Picture by Joel Henry on Unsplash

By this point, most lenders have got around to passing the 25 bps Melbourne Cup day rate hike on in full to variable rate home loan customers, almost a month after the RBA decision.

In our database, 66 out of 89 providers hiked home loan rates in November, from 12 basis points at the low end, to 54 basis points at the high end. 

Notably, the average hike came out less than 25 basis points.

The attention of mortgage holders will now turn to next Tuesday, when Michele Bullock and the board will convene once again to set the cash rate target for December - the last until February 2024.

Most people are expecting rates to stay at 4.35%, but Aussies with home loans could be forgiven for still being wary about what would be the Scroogiest hike to date.

These were some of the most notable changes to home loan rates this week, noting these rates are for new business only.

Bendigo slashes some variable rates up to 135 bps

Like lenders across Australia, a couple of weeks ago Bendigo passed on the 25 basis point hike in full to all variable rate home loans.

This week though, it cut rates dramatically on some of the Complete Home Loan products, some by more than 100 basis points.

New variable rates at Bendigo include:

  • The Complete Home Loan (LVR<90%) had rates cut by 100 basis points to 6.49% (6.71% p.a comparison rate)
  • The Investment Complete Home Loan (LVR<90%) saw rates slashed by 90 bps, to a new rate of 6.89% p.a (7.11% p.a comparison rate).

HSBC, Australian Mutual up variable rates

There were still a couple of banks passing through the RBA hike to variable rates this week.

HSBC upped variable rates by the full 25 bps, including the following new rates:

  • The Home Loan Package (LVR<80%) now has a rate of 6.19% p.a (6.56% p.a comparison rate)
  • The Home Loan Investment Package (LVR<90%) has a new rate of 6.69% p.a (7.05% p.a comparison rate).

Unity Bank also passed the rate hike on in full to customers, with the below new rates after 25 bps increases:

  • On the Advantage Home Loan Standard (LVR<95%), the new rate is 8.59% p.a (8.67% p.a comparison rate)
  • The Investment Advantage Home Loan (LVR<80%) has a new rate of 6.59% p.a (6.66% p.a comparison rate)

Australian Mutual Bank was another outfit that only upped variable rates this week, but not by the full 25 basis points, offering minor relief for new customers.

Aus Mutual applied 20 basis point increases to variable rate home loans, including the following:

  • The Standard Variable Rate Home Loan (LVR<95%) now has a rate of 6.44% p.a (6.51% p.a comparison rate).
  • The Investment Variable (LVR<95%) has a new rate of 6.94% p.a (7.02% p.a comparison rate).

IMB, Bank Australia up fixed rates

Cash rate increases normally translate to an equivalent rise in variable rates, but many lenders also tend to push up fixed rates as well.

This week, IMB did just that, hiking all residential fixed rates by up to 20 bps, including:

  • The rate on the Residential three year fixed home loan (LVR<80%) was increased by 20 bps to 5.99% p.a (6.32% p.a comparison rate).
  • The rate on residential five year fixed loans (LVR<<80%) only went up by 10 bps, to 6.09% p.a (6.32% p.a comparison rate)

Bank Australia also got in on the action, including:

  • The Basic Two year fixed (LVR<80%), which went up by 15 basis points to 6.24% p.a (6.25% p.a comparison rate)
  • Investment basic five year fixed loans (LVR<80%) had rates increased by 15 bps to 6.39% p.a (6.44% p.a comparison rate)