It seems lenders are cooling their heels, perhaps taking in the latest economic data released through the week.

No doubt the Reserve Bank of Australia is doing the same in the run-up to its next board meeting on 17-18 June.

The latest quarterly national accounts data showed household savings are at their lowest rate for 17 years, just before the Global Financial Crisis struck in 2007.

The data comes amid stubborn inflation that's continued to climb over its last three monthly readings.

In case we'd forgotten, RBA governor Michele Bullock reiterated to a Senate estimates committee this week that the cash rate would not be going down until inflation was coming down.

So, while a cut in the official cash rate may not be on the cards this month, a few smaller lenders have fine-tuned their home loan offerings. 

IMB Bank tweaks rates

The customer-owned bank hailing from the Illawarra, south of Sydney, has made some minor adjustments to variable and fixed rates this week.

Its Essentials Home Loan has ticked up five basis points to a variable rate of 6.24% p.a. (6.35% comparison rate*) for principal and interest (P&I) repayments and ≤80% loan-to-value ratio (LVR).

But IMB cut the rates on a range of its investment loans.

Its Budget Home Loan for new investment loans with P&I repayments and ≤80% LVR is now 6.29% p.a. (6.35% p.a. comparison rate*), dropping five basis points.

Its three-year fixed investment loan fell 10 basis points to 6.19% p.a. (6.78% comparison rate*).

Bank First ups rates on lower deposit loans

The Victorian mutual bank dialled up the interest rates on a range of its 80->90% LVR variable home loans by between 10-15 basis points.

Bank First's Basic Variable owner occupier P&I 80-90% loan at now at 6.49% p.a. (6.52% comparison rate*) - a 10 basis point jump.

The interest rate climbs to 6.99% p.a. for >90% LVR (7.02% p.a. comparison rate*), up 15 basis points.

MyState increases

While not a customer-owned bank, the Tasmanian-based MyState lifted its Basic Variable Home Loan rate to 6.19% p.a. (6.22% p.a. comparison rate*) for 70-80% LVR loans, a five-basis point hike.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
Apply in minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 Disclosure
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

Image by Harper Van Mourik on Unsplash



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