The ANZ-owned bank cut fixed rates for both owner occupiers and investors by up to 0.50%, with some interest only products slashed as much as 70 bps.

Suncorp is also the latest lender to cut variable rates, with investors seeing variable rates reduced by up to 0.25%.

The average variable rate on new loans has been steady at 6.3% since January, according to RBA data, but many lenders have undergone cuts recently despite no change to the cash rate.

Both ANZ and NAB cut advertised variable rates in November.

Broad consensus remains that the RBA cash rate isn't likely to fall before May next year, although the September quarter national accounts released this week showed meagre quarterly GDP growth of 0.3%.

That was slightly below most expectations, but likely isn’t far enough off predictions to suggest that the RBA will need to act sooner to avoid a recession.

HSBC and Heritage Bank, the largest customer-owned bank in the country, were the other major lenders to adjust rates this week, making movements in both directions.

New variable rates at Suncorp for investors

Product (LVR) Interest Rate Change
Back to Basics Variable Better Together P&I (LVR ≤60%) Down 10 bps to 6.33% p.a (6.34% p.a comparison rate*)
Back to Basics Variable Better Together P&I (LVR 60.01-70%) Down 10 bps to 6.44% p.a (6.35% p.a comparison rate*)
Back to Basics Variable Better Together P&I (LVR 70.01-80%) Down 10 bps to 6.34% p.a (6.35% p.a comparison rate*)
Back to Basics Variable Better Together P&I (LVR 80.01-90%) Down 10 bps to 6.84% p.a (6.84% p.a comparison rate*)
Standard Variable Home Package Plus P&I (LVR ≤60%) Down 10 bps to 6.43% p.a (6.78% p.a comparison rate*)
Standard Variable Home Package Plus P&I (LVR 60.01-70%) Down 10 bps to 6.43% p.a (6.78% p.a comparison rate*)
Standard Variable Home Package Plus P&I (LVR 70.01-80%) Down 10 bps to 6.44% p.a (6.79% p.a comparison rate*)
Standard Variable Home Package Plus P&I (LVR 80.01-90%) Down 25 bps to 7.09% p.a (7.43% p.a comparison rate*)

New Suncorp fixed rates for owner occupiers...

Product (LVR) Interest Rate Change
1 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 30 bps to 6.20% p.a (6.60% p.a comparison rate*)
1 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 30 bps to 6.20% p.a (6.85% p.a comparison rate*)
1 Year Fixed Rate Standard P&I (LVR ≤95%) Down 30 bps to 6.65% p.a (9.11% p.a comparison rate*)
2 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 45 bps to 5.99% p.a (6.55% p.a comparison rate*)
2 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 45 bps to 6.19% p.a (6.82% p.a comparison rate*)
2 Year Fixed Rate Standard P&I (LVR ≤95%) Down 45 bps to 6.44% p.a (8.80% p.a comparison rate*)
3 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 50 bps to 5.99% p.a (6.53% p.a comparison rate*)
3 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 50 bps to 6.19% p.a (6.79% p.a comparison rate*)
3 Year Fixed Rate Standard P&I (LVR ≤95%) Down 50 bps to 6.44% p.a (8.55% p.a comparison rate*)
5 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 40 bps to 5.99% p.a (6.49% p.a comparison rate*)
5 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 40 bps to 6.19% p.a (6.73% p.a comparison rate*)
5 Year Fixed Rate - First Home Buyer Home Package Plus P&I (LVR ≤95%) Down 40 bps to 5.99% p.a (6.75% p.a comparison rate*)
5 Year Fixed Rate Standard P&I (LVR ≤95%) Down 40 bps to 6.44% p.a (8.12% p.a comparison rate*)

The lowest fixed rate at Suncorp is now 5.99% p.a., which is available for two, three, and five year fixed terms.

That's still not quite as low as its parent company - ANZ currently offers a rate of 5.74% p.a. for two and three year fixed terms to borrowers with loan-to-value ratios (LVRs) below 80%.

However, the Suncorp products offer a lower comparison rate, suggesting they demand fewer fees.

...and Suncorp's new fixed rates for investors

Product (LVR) Interest Rate Change
1 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 37 bps to 6.20% p.a (6.76% p.a comparison rate*)
1 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 37 bps to 6.20% p.a (7.34% p.a comparison rate*)
2 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 51 bps to 5.99% p.a (6.70% p.a comparison rate*)
2 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 51 bps to 6.19% p.a (7.25% p.a comparison rate*)
3 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 58 bps to 5.99% p.a (6.66% p.a comparison rate*)
3 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 58 bps to 6.19% p.a (7.17% p.a comparison rate*)
5 Year Fixed Rate Home Package Plus P&I (LVR ≤80%) Down 60 bps to 6.24% p.a (6.70% p.a comparison rate*)
5 Year Fixed Rate Home Package Plus P&I (LVR 80.01-90%) Down 60 bps to 6.44% p.a (7.14% p.a comparison rate*)

HSBC hiked fixed rates up to 50 bps

HSBC, Australia's tenth largest home loan lender, moved in the opposite direction to Suncorp, hiking fixed rates across the board by up to 0.50%.

Here are its new rates for owner occupiers:

Product (LVR) Interest Rate Change
1 Year Fixed Rate Home Loan Package P&I (LVR ≤60%) Up 10 bps to 5.89% p.a (6.48% p.a comparison rate*)
1 Year Fixed Rate Home Loan Package P&I (LVR 60.01-80%) Up 15 bps to 5.94% p.a (6.57% p.a comparison rate*)
1 Year Fixed Rate Home Loan Package P&I (LVR 80.01-90%) Up 25 bps to 6.34% p.a (6.88% p.a comparison rate*)
1 Year Fixed Rate Residential P&I (LVR ≤80%) Up 50 bps to 6.69% p.a (7.53% p.a comparison rate*)
1 Year Fixed Rate Residential P&I (LVR 80.01-90%) Up 20 bps to 6.69% p.a (7.79% p.a comparison rate*)
2 Year Fixed Rate Home Loan Package P&I (LVR ≤60%) Up 10 bps to 5.69% p.a (6.42% p.a comparison rate*)
2 Year Fixed Rate Home Loan Package P&I (LVR 60.01-80%) Up 15 bps to 5.74% p.a (6.51% p.a comparison rate*)
2 Year Fixed Rate Home Loan Package P&I (LVR 80.01-90%) Up 25 bps to 6.14% p.a (6.82% p.a comparison rate*)
2 Year Fixed Rate Residential P&I (LVR ≤80%) Up 50 bps to 6.49% p.a (7.40% p.a comparison rate*)
2 Year Fixed Rate Residential P&I (LVR 80.01-90%) Up 20 bps to 6.49% p.a (7.64% p.a comparison rate*)
3 Year Fixed Rate Home Loan Package P&I (LVR ≤60%) Up 10 bps to 5.69% p.a (6.38% p.a comparison rate*)
3 Year Fixed Rate Home Loan Package P&I (LVR 60.01-80%) Up 15 bps to 5.74% p.a (6.46% p.a comparison rate*)
3 Year Fixed Rate Home Loan Package P&I (LVR 80.01-90%) Up 25 bps to 6.14% p.a (6.79% p.a comparison rate*)
3 Year Fixed Rate Residential P&I (LVR ≤80%) Up 50 bps to 6.49% p.a (7.30% p.a comparison rate*)
3 Year Fixed Rate Residential P&I (LVR 80.01-90%) Up 20 bps to 6.49% p.a (7.51% p.a comparison rate*)
4 Year Fixed Rate Home Loan Package P&I (LVR ≤60%) Up 10 bps to 5.69% p.a (6.34% p.a comparison rate*)
4 Year Fixed Rate Home Loan Package P&I (LVR 60.01-80%) Up 15 bps to 5.74% p.a (6.42% p.a comparison rate*)
4 Year Fixed Rate Home Loan Package P&I (LVR 80.01-90%) Up 25 bps to 6.14% p.a (6.75% p.a comparison rate*)
4 Year Fixed Rate Residential P&I (LVR ≤80%) Up 50 bps to 6.49% p.a (7.22% p.a comparison rate*)
4 Year Fixed Rate Residential P&I (LVR 80.01-90%) Up 20 bps to 6.49% p.a (7.40% p.a comparison rate*)
5 Year Fixed Rate Home Loan Package P&I (LVR ≤60%) Up 10 bps to 5.69% p.a (6.31% p.a comparison rate*)
5 Year Fixed Rate Home Loan Package P&I (LVR 60.01-80%) Up 15 bps to 5.74% p.a (6.39% p.a comparison rate*)
5 Year Fixed Rate Home Loan Package P&I (LVR 80.01-90%) Up 25 bps to 6.14% p.a (6.72% p.a comparison rate*)
5 Year Fixed Rate Residential P&I (LVR ≤80%) Up 50 bps to 6.49% p.a (7.14% p.a comparison rate*)
5 Year Fixed Rate Residential P&I (LVR 80.01-90%) Up 20 bps to 6.49% p.a (7.30% p.a comparison rate*)

Heritage Bank varied fixed rates by up to 20 bps

Heritage Bank also changed up fixed rates this week, moving in both directions.

One year fixed rates were cut 0.05% to a 5.84% p.a., while longer term fixed rates were increased by 0.20%.

Until this latest change, the lowest available fixed rate at Heritage Bank was 5.49% p.a., which was also among the lowest in our entire database.

Three and five year fixed rate periods now offer rates of 5.69% p.a., which is still fairly competitive - lower than any of the above rates from Suncorp, for example.

Product (LVR) Interest Rate Change
1 Year Fixed Rate Residential (LVR ≤95%) Down 5 bps to 5.84% p.a (8.56% p.a. comparison rate*)
1 Year Fixed Rate Home Advantage Residential (LVR ≤95%, 150k+) Down 5 bps to 5.84% p.a (6.54% p.a. comparison rate*)
3 Year Fixed Rate Residential (LVR ≤95%) Up 20 bps to 5.69% p.a (7.96% p.a. comparison rate*)
3 Year Fixed Rate Home Advantage Residential (LVR ≤95%, 150k+) Up 20 bps to 5.69% p.a (6.43% p.a. comparison rate*)
5 Year Fixed Rate Residential (LVR ≤95%) Up 20 bps to 5.69% p.a (7.50% p.a. comparison rate*)
5 Year Fixed Rate Home Advantage Residential (LVR ≤95%, 150k+) Up 20 bps to 5.69% p.a (6.34% p.a. comparison rate*)

Other movers

  • Bank Australia varied rates by up to 50 bps
  • RACQ Bank varied rates up to 11 bps
  • BankVic cut rates by up to 94 bps

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Buying a new home or looking to refinance? These are some of the top fixed home loan rates available at the moment.

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.
6.08% 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
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 courtesy of Suncorp



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