All of November’s out-of-cycle mortgage rate changes

Posted: 8 November 2017 1:12 pm
business guy race

Lenders are in a race to beat each other on rates.

The excitement of Melbourne Cup Day didn't transfer to the Reserve Bank meeting yesterday, with the board choosing to stand still rather than gallop ahead on rates. The RBA left the official cash rate on hold at 1.50%. But that doesn't mean the home loans market is stalled out at the starting line. Lenders are in their own race to entice borrowers with rock-bottom rates.

Last month, 15 lenders in the database moved on rates independently of the RBA. The biggest rate rise was 35 basis points, while the steepest rate cut was also 35 basis points. For point of reference, if you had a $500,000 home loan at 4.00%, a 35 basis point rise would increase your monthly repayments by nearly $102, while a 35 basis point cut would reduce them by nearly $100.

We'll track every out-of-cycle rate change announced by lenders during the month of November. Make sure to keep checking back to see if your lender has moved on rates. And if you see a lender offering a better deal than you're currently getting, it could be time to refinance.

Non-major lenders

LenderChangeLoans affectedDate effective
Beyond BankUp by 0.15%Total Home Loan Package (investor)20th Nov
Community First Credit UnionUp by 0.15%Standard Variable Home Loan (investor + principal and interest)8th Nov
Easy StreetUp by 0.25%Standard Variable Home Loan (investor + principal and interest)8th Nov
Heritage BankDown by 0.20 - 0.30Heritage Bank Advantage Package - Standard Variable LVR <=80% (investor + interest only),7th Nov
Heritage BankUp by 0.05%7th Nov
IMBDown by 0.04%6th Nov
INGUp by 0.15%10 Nov
Pepper MoneyUp by 0.9 - 0.26Pepper Money Essential PLUS Full Doc Home Loan6th Nov
LenderChangeLoans affectedDate effective
G&C Mutual BankDown by 0.10%Fixed Rate Home Loan - (investor, interest only)22 Nov
Heritage BankUp by 0.05%Fixed Rate Home Loan - 1, 2, 3, 5, Bank Fixed Advantage Package - 1, 2, 3, 5, (investors, interest only) New Customers Only7th Nov
NewcastleUp by 0.10%Fixed Rate Home Loan - 3 years (owner occupier, principal and interest or interest only), Premium Plus Package Fixed Rate - 3 years (owner occupier, principal and interest or interest only)20 Nov

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