It was a fairly subdued week in terms of mortgage movements. Reading through the tea leaves suggests more banks are quietly gearing up for further RBA rate hikes.

Fixed-rate increases are generally a useful guide as to which way a bank is thinking.

Nevertheless here were some more interesting moves; if you're a prospective owner occupier looking for a new mortgage or to refinance, if you can find anything south of 6% p.a. you're doing pretty well.

G&C Mutual Bank moves rates north on special offers

G&C Mutual moved rates north by 9 basis points on a few variable-rate 'special offer' home loans. 

  • First Home Buyer Special Offer 95% LVR: Now 5.99% p.a. (6.02% p.a. comparison rate*)
  • Momentum Special Offer 60% LVR: Now 5.99% p.a. (6.02% p.a. comparison rate*)
  • Momentum Special Offer 80% LVR: Now 6.09% p.a. (6.12% p.a. comparison rate*)
  • Momentum Special Offer 95% LVR: Now 6.19% p.a. (6.22% p.a. comparison rate*)

The first home buyer special offer relies on the borrower participating in the government's 5% deposit Home Guarantee Scheme, hence why the bank can offer a competitive rate to first home buyers on 95% LVR.

That said, on other products, a 10 basis point premium for having a much smaller deposit seems fairly attractive - just keep in mind any lenders mortgage insurance (LMI) you will have to pay.

G&C Mutual also retains its Essential Worker home loan product with a 5.80% p.a. rate (5.86% p.a. comparison rate*) which is the most competitive 80% LVR variable rate in the market according to InfoChoice's database.

In a double-whammy, the bank also took the sword to its market-leading term deposit rates.

Gateway Bank decreases investor loan rates

Gateway Bank decreased rates on a host of investor products by 11-20 basis points.

  • Investor Premium Package P&I 80% LVR: Cut by 11 basis points to 6.35% p.a. (6.63% p.a. comparison rate*)
  • Investor Premium Package IO 80% LVR: Cut by 19 basis points to 6.45% p.a. (6.73% p.a. comparison rate*)
  • Investor Low Rate Essentials IO 80%: Cut by 19 basis points to 6.49% p.a. (6.51% p.a. comparison rate*)
  • Investor Low Rate Essentials P&I 80%: Cut by 15 basis points to 6.38% p.a. (6.40% p.a. comparison rate*)
  • Investor Green Plus P&I: Cut by 11 basis points to 6.09% p.a. (6.37% p.a. comparison rate*)
  • Investor Green Plus IO: Cut by 19 basis points to 6.19% p.a. (6.47% p.a. comparison rate*)

Other customer-owned bank movements

  • Australian Unity: Increased rates on variable products by 5-20 basis points.
  • Police Credit Union: Increased fixed rates by up to 30 basis points.

Photo by Clay Banks on Unsplash

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Harrison Astbury
Harrison Astbury
Editor and Financial Analyst

Harrison is InfoChoice's editor and market commentator. With years of experience at some of Australia's largest comparison sites and media organisations, Harrison is passionate about all things banking.

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