Picture by Tom Rumble on Unsplash

Last week saw the likes of HSBC and Bank of Queensland alter home loan rates, but there were no further changes from the major banks to close out May.

Customer-owned Qudos - in talks to merge with Bank Australia - along with BCU bank, cut rates this week, but for many Aussie mortgage holders the biggest development this week was the monthly CPI print for April.

Prices rose 3.6% over the 12 months to April according to the ABS, above market expectations and the second month in a row of inflation increasing.

For Aussies who are struggling to pay the mortgage, this might sound a lot like alarm bells ringing, but Treasurer Jim Chalmers sought to remind everyone to not pay too much heed to the monthly read.

"The monthly inflation indicator can be volatile and is less reliable than the quarterly measure," Mr Chalmers said shortly after the ABS release.

Treasury figures are bullish on inflation, forecasting it to hit the 2-3% target band by Christmas. As InfoChoice editor Harrison Astbury opined in a Savings.com.au column, these forecasts may be leaning heavily on a good dose of copium.

The June quarter CPI numbers are scheduled for the end of July, which should make the outlook for inflation (and by proxy the RBA cash rate) a bit clearer.

For now, these were the lenders to cut rates in the week past.

Qudos cuts fixed rates up to 20 bps

Product Interest rate change
Owner occupied four year fixed (LVR<90%) Down 15 bps to 6.44% p.a (6.34% p.a comparison rate*)
Owner occupied five year fixed (LVR<90%) Down 20 bps to 6.44% p.a (6.36% p.a comparison rate*)
Investment four year fixed (LVR<90%) Down 15 bps to 6.74% p.a (6.58% p.a comparison rate*)
Investment five year fixed (LVR<90%) Down 20 bps to 6.74% p.a (6.60% p.a comparison rate*)

BCU cuts variable rates up to 6 bps

Product Interest rate change
OMG Variable P&I (LVR<80%) Down 5 bps to 6.04% p.a (6.07% p.a comparison rate*)
Offset home loan (LVR<80%) Down 6 bps to 6.23% p.a (6.26% p.a comparison rate*)
Offset home loan (LVR <60%) Down 5 bps to 6.14% p.a (6.17% p.a comparison rate*)

Other movers

  • The Capricornian cut one year fixed rates OO by 30 bps to 5.99% p.a (7.34% p.a comparison rate)

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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 APPLY IN MINUTES
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
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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.