All July’s out-of-cycle mortgage rate changes
June was a busy month for out-of-cycle moves, and July looks to be no different.
While the Reserve Bank chose to leave the official cash rate on hold for its 21st consecutive meeting in July, lenders are ramping up their activity. In June, an astonishing 13 lenders in the finder.com.au database moved on rates out-of-cycle with the RBA. Funding cost pressures are seeing lenders raise their rates, with the steepest hike in July at 25 basis points.
The good news is that it could be a great time to refinance your home loan. Check out the table below for all this month's out-of-cycle rate moves. We'll keep the table updated as lenders announce changes. If you see a better deal than you're currently getting, it could be time to make the switch.
Non-major lenders
| Lender | Change | Loans affected | Date effective |
|---|---|---|---|
| AMP | Up by 0.08% - 0.17% | Professional Package Variable Rate Home Loan (Owner Occupier + Investor, P&I + IO), Professional Package Line of Credit (Owner Occupier + Investor, IO), SuperEdge Loan - Variable, P&I + IO, Basic Package Variable Rate Loan (Owner Occupier + Investor, P&I + IO), Classic Club Variable Rate Loan (Owner Occupier + Investor, P&I + IO), Classic Club Introductory Variable Home Loan (Owner Occupier + Investor, P&I + IO), Classic Club Line of Credit Home Loan (Owner Occupier + Investor, IO), Essential Home Loan (Owner Occupier + Investor), Construction Loan (Owner Occupier + Investor, IO), Land Loan (Owner Occupier + Investor, P&I + IO) | July 13 |
| Aussie | Up by 0.05% - 0.10% | Aussie Optimizer Construction Loan (Owner Occupier +Investor, P&I + IO), Aussie IQ Basic Home Loan (Owner Occupier +Investor, P&I + IO), Aussie IQ Offset Home Loan (Owner Occupier +Investor, P&I + IO) | July 13 |
| Bank of Queensland | Up by 0.09% - 0.15% | Clear Path Line of Credit - Variable (Owner Occupier + Investor, IO), Clear Path Variable Rate Home Loan - Variable (Owner Occupier + Investor, P&I + IO), Economy Home Loan - Variable (Owner Occupier + Investor, P&I + IO), Standard Variable Rate Home Loan - Variable (Owner Occupier + Investor, P&I + IO), Discount Variable Rate Home Loan - Variable (Owner Occupier + Investor), First-Start Home Loan - (Owner Occupier, P&I + IO), Bridging Finance Loan , Home Loan Privileges Package - Standard Variable (Owner Occupier, P&I + IO), Home Loan Privileges Package - Variable Home Loan (Investor, P&I + IO), Home Loan Privileges Package - Line of Credit Facility (Owner Occupier + Investor, IO), Line of Credit - (Owner Occupier + Investor, IO) | July 2 |
| Bendigo Bank | Up by 0.10% - 0.86% | Low Doc Variable Rate Loan (P&I) + Interest Only Term Loan, Home Equity Loan (Owner Occupier + Investor, IO), Green Generation Home Loan, Connect Package Home Loan (Owner Occupier + Investor, P&I + IO), Basic Variable Rate Home Loan (Owner Occupier + Investor, P&I + IO), Residential Variable Home Loan (Owner Occupier, P&I + IO), Investment Variable P&I + IO | July 23 |
| Delphi Bank | Up by 0.10% | Investment Home Equity Loan | July 31 |
| Freedom Lend | Down by 0.10% | Variable Home Loan - LVR <=70% + ≤ 70%(Owner Occupier + Investors, IO) | July 22 |
| Freedom Lend | Up by 0.05% - 0.20% | Construction Loan - Owner Occupier + Investor ≤ 90% + ≤ 80%, Variable Home Loan - LVR ≤ 80% + <=70% + ≤ 70 (Owner Occupier + Investors, P&I + IO) | July 22 |
| Heritage Bank | Up by 0.05% - 0.30% | Discount Variable Home Loan LVR <=80% , LVR <=90% , LVR <=95% (Owner Occupier + Investors, P&I + IO) New Customers Only, Standard Variable Home Loan - (Owner Occupier, P&I + Investors) New Customers Only, Advantage Package - Standard Variable LVR <=80% + <=90% + <=95% (Owner Occupier + Investors, P&I + IO) New Customers Only , Advantage Package - Living Equity (Owner Occupier, P&I + Investors) New Customers Only , Living Equity Line of Credit - Owner Occupier, P&I + Investors (New Customers Only), Heritage Bank Bridging Loan - Owner Occupier, P&I + Investors (New Customers Only) | July 2 |
| Homeloans | Up by 0.12% | MoniPower Variable Home Loan - LVR <=80% + LVR >80% (Owner Occupier + Investors, P&I + IO), MoniPower Alt Doc Variable Home Loan - Term Loan No LMI (Owner Occupier + Investors, P&I + IO), MoniPower Alt Doc Variable Home Loan - Term Loan (Owner Occupier + Investors, P&I + IO) | July 26 |
| IMB | Down by 0.20% | Essentials Home Loan - LVR <=80 (Investor, IO) | July 6 |
| Macquarie Bank | Up by 0.05% - 0.55% | Basic Home Loan - LVR ≤ 80% + ≤ 90% + > 90% + up to 70% (Owner Occupier + Investor, P&I + IO), Offset Home Loan Package - LVR ≤ 80% + LVR ≤ 90% + LVR < 70% (Owner Occupier + Investor, P&I) | July 10 |
| Mortgage House | Up by 0.05% - 0.32% | Advantage Home Loan Mere Doc - LVR 70%, 60, Custo LVR 70% (Owner Occupier + Investor), Advantage Variable Home Loan COMBO - 70, LVR 80, LVR 95 Special (Owner Occupier + Investor, P&I), Investment Home Loan - Advantage Investment Standard Home Loan 80, Wealth Builder Investor Special Home Loan | July 30 |
| Mortgage House | Down by 0.05% | Advantage Home Loan 80 (Interest Only Option) | July 30 |
| Newcastle Permanent | Up by 0.30% | Premium Variable Rate Home Loan - (Investor, P&I) | July 23 |
| People's Choice Credit Union | Up by 0.10% - 0.15% | Basic Variable (Owner Occupier + Investor, P&I + IO), Standard Variable Home Loan (Owner Occupier + Investor, P&I + IO), Home Loan Package - LOC $100,000 to $499,999, Line of Credit | July 31 |
| QBANK | Up by 0.06% | Mortgage Secured Overdraft | July 4 |
| Qudos Bank | Down by 0.10% | Low Cost Home Loan - 20% or more deposit + At least 10% but less than 20% deposit (Owner Occupier) | July 31 |
| Reduce | Up by 0.06% - 0.20% | Rate Buster Escape Home Loan, Cash Back Rate Buster Escape Home Loan | July 19 |
| Service One Alliance Bank | Up by 0.10% | Standard Variable Home Loan - < $50,000 + $50,000 - $249,999 + $250,000 - $499,999 + $500,000+ (Owner Occupier + Investor, P&I) | July 26 |
| State Custodians | Up by 0.04% | Low Rate Home Loan with Offset - LVR up to 80%, 80% to 90%, Over 90% (Owner Occupier + Investor, P&I + IO), Low Rate LOC - LVR up to 80%, 80% to 90% (Owner Occupier + Investor, IO) | July 27 |
| Suncorp | Up by 0.12% - 0.41% | Suncorp Home Package Plus Home Loan - Special Offer $150k+ LVR <=90% (Owner Occupier, IO), Back to Basics Home Loan - Better Together Special Offer $150k+ LVR <=90% Incl. LMI (Owner Occupier, IO) | July 20 |
| Tic:Toc | Up by 0.12% | Live in Loan Variable Rate - Principal & Interest + Interest Only, Invest Loan Variable Rate Home Loan - Principal & Interest + Interest Only | July 26 |
| UBank | Down by 0.03% - 0.10% | UHomeLoan Variable Rate - Discounted Rate — borrowing between $200,000 and less than $700,000 + $700,000 or more (Owner Occupier, P&I) | July 18 |
| Yellow Brick Road | Down by 0.05% - 0.95% | SMSF Loan - Variable (Investment), Empower Home Loan - LVR 70.01% to 80% + < 80% (Investor IO) | July 24 |
| Yellow Brick Road | Up by 0.05% - 0.10% | Rate Smasher Home Loan, SMSF Loan - Variable (P&I + IO), Standard Variable - Owner Occupier + Investor, Empower Home Loan - LVR ≤ 70% + < 80% + < 70.01% - 80% + < 80.01% - 90% + < 90.01% - 95%, Above $150,000 + Above $100,000 + Up to $750,000 (Owner Occupier + Investor, P&I + IO), Empower Package Home Loan - LVR ≤ 70% + < 80% + < 70.01% - 80% + < 80.01% - 90% + < 90.01% - 95%, Above $150,000 + Up to $750,000 (Owner Occupier + Investor, P&I + IO) | July 24 |
| Lender | Change | Loans affected | Date effective] |
|---|---|---|---|
| Aussie | Down by 0.10% | Aussie IQ Basic Fixed Home Loan - 3 Years Fixed Rate (Owner Occupier + Investor, P&I + IO), Aussie IQ Offset Fixed Home Loan - 3 Years Fixed Rate (Owner Occupier +Investor, P&I + IO) | July 13 |
| Commonwealth Bank | Down by 0.10% | Fixed Rate Home - 2, 3 Years Fixed Rate (Owner Occupier + Investor, P&I + IO), Wealth Package Fixed Home Loan - 2, 3 Years Fixed (Owner Occupier + Investor, P&I + IO) | July 31 |
| Freedom Lend | Down by 0.05% - 0.86% | Fixed Loan -1, 2, 3, 4, 5 Years Fixed Rate LVR ≤ 80% + ≤ 90% + ≤ 95% (Owner Occupier + Investor, P&I + IO) | July 22 |
| Freedom Lend | Up by 0.10% - 0.20% | Fixed Loan - 2, 4 Years Fixed Rate LVR ≤ 80% + ≤ 90% (Investor, P&I + IO) | July 22 |
| Heritage Bank | Down by 0.14% - 0.20% | Fixed Rate Home Loan 2, 3, 5 Years Fixed Rate (Owner Occupier + Investors, P&I + IO) New Customers Only, Advantage Package - 2, 3 Years Fixed (Owner Occupier + Investors, P&I + IO) New Customers Only | July 2 |
| Homeloans | Down by 0.21% - 0.63% | Fixed Home Loan - 1, 2, 3 Years (Owner Occupier + Investors, P&I + IO) | July 30 |
| Macquarie Bank | Down by 0.10% - 0.45% | Basic Fixed Home Loan - 1, 3, 4 Years Fixed Rate LVR ≤ 80% up to $750,000 (Owner Occupier + Investors, P&I), Offset Home Loan Package Fixed Loan -1, 3, 4 Years Fixed Rate LVR≤ 80% up to $750,000 (Owner Occupier + Investors, P&I) | July 10 |
| Macquarie Bank | Up by 0.10% - 0.35% | Basic Fixed Home Loan - 1, 2, 3, 4, 5 Years Fixed Rate LVR ≤ 80% up to $750,000 (Owner Occupier + Investors, IO), Offset Home Loan Package Fixed Loan -1, 2, 3, 4, 5 Years Fixed Rate LVR ≤ 80% Up to $750,000 (Owner Occupier + Investors, P&I + IO) | July 10 |
| MyState | Down by 0.09% | Fixed Rate Home Loan - 2 Years Fixed (LVR <=80% Owner Occupier, P&I + IO) | July 5 |
| People's Choice Credit Union | Down by 0.15% - 0.30% | Investment Fixed - 2 Years (P&I + IO), Home Loan Package - 2 Years Fixed Package (Investor, P&I + IO) | July 17 |
| Qudos Bank | Down by 0.10% | Fixed Rate - 4 Years (Owner Occupier) | July 31 |
| Reduce | Down by 0.15% - 0.30% | Home Loans Home Owners Dream Fixed - 1, 2, 3 Years Fixed LVR 80% (Owner Occupier), Home Loans Fixed Rate Wealth Maximizer - 2 Years Fixed | July 19 |
| Reduce | Up by 0.05% | Home Loans Fixed Rate Wealth Maximizer - 3 Years Fixed | July 19 |
| Suncorp | Down by 0.10% - 0.30% | Fixed Rate Home Loan - 2, 3 Years Fixed Rate (Owner Occupier + Investors, P&I + IO), Home Package Plus Fixed - 2, 3 Years Rate (Owner Occupier + Investor, P&I + IO), Interest in Advance Home Loan - 3 Years Interest in Advance (Investor, IO) | July 20 |
| Teachers Mutual Bank | Up by 0.08% - 0.09% | Fixed Option Home Loan - 1,2 ,3 Years (Owner Occupier) | July 16 |
| The Rock Building Society | Down by 0.09% | Standard Fixed Home Loan - 2 Years LVR <=80% (Owner Occupier) | July 5 |
| Tic:Toc | Down by 0.08% - 0.48% | Live in Loan Fixed Rate Home Loan - 1, 2, 3, 4, 5 Years (Owner Occupier, P&I + IO), Invest Fixed Rate Loan - 1, 2, 3, 4, 5 Years Fixed (Principal & Interest + Interest Only) | July 26 |
| UniBank | Down by 0.13% - 0.48% | Fixed Home Loan - 4, 5 Years (Owner Occupier) | July 16 |
| UniBank | Up by 0.08% - 0.70% | Fixed Home Loan - 1, 2, 3 Years (Owner Occupier) | July 16 |
| Yellow Brick Road | Down by 0.05% - 0.55% | Empower Home Loan - 1, 2, 3, 4, 5 Years Fixed (Owner Occupier IO), Investment Empower Home Loan - 1, 2, 3, 4, 5 Years Fixed (P&I + IO), Empower Package Home Loan - 1, 2, 3, 4, 5 Years Fixed LVR < 95% (Owner Occupier + Investors, P&I + IO) | July 24 |
| Yellow Brick Road | Up by 0.10% - 0.31% | SMSF Loan - 1, 2, 3, 4, 5 Years Fixed (P&I), Empower Home Loan - 1, 2, 4, 5 Years Fixed LVR ≤ 95% (Owner Occupier P&I) | July 24 |
With interest rates rising it's looking more and more like a good time to fix your interest rate. In fact, lenders are mainly raising their variable rates and some are actually dropping their fixed rates. Yet finder analysis of ABS data found that fixed rate loans have fallen to just 12% of the mortgage market.
But that could be changing, according to finder's money expert Bessie Hassan. “A rate rise is a matter of ‘when’ and not ‘if’ – with 84% of leading economists predicting the next cash rate move to be in a positive direction. With this in mind, now might be a good time to consider locking in your rate – especially given the number of out-of-cycle rate changes we’ve seen in recent weeks,” Ms Hassan said.
Rates will rise and many Australian borrowers will be hit hard. The best way to protect yourself is to refinance by comparing the many interest rates on finder and switching to a lower rate. It could save you thousands.
