Despite the RBA keeping the cash rate on hold until at least February 2024, some lenders still bumped up home loan rates this week - at least for new customers anyway.
With no monetary policy meeting until 6 February, there shouldn't be too much more variable rate movement over the festive period, although there could always be surprises in store.
ANZ, Macquarie increase variable rates by 10 bps
The biggest bank to up rates this week was ANZ, which upped rates on its range of Simplicity Plus home loans.
These are 'no frill' loans, without ongoing or set up fees, which makes the comparison rate and the advertised rate the same.
Some of the new rates for owner occupiers include:
- Simplicity Plus (LVR<80%) has a new rate of 6.64% p.a (6.64% p.a comparison rate*).
- If the LVR on a Simplicity Plus owner occupied loan exceeds 90%, the new rate is 7.64% p.a (7.64% p.a comparison rate*).
And for investors:
- The Investment Simplicity Plus (LVR<80%) now has a rate of 6.84% p.a (6.84% p.a comparison rate*).
- For the same product with LVR<60%, the new rate is 6.69% p.a (6.69% p.a comparison rate*)
It was a similar story at Macquarie Bank, which also increased rates on its more basic home loans by 10 bps, including:
- The Basic Variable Owner Occupied loan (LVR<80%) now has a rate of 6.30% p.a (6.32% p.a comparison rate*).
- The same product where LVR<70% has a new rate of 6.24% p.a (6.26% p.a comparison rate*)
Meanwhile these are some of the new investment rates:
- The Basic Variable Investment loan (LVR<80%) has a new rate of 6.54% p.a (6.57% p.a comparison rate*).
- For LVR below 70%, the Basic Investment variable rate becomes 6.44% p.a (6.46% p.a comparison rate*)
Other movers
ANZ and Macquarie were the only big players to move rates, but there were a couple of smaller lenders that also adjusted rates this week.
Teachers Mutual Bank and subsidiaries varied rates by up to 85 bps.
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