Key points
  • Unity Bank dropped variable home loan rates by up to 35 basis points
  • IBM slashed some fixed rate products by as much as 20 basis points 
  • Suncorp, Greater Bank, and Newcastle Permanent changed special rate offers

Unity Bank – home to the market's most competitive unconditional savings account interest rate at the time of writing – was among the lenders dropping variable home loan rates this week.

Meanwhile, IMB dropped some of its fixed home loan interest rates by up to 20 basis points.

If you’re in the market for a new home loan, you might want to check out these hot-of-the-press rate changes.

Unity Bank slashes variable interest rates by up to 35 basis points

Customer-owned Unity Bank made the biggest home loan interest rate moves of the week so far, slashing the variable rates on its Advantage home loan product by as much as 35 basis points.

Here are some of the highlights for owner-occupiers:

  • Advantage Home Loan P&I <60% loan to value ratio (LVR): 35 basis point decrease to 5.99% p.a. (6.06% p.a. comparison rate*)
  • Advantage Home Loan P&I 60%-80% LVR: 30 basis point decrease to 6.19% p.a. (6.26% p.a. comparison rate*)
  • Advantage Home Loan P&I 80%-90% LVR: 30 basis point decrease to 6.79% p.a. (6.86% p.a. comparison rate*)
  • Advantage Home Loan P&I 90%-95% LVR: 30 basis point decrease to 7.19% p.a. (7.26% p.a. comparison rate*)

And for investors:

  • Investment Advantage Home Loan P&I <60% LVR: 30 basis point decrease to 6.19% p.a. (6.26% p.a. comparison rate*)
  • Investment Advantage Home Loan P&I 60%-80% LVR: 30 basis point decrease to 6.34% p.a. (6.41% p.a. comparison rate*)
  • Investment Advantage Home Loan P&I 80%-90% LVR: 30 basis point decrease to 7.09% p.a. (7.16% p.a. comparison rate*)
  • Investment Advantage Home Loan P&I 90%-95% LVR: 30 basis point decrease to 7.49% p.a. (7.56% p.a. comparison rate*)

IMB changes fixed rate offerings by as much as 20 basis points

When it comes to fixed interest rates, this week’s major mover was another mutual bank: IMB.

The 140-year-old institution made these changes for owner-occupiers:

  • Residential Fixed P&I 2 years ≤80% LVR: 20 basis point decrease to 5.79% p.a. (6.10% p.a. comparison rate*)
  • Residential Fixed P&I 3 years ≤80% LVR: 20 basis point decrease to 5.79% p.a. (6.08% p.a. comparison rate*)
  • Residential Fixed P&I 2 years 80%-95% LVR: 20 basis point decrease to 5.94% p.a. (6.13% p.a. comparison rate*)
  • Residential Fixed P&I 3 years 80%-95% LVR: 20 basis point decrease to 5.94% p.a. (6.12% p.a. comparison rate*)

Meanwhile, investors might wish to cast their eyes over these moves:

  • Investment Fixed P&I 1 year ≤90% LVR: 15 basis point increase to 6.39% p.a. (6.70% p.a. comparison rate*)
  • Investment Fixed P&I 3 years ≤90% LVR: 20 basis point decrease to 5.99% p.a. (6.54% p.a. comparison rate*)

Suncorp among lenders altering special offers by up to 11 basis points

Suncorp Bank, along with recently merged Greater Bank and Newcastle Permanent, made changes to its special offers advertised to new borrowers this week.

The Queensland bank raised its special offer variable rates by 5 basis points:

  • Back to Basics Better Together P&I 60%-70% LVR Special Offer: 5 basis point increase to 5.89% p.a. (5.90% p.a. comparison rate*)
  • Back to Basics Better Together P&I 70%-80% LVR Special Offer: 5 basis point increase to 5.89% p.a. (5.90% comparison rate*)
  • Home Package Plus P&I 60%-70% LVR Special Offer: 5 basis point increase to 5.99% p.a. (6.35% p.a. comparison rate*)

Home Package Plus P&I 70%-80% LVR Special Offer: 5 basis point increase to 6.00% p.a. (6.36% p.a. comparison rate*)

Meanwhile, Greater Bank’s new special offers comprise:

  • Great Rate Discount Variable $150k+ ≤80% LVR: 5 basis point decrease to 5.74% p.a. (5.75% p.a. comparison rate*)
  • Ultimate Discount Investment Variable P&I $150k+ ≤80% LVR: 11 basis point decrease to 6.08% p.a. (6.45% p.a. comparison rate*)

And Newcastle Permanent’s include:

  • Premium Plus Package Variable P&I $150k+ ≤80% Special Offer: 11 basis point decrease to 5.88% p.a. (6.22% p.a. comparison rate*)
  • Premium Plus Package Investment Variable P&I $150k+ ≤80% Special Offer: 11 basis point decrease to 6.08% p.a. (6.42% p.a. comparison rate*)

Image by Greg Rivers on Unsplash.

Read more:
Brooke Cooper
Brooke Cooper
Finance Journalist

Brooke Cooper joined the InfoChoice Group in 2023. She previously wrote for the Motley Fool, covering topics such as share prices, companies, and IPOs. With interests in everyday finance and wealth, Brooke is passionate about educating Aussies - especially young adults - on all things money.

Email