Facing the prospect of an official rate cut soon, the major banks have been cutting their home loan rates out of cycle. Which of the popular lenders moved out of cycle, and where did they move to?
Moving first in the month was the Commonwealth Bank of Australia, announcing changes for its fixed rate mortgage products.
Principal and interest three-year fixed rate home loans at the bank were changed to be now starting from 3.79 per cent, and investment fixed rate home loans from 3.99 per cent, with new customers on principal and interest loans seeing changes.
The changes to principal and interest loans were:
Next to move was Westpac, which saw rates changes on its Fixed Option Home Loan and Fixed Rate Investment Property Loan with principal and interest repayments.
The changes to the Fixed Option Home Loan were:
The changes to the Fixed Rate Investment Property Loan were:
Rounding out the last of the big four bank loan changes was NAB, which saw fixed rates being cut for new and existing customers for its Tailored Home Loan (Choice Package) for both investor and owner-occupier loans.
The changes to the Tailored Home Loan (Choice Package) were:
The fifth largest home loan lender, according to Rate City, ING dropped rates for its Orange Advantage product by up to 19 basis points for owner occupiers on principal and interest.
The changes to the Orange Advantage were: