Fresh fixed home loan rates from BOQ, ME

Lenders continue to tweak fixed rates despite the RBA once again keeping the cash rate at 4.35%.

on 08 Nov 2024

Fresh fixed home loan rates from BOQ, ME

For variable rate mortgage holders, Tuesday's rate hold means there's little chance of their repayments being cut until the RBA reconvenes on 10 December at the earliest.

Realistically, most economists agree widespread rate cuts are unlikely until at least February 2025, depending on inflation and other indicators.

Fixed rates however – where interest rates are more closely associated with returns offered on fixed assets, like bonds – continue to be altered.

ANZ headlined another wave of fixed cuts last week, while some smaller lenders even cut variable rates.

This time around, it was Bank of Queensland and ME Bank's turn to fiddle with fixed mortgage rates.

Bank of Queensland hiked fixed rates for homeowners

Product	Rate Change
Residential Fixed 2 years (LVR 0-95%)	Up 10 bps to 6.04% p.a. (6.44% p.a. comparison rate*)
Residential Fixed 3 years (LVR 0-95%)	Up 10 bps to 6.04% p.a. (6.41% p.a. comparison rate*)
Residential Fixed 4 years (LVR 0-95%)	Up 10 bps to 6.34% p.a. (6.49% p.a. comparison rate*)
Residential Fixed 5 years (LVR 0-95%)	Up 10 bps to 6.34% p.a. (6.49% p.a. comparison rate*)
Residential Fixed 2 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.69% p.a. (6.37% p.a. comparison rate*)
Residential Fixed 3 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.69% p.a. (6.31% p.a. comparison rate*)
Residential Fixed 4 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.99% p.a. (6.37% p.a. comparison rate*)
Residential Fixed 5 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.99% p.a. (6.34% p.a. comparison rate*)
Residential Fixed 2 years Discount Rate (LVR 80-90%)	Up 10 bps to 5.89% p.a. (6.41% p.a. comparison rate*)
Residential Fixed 3 years Discount Rate (LVR 80-90%)	Up 10 bps to 5.79% p.a. (6.34% p.a. comparison rate*)
Residential Fixed 4 years Discount Rate (LVR 80-90%)	Up 10 bps to 6.09% p.a. (6.40% p.a. comparison rate*)
Residential Fixed 5 years Discount Rate (LVR 80-90%)	Up 10 bps to 6.09% p.a. (6.38% p.a. comparison rate*)

Australia's eighth biggest owner-occupier home loan lender hiked many advertised fixed rates by 0.10% on Thursday, taking the lowest available fixed rate up to 5.69% p.a for two or three year fixed terms (6.37% p.a and 6.31% p.a comparison rate respectively*).

That's a discounted rate, which is only available for customers with a loan-to-value ratio (LVR) of 80% or less.

BOQ also hiked fixed rates for property investors by 10 bps

Product	Rate Change
Investment Fixed 2 years (LVR 0-90%)	Up 10 bps to 6.24% p.a. (6.56% p.a. comparison rate*)
Investment Fixed 3 years (LVR 0-90%)	Up 10 bps to 6.24% p.a. (6.54% p.a. comparison rate*)
Investment Fixed 4 years (LVR 0-90%)	Up 10 bps to 6.54% p.a. (6.63% p.a. comparison rate*)
Investment Fixed 5 years (LVR 0-90%)	Up 10 bps to 6.54% p.a. (6.63% p.a. comparison rate*)
Investment Fixed 2 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.89% p.a. (6.49% p.a. comparison rate*)
Investment Fixed 3 years Discount Rate (LVR 0-80%)	Up 10 bps to 5.89% p.a. (6.44% p.a. comparison rate*)
Investment Fixed 4 years Discount Rate (LVR 0-80%)	Up 10 bps to 6.19% p.a. (6.50% p.a. comparison rate*)
Investment Fixed 5 years Discount Rate (LVR 0-80%)	Up 10 bps to 6.19% p.a. (6.48% p.a. comparison rate*)
Investment Fixed 2 years Discount Rate (LVR 80-90%)	Up 10 bps to 5.99% p.a. (6.51% p.a. comparison rate*)
Investment Fixed 3 years Discount Rate (LVR 80-90%)	Up 10 bps to 5.89% p.a. (6.44% p.a. comparison rate*)
Investment Fixed 4 years Discount Rate (LVR 80-90%)	Up 10 bps to 6.19% p.a. (6.50% p.a. comparison rate*)
Investment Fixed 5 years Discount Rate (LVR 80-90%)	Up 10 bps to 6.19% p.a. (6.48% p.a. comparison rate*)

BOQ also boosted fixed rates for property investors this week.

The lowest rate available for investors turning to the bank rose to 5.89% p.a for two and three year fixed terms (6.49% p.a and 6.41% p.a comparison rate respectively*).

ME Bank varied fixed rates by up to 30 bps

BOQ-owned ME Bank also tweaked it's fixed rates after the RBA decision, with changes in either direction.

Here are the new rates advertised for owner occupiers:

Product	Rate Change
Flexible Fixed P&I 1 year (LVR ≤80%)	Down 15 bps to 6.34% p.a. (8.41% p.a. comparison rate*)
Flexible Fixed P&I 2 years (LVR ≤80%)	Down 15 bps to 5.84% p.a. (8.08% p.a. comparison rate*)
Flexible Fixed P&I 3 years (LVR ≤80%)	Down 10 bps to 5.84% p.a. (7.83% p.a. comparison rate*)
Flexible Fixed P&I 4 years (LVR ≤80%)	Down 15 bps to 6.14% p.a. (7.71% p.a. comparison rate*)
Flexible Fixed P&I 5 years (LVR ≤80%)	Down 15 bps to 6.14% p.a. (7.53% p.a. comparison rate*)
Flexible Fixed P&I 1 year (LVR ≤90%)	Down 15 bps to 6.54% p.a. (8.62% p.a. comparison rate*)
Flexible Fixed P&I 2 years (LVR ≤90%)	Down 15 bps to 6.04% p.a. (8.28% p.a. comparison rate*)
Flexible Fixed P&I 3 years (LVR ≤90%)	Down 20 bps to 5.94% p.a. (8.00% p.a. comparison rate*)
Flexible Fixed P&I 4 years (LVR ≤90%)	Down 25 bps to 6.24% p.a. (7.88% p.a. comparison rate*)
Flexible Fixed P&I 5 years (LVR ≤90%)	Down 25 bps to 6.24% p.a. (7.69% p.a. comparison rate*)
Flexible Fixed P&I 1 year (LVR >90%)	Down 25 bps to 7.49% p.a. (8.73% p.a. comparison rate*)
Flexible Fixed P&I 2 years (LVR >90%)	Down 25 bps to 6.64% p.a. (8.41% p.a. comparison rate*)
Flexible Fixed P&I 3 years (LVR >90%)	Down 20 bps to 6.59% p.a. (8.19% p.a. comparison rate*)
Flexible Fixed P&I 4 years (LVR >90%)	Down 25 bps to 6.74% p.a. (8.06% p.a. comparison rate*)
Flexible Fixed P&I 5 years (LVR >90%)	Down 25 bps to 6.89% p.a. (7.98% p.a. comparison rate*)
Member Package Flexible Fixed P&I 1 year (LVR ≤80%)	Up 10 bps to 6.19% p.a. (6.66% p.a. comparison rate*)
Member Package Flexible Fixed P&I 2 years (LVR ≤80%)	Up 10 bps to 5.69% p.a. (6.55% p.a. comparison rate*)
Member Package Flexible Fixed P&I 3 years (LVR ≤80%)	Up 10 bps to 5.69% p.a. (6.50% p.a. comparison rate*)
Member Package Flexible Fixed P&I 4 years (LVR ≤80%)	Up 10 bps to 5.99% p.a. (6.56% p.a. comparison rate*)
Member Package Flexible Fixed P&I 5 years (LVR ≤80%)	Up 10 bps to 5.99% p.a. (6.54% p.a. comparison rate*)
Member Package Flexible Fixed P&I 1 year (LVR 80-90%)	Up 10 bps to 6.39% p.a. (6.86% p.a. comparison rate*)
Member Package Flexible Fixed P&I 2 years (LVR 80-90%)	Up 10 bps to 5.89% p.a. (6.75% p.a. comparison rate*)
Member Package Flexible Fixed P&I 3 years (LVR 80-90%)	Up 10 bps to 5.79% p.a. (6.67% p.a. comparison rate*)
Member Package Flexible Fixed P&I 4 years (LVR 80-90%)	Up 10 bps to 6.09% p.a. (6.73% p.a. comparison rate*)
Member Package Flexible Fixed P&I 5 years (LVR 80-90%)	Up 10 bps to 6.09% p.a. (6.70% p.a. comparison rate*)

Other movers

Northern Inland Credit Union cut fixed rates by 40 bps
Greater Bank cut fixed rates by up to 15 bps
Pepper Money cut rates by up to 160 bps

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Ongoing Fees	Upfront Fees	Max LVR	Features	Link	Compare	Disclosure
Macquarie Bank	Macquarie Bank Basic Home Loan (Owner Occupier, Principal and Interest, max LVR 70%) (2 years)	5.69% p.a.	6.08% p.a.	$2,899	Principal & Interest	Fixed	$0	$350	70%	Split your loan into multiple accounts to take advantage of both fixed and variable rates Protect yourself against possible rate rises by locking in a fixed rate now Get a quick quote and apply in under 20 minutes	More details	Compare	Disclosure
The Mac	The Mac Fixed Rate Home Loan - Owner Occupied (2 years)	5.69% p.a.	7.53% p.a.	$2,899	Principal & Interest	Fixed	$0	$620	80%		More details	Compare
Illawarra Credit Union	Illawarra Credit Union The Works Package Home Loan (Fixed OO P&I) (2 years)	5.59% p.a.	6.55% p.a.	$2,867	Principal & Interest	Fixed	$395	$589	80%		More details	Compare
Bank of Queensland	Bank of Queensland Owner Occupied Fixed Discount Rate $150k plus (max 90% LVR) (2 years)	5.89% p.a.	6.41% p.a.	$2,962	Principal & Interest	Fixed	$10	$150	90%		More details	Compare
ME	ME Flexible Home Loan with Member Package - Owner Occupied - LVR > 70% <= 80% - Loan Amount < $150k (2 years)	5.59% p.a.	8.24% p.a.	$2,867	Principal & Interest	Fixed	$395	$250	80%		More details	Compare
Up	Up Home Fixed (Principal & Interest) (LVR <90) (2 years)	5.55% p.a.	5.87% p.a.	$2,855	Principal & Interest	Fixed	$0	$0	90%		More details	Compare
Illawarra Credit Union	Illawarra Credit Union Bare Essentials Fixed Owner Occupied (P&I) (2 years)	5.69% p.a.	6.15% p.a.	$2,899	Principal & Interest	Fixed	$null	$1,189	80%		More details	Compare
Greater Bank	Greater Bank Great Rate Fixed Home Loan (2 years)	5.69% p.a.	7.43% p.a.	$2,899	Principal & Interest	Fixed	$0	$180	95%		More details	Compare
Well Money	Well Money Well Balanced Fixed Rate (2 years)	5.94% p.a.	6.17% p.a.	$2,978	Principal & Interest	Fixed	$0	$635	90%		More details	Compare
Tiimely Home	Tiimely Home Fixed Rate Home Loan OO P&I (2 years)	5.54% p.a.	5.91% p.a.	$2,852	Principal & Interest	Fixed	$0	$0	80%		More details	Compare
Westpac	Westpac Fixed Options Home Loan - Principal & Interest (LVR up to 70%) (2 years)	6.09% p.a.	8.29% p.a.	$3,027	Principal & Interest	Fixed	$8	$750	70%		More details	Compare
ANZ	ANZ Fixed Rate Home Loan (Principal and Interest) (LVR > 80%) (2 years)	6.19% p.a.	7.19% p.a.	$3,059	Principal & Interest	Fixed	$null	$160	95%		More details	Compare
NAB	NAB Tailored Home Loan Fixed LVR 70%-80% (2 years)	6.09% p.a.	6.89% p.a.	$3,027	Principal & Interest	Fixed	$8	$350	80%		More details	Compare
Commonwealth Bank	Commonwealth Bank Standard Fixed Rate (with Wealth Package) P&I (2 years)	6.29% p.a.	8.08% p.a.	$3,092	Principal & Interest	Fixed	$0	$0	95%		More details	Compare

Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

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Harry O'Sullivan

Harry joined Savings in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.

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For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

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