This has been the opposite of the previous week when a flurry of cuts - a handful of variable rates and a host of fixed - was noted in the market.

Industry players sat this week out as the market awaits with bated breath the latest quarterly inflation figures due on Wednesday, 30 October.

Economists are tipping annual headline inflation to slow to 2.9% in the September quarter, falling inside the RBA's 2-3%, largely due to government energy rebates.

If this forecast materialises, it would be the first time Australia's inflation rate returns below the coveted 3% threshold in two-and-a-half years.

But then again, the RBA prefers to look past the headline figures.

And with underlying inflation forecast to still be above 3%, not much is expected in the upcoming RBA meeting in November.

In the meantime, these lenders have made a few tweaks as we all await for any major movements in the coming weeks.

AMP Bank adjusts variable home loan rates

AMP Bank tweaks some of its variable rate mortgages for owner occupiers and investors.

The bank applied up to a 10 basis point increase to its Professional Package Home Loan for owner occupiers and investors borrowing $500,000 up to $1 million and paying principal and interest (P&I).

Product New rate Comparison rate
Professional Package OO ≤60% 6.24% p.a. (+5 bps) 6.59% p.a.
Professional Package OO 60-80% 6.24% p.a. (+5 bps) 6.59% p.a.
Professional Package OO 80-90% 6.44% p.a. (+5 bps) 6.79% p.a.
Professional Package INV 60-80% 6.44% p.a. (+5 bps) 6.79% p.a.
Professional Package INV 90% 6.59% p.a. (+5 bps) 6.94% p.a.

The Professional Package comes with an offset account, redraw facility, and flexible repayment options.

Meanwhile, AMP Bank dropped the axe on its Investment Essential Home Loan for customers borrowing $750,000 and above.

The lowest rate is 6.39% p.a. (6.42% p.a. comparison rate*) for loans with LVR 60% and below.

This comes as the bank also adjusted rates on term deposits.

Fixed rate cuts from smaller lenders

  • The Capricornian lowers fixed owner occupier and investor home loan rates up to 83 basis points.
  • The Mac cuts 1- and 3-year fixed home loans by up to 40 basis points.

Photo by Get Lost Mike on Pexels

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Bernadette Lunas
Bernadette Lunas
Finance Journalist

Bernadette is a journalist with years of experience covering topics in macroeconomics, real estate, and lifestyle beats for notable print media organisations. She joined the InfoChoice Group in 2024, bringing her passion for writing stories that help Australians make better decisions about money.

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