All of November’s out-of-cycle mortgage rate changes
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 finder.com.au 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
| Lender | Change | Loans affected | Date effective |
|---|---|---|---|
| Beyond Bank | Up by 0.15% | Total Home Loan Package (investor) | 20th Nov |
| Community First Credit Union | Up by 0.15% | Standard Variable Home Loan (investor + principal and interest) | 8th Nov |
| Easy Street | Up by 0.25% | Standard Variable Home Loan (investor + principal and interest) | 8th Nov |
| Heritage Bank | Down by 0.20 - 0.30 | Heritage Bank Advantage Package - Standard Variable LVR <=80% (investor + interest only), | 7th Nov |
| Heritage Bank | Up by 0.05% | Discount Variable Home Loan - LVR <=90% (Investor + principal & interest) New Customers only | 7th Nov |
| IMB | Down by 0.04% | Budget Home Loan - Special LVR <=90% (Owner Occupier + principal and interest) | 6th Nov |
| ING | Up by 0.15% | Fixed Rate Home Loan - 2 Years Fixed (investor) | 10 Nov |
| Pepper Money | Up by 0.9 - 0.26 | Pepper Money Essential PLUS Full Doc Home Loan | 6th Nov |
| Lender | Change | Loans affected | Date effective |
|---|---|---|---|
| G&C Mutual Bank | Down by 0.10% | Fixed Rate Home Loan - (investor, interest only) | 22 Nov |
| Heritage Bank | Up by 0.05% | Fixed Rate Home Loan - 1, 2, 3, 5, Bank Fixed Advantage Package - 1, 2, 3, 5, (investors, interest only) New Customers Only | 7th Nov |
| Newcastle | Up 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 |
