the interest rate reverts to the applicable variable rate.

The Comparison rate is based on a secured loan amount of $150,000 loan over 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees together with costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products. Rates correct as of . View disclaimer.

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