As the RBA dust settles and a few laggard lenders bring in the rear with their rate increases, below are some items of note outside of the RBA framework.
Credit Union SA double dips
On Friday morning Credit Union SA made a 40 basis point increase to its discounted variable-rate home loan for owner occupiers.
The rate is now 6.94% p.a. (6.97% p.a. comparison rate*).
Notably this product has a maximum LVR of 97% meaning borrowers need only a 3% deposit; they will also need to pay lenders mortgage insurance.
While this advertised rate is for new customers only, this adds to the 25 basis point increase it made for all variable-rate home loans for both new and existing customers on 15 November.
Qudos Bank makes outsized variable-rate increases
The customer-owned bank originally for Qantas staff hiked a variety of variable-rate home loans by 35 basis points.
The below rates apply to new business for those paying P&I with a maximum 80% LVR:
- No Frills: Up 35 basis points to 6.14% p.a. (6.14% p.a. comparison rate*)
- Inv No Frills: 35 basis point increase to 6.44% p.a. (6.44% p.a. comparison rate*)
- Value Package Low Cost: 35 basis point increase to 6.24% p.a. (6.42% p.a. comparison rate*)
- Inv Value Package Low Cost: 35 basis point increase to 6.54% p.a. (6.72% p.a. comparison rate*)
A wide array of other fixed and variable home loan rates were increased by between 10 and 50 basis points.
NAB hikes fixed rates by up to 25bps
NAB made a wide array of increases to fixed-rate home loans; below are some of the more notable product changes.
- Tailored Fixed P&I 2 Years 80%: 25 basis point increase to 6.64% p.a. (7.62% p.a. comparison rate*)
- Inv Tailored Fixed P&I 2 Years 80%: 10 basis point increase to 6.79% p.a. (8.11% p.a. comparison rate*)
Notably NAB's 1 year fixed rates are higher than its 2-3 year fixed rates, implying higher rates will persist at least for the next 12 months.
Other notable movers
The bulk of this week's variable-rate increases are in response to the RBA's November cash rate increase; existing customers would have been notified by email or post.
Notable movers this week include ANZ, Westpac and subsidiaries, Tiimely (formerly Tic:Toc), Community First Bank, Queensland Country Bank, BCU, Move Bank, Beyond Bank, Heritage & People's Choice, RACQ Bank, Bank Australia, and Adelaide Bank.
Photo by Pat Whelen on Unsplash
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