New year, new home loan rate hikes

Posted: 5 January 2017 8:45 am News

graph penBanks have started 2017 by hiking variable home loan rates.

Home loan interest rates began to move upward in the wake of December’s RBA meeting which saw the Reserve Bank leave the official cash rate untouched at 1.50%. While lenders began their round of rate rises with fixed rate products, an increasing number of lenders are now announcing out-of-cycle variable rate moves.

Virgin Money announced it would raise both fixed and variable rates on some of its products for owner occupiers and investors from 6 January. The lender lifted its three-,four- and five-year fixed rates by 20 basis points for owner occupiers, and raised investor four-year fixed rates by 24 basis points and five-year fixed rates by 19 basis points. It also lifted variable rates by 10 basis points for both owner occupiers and investors.

What will happen to rates in 2017?

Virgin Money coupled its rate rises with a significant rate cut for some fixed rate products. The lender trimmed its one-year fixed rate by 16 basis points for owner occupiers and by 21 basis points for investors. It also dropped its two-year fixed rate by 26 basis points for owner occupiers and 30 basis points for investors.

ME also announced it would move on variable rates, effective from 4 January. The bank lifted variable rates by 10 basis points for both owner occupiers and investors. The changes apply to the lender’s Basic Home Loan, Flexible Home Loan and Flexible Home Loan with Member Package.

Suncorp has also lifted variable rates, with changes to come into effect from 23 January. The bank will raise owner-occupier variable rates on its Back to Basics and Standard Variable products by 15 basis points. However, Suncorp said it would also reverse 15 basis points of reductions to interest rates on its 55 Plus savings accounts.

Compare today's home loan rates

Rates last updated September 17th, 2019
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Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.18%
3.21%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.
3.09%
3.05%
$0
$0 p.a.
80%
Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.
3.09%
3.09%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
2.99%
3.79%
$300
$10 monthly ($120 p.a.)
80%
Get a very low fixed rate for three years and lock in low repayments. Available with a low deposit.
3.31%
3.37%
$449
$0 p.a.
90%
NSW and ACT customers only. Get a special discount for a limited time when you open an IMB Transaction Account.
3.45%
3.46%
$500 (if over 80% LVR)
$0 p.a.
80%
A competitive variable mortgage for home buyers. This loan has flexible repayments and an optional redraw facility.
3.72%
3.76%
$0
$0 p.a.
90%
Buy a home with just a 10% deposit and pay no application or ongoing fees.
3.23%
3.56%
$0
$299 p.a.
80%
Get a 100% offset account and a competitive, variable interest rate, plus no application fee.
2.79%
3.95%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
3.49%
3.45%
$0
$0 p.a.
80%
A competitive variable mortgage for investors looking to refinance. Principal and interest repayments. Refinancers only.
2.79%
3.44%
$600 refundable fee
$0 p.a.
70%
Lock in a low rate for three years and forget about rate rises. Requires a 30% deposit.
3.29%
3.73%
$0
$395 p.a.
80%
A low variable rate loan with a 100% offset account and package discounts.
3.33%
3.47%
$0
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a redraw facility. Eligible borrowers can earn Velocity Frequent Flyer Points, plus extra bonus points for a limited time.
3.38%
3.42%
$0
$0 p.a.
80%
Get a low variable rate from a ANZ and save money with $0 application or ongoing fees. Requires a 20% deposit.
2.99%
3.55%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 2 years fixed interest terms and free access to redraw facility online.
3.27%
3.87%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
3.64%
3.96%
$0
$299 p.a.
80%
Investors can enjoy a 100% offset account, a redraw facility and flexible repayments.
3.15%
3.17%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.09%
3.12%
$600
$10 monthly ($120 p.a.)
80%
A competitive variable rate for home buyers with a 20% deposit. This product has a 100% offset account.
3.39%
4.29%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.32%
3.36%
$595
$0 p.a.
90%
A discounted variable rate with low ongoing fees and redraw facility. Low deposit option available.
2.99%
3.42%
$0
$10 monthly ($120 p.a.)
90%
A competitive fixed rate mortgage available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
3.15%
3.19%
$500
$0 p.a.
95%
This mortgage combines a very sharp interest rate with a 100% offset account and it's available with a 5% deposit.
3.39%
3.39%
$0
$0 p.a.
95%
This flexible, basic home loan offers a very low rate and you only need a 5% deposit.
3.69%
4.58%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.19%
3.85%
$300
$10 monthly ($120 p.a.)
90%
A low fixed rate loan that lets you borrow up to 90% of your property's value.
3.15%
4.16%
$600
$0 p.a.
95%
Lock in a competitive interest rate for 1 year and pay no ongoing fees. Available with just a 5% deposit and includes a 100% offset account.
2.99%
3.63%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
2.98%
4.25%
$0
$375 p.a.
95%
Get a very low fixed interest rate for two years plus package discounts. Available with a 5% deposit.
3.15%
4.07%
$600
$0 p.a.
95%
Fix your rate for the first two years with this competitive, low-fee loan. Includes a 100% offset account. Get this loan with a 5% deposit.
3.34%
3.78%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
2.99%
3.45%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.15%
3.99%
$600
$0 p.a.
95%
Fix a competitive rate for 3 years, get a 100% offset account and pay no ongoing fees. Available with a 5% deposit.
3.45%
3.47%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.
3.18%
3.83%
$0
$395 p.a.
80%
Get a low 3 year fixed rate with a 100% offset account and package discounts.
3.69%
3.88%
$0
$10 monthly ($120 p.a.)
80%
This is a competitive, flexible variable rate suitable for borrowers with a good credit history. Borrow up to 80%.
3.29%
3.92%
$300
$10 monthly ($120 p.a.)
90%
Home buyers can lock in a very competitive fixed interest rate for 2 years.
3.47%
3.47%
$0
$0 p.a.
80%
Access an offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
2.99%
3.51%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online.
3.57%
3.59%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.79%
3.80%
$500 (if over 80% LVR)
$0 p.a.
80%
A variable investment mortgage with flexible repayments and an optional redraw facility.
3.32%
3.71%
$0
$395 p.a.
90%
New borrowers or refinancers can get a discounted rate with this package loan.
3.59%
3.24%
$0
$0 p.a.
80%
Variable interest only mortgage for owner occupied refinancers. Refinancers only.
3.40%
3.42%
$0
$0 p.a.
80%
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate.
3.39%
3.91%
$0
$10 monthly ($120 p.a.)
90%
Get a low discounted rate for 2 years plus a 100% offset account. And you can get the loan with a 10% deposit.
3.24%
4.26%
$0
$395 p.a.
90%
Enjoy a competitive rate with no application fee for this package loan.
3.14%
4.09%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.89%
$0
$349 p.a.
80%
Low fee line of credit loan with package benefits.
3.09%
4.39%
$595
$0 p.a.
95%
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees.
3.70%
3.72%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.94%
3.93%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees and the opportunity to earn Velocity points.
3.69%
4.15%
$375
$15 monthly ($180 p.a.)
80%
3.99%
4.31%
$0
$299 p.a.
80%
Get a 100% offset account, access to a redraw facility and a competitive rate tied to your LVR.

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