Image from ANZ

Despite the RBA keeping the cash rate on hold until at least February 2024, some lenders still bumped up home loan rates this week - at least for new customers anyway.

With no monetary policy meeting until 6 February, there shouldn't be too much more variable rate movement over the festive period, although there could always be surprises in store.

ANZ, Macquarie increase variable rates by 10 bps

The biggest bank to up rates this week was ANZ, which upped rates on its range of Simplicity Plus home loans.

These are 'no frill' loans, without ongoing or set up fees, which makes the comparison rate and the advertised rate the same.

Some of the new rates for owner occupiers include:

  • Simplicity Plus (LVR<80%) has a new rate of 6.64% p.a (6.64% p.a comparison rate*).
  • If the LVR on a Simplicity Plus owner occupied loan exceeds 90%, the new rate is 7.64% p.a (7.64% p.a comparison rate*).

And for investors:

  • The Investment Simplicity Plus (LVR<80%) now has a rate of 6.84% p.a (6.84% p.a comparison rate*).
  • For the same product with LVR<60%, the new rate is 6.69% p.a (6.69% p.a comparison rate*)

It was a similar story at Macquarie Bank, which also increased rates on its more basic home loans by 10 bps, including:

  • The Basic Variable Owner Occupied loan (LVR<80%) now has a rate of 6.30% p.a (6.32% p.a comparison rate*).
  • The same product where LVR<70% has a new rate of 6.24% p.a (6.26% p.a comparison rate*)

Meanwhile these are some of the new investment rates:

  • The Basic Variable Investment loan (LVR<80%) has a new rate of 6.54% p.a (6.57% p.a comparison rate*).
  • For LVR below 70%, the Basic Investment variable rate becomes 6.44% p.a (6.46% p.a comparison rate*)

Other movers

ANZ and Macquarie were the only big players to move rates, but there were a couple of smaller lenders that also adjusted rates this week.

Teachers Mutual Bank and subsidiaries varied rates by up to 85 bps.


Advertisement


VariableMore details
Online ExclusiveUP TO $4K CASHBACK
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUP TO $4K CASHBACK

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
VariableMore details
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.
Refinance onlyAPPLY IN MINUTES

Unloan – Variable Rate Home Loan – Refinance Only

  • 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.
VariableMore details

loans.com.au – Variable Home Loan (LVR < 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 February 27, 2024.View disclaimer