Earlier this week Newcastle Permanent banded together with Lismore-based Summerland Credit Union opening an emergency community banking hub at Southern Cross University to allow customers to perform everyday banking, including withdrawing cash.

Other mutuals including G&C Mutual, BCU, Greater Bank and Southern Cross Credit Union also took part. 

Further, Newcastle Permanent will help fund Lifeline in transporting clothing, accessories and linen donated by Newcastle and Hunter region residents to the people of Lismore.

Newcastle Permanent increases

Australia’s second-largest customer owned institution increased fixed home loan rates this week for owner occupiers and investors by up to 20 basis points across principal and interest (P&I) and interest-only (IO) loan options.

Highlights of increases across Newcastle Permanent’s home loan portfolio included:

  • Residential Fixed P&I 3 Years 95%: 10 basis point increase to 3.59% p.a. (4.12% p.a. comparison rate*)
  • Residential Fixed IO 3 Years 90%: 20 basis point increase to 4.29% p.a. (4.30% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years 95%: 10 basis point increase to 3.79% p.a. (4.42% p.a. comparison rate*)
  • Investment Fixed IO 3 Years 90%: 10 basis point increase to 3.79% p.a. (4.42% p.a. comparison rate*)
  • Premium Plus Package Residential Fixed P&I 3 Years 5k+ 95%: 10 basis point increase to 3.49% p.a. (3.94% p.a. comparison rate*)
  • Premium Plus Package Investment Fixed IO 3 Years 5k+ 90%: 10 basis point increase to 3.69% p.a. (4.40% p.a. comparison rate*)

G&C Mutual Bank increases

G&C Mutual increased fixed home loan rates for owner occupiers and investors by up to 80 basis points.

Highlights of increases across G&C Mutual’s home loan portfolio included:

  • Residential Fixed P&I 4 Years 95%: 80 basis point increase to 3.69% p.a. (3.75% p.a. comparison rate*)
  • Investment Fixed P&I 4 Years 90%: 80 basis point increase to 4.09% p.a. (4.15% p.a. comparison rate*)
  • Residential Fixed IO 4 Years 95%: 80 basis point increase to 3.99% p.a. (4.03% p.a. comparison rate*)
  • Investment Fixed IO 4 Years 90%: 80 basis point increase to 4.29% p.a. (4.33% p.a. comparison rate*)

BCU increases

Marking its fifth fixed home loan rate increase of the year, BCU increased rates for both owner occupiers and investors again by up to 25 basis points.

Highlights of increases across bcu’s home loan portfolio included:

  • Residential Fixed P&I 3 Years 95%: 25 basis point increase to 3.19% p.a. (3.84% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years 95%: 20 basis point increase to 3.34% p.a. (3.99% p.a. comparison rate*)
  • Residential Fixed IO 3 Years 90%: 25 basis point increase to 3.84% p.a. (4.00% p.a. comparison rate*)
  • Investment Fixed IO 3 Years 89%: 20 basis point increase to 3.49% p.a. (4.03% p.a. comparison rate*)

Other customer-owned banks' increases

Heritage Bank

Heritage Bank increased rates for both owner occupiers and investors by up to 50 basis points.

Highlights of increases across Heritage Bank’s home loan portfolio included:

  • Residential Fixed P&I 3 Years 90%: 45 basis point increase to 3.44% p.a. (3.13% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years 90%: 45 basis point increase to 3.64% p.a. (3.33% p.a. comparison rate*)
  • Investment Fixed IO 3 Years 90%: 45 basis point increase to 3.74% p.a. (3.44% p.a. comparison rate*)
  • Residential Fixed P&I 5 Years 90%: 50 basis point increase to 3.99% p.a. (3.49% p.a. comparison rate*)
  • Investment Fixed P&I 5 Years 90%: 50 basis point increase to 4.19% p.a. (3.69% p.a. comparison rate*)
  • Investment Fixed IO 5 Years 90%: 50 basis point increase to 4.29% p.a. (3.78% p.a. comparison rate*)

Great Southern Bank

Great Southern Bank increased rates for both owner occupiers and investors by up to 30 basis points.

Highlights of increases across Great Southern Bank’s home loan portfolio included:

  • Fixed P&I 1 Year 95%: 30 basis point increase to 2.59% p.a. (3.70% p.a. comparison rate*)
  • Investment Fixed P&I 1 Year 90%: 30 basis point increase to 2.89% p.a. (4.11% p.a. comparison rate*)
  • Investment Fixed IO 1 Year 90%: 30 basis point increase to 3.09% p.a. (4.13% p.a. comparison rate*)

NAB was the only major to lift fixed home loan rates by up to 50 basis points, on the back of a revised RBA cash rate forecast.

Having initially anticipated a November cash rate increase, NAB’s forecast shifted to August fuelled by higher inflation and a lower unemployment rate.

NAB economists said the key risks for the economy have shifted significantly over the past six months or so.

“Lockdowns and border closures appear to now be in the rear-view mirror and the key uncertainty is how quickly spending patterns, international services trade and population growth normalises,” they said.

“In addition, the war in Europe looms, posing risks on both the activity and nominal sides of the economy.”

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

Photo by Lynda Hinton on Unsplash



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