Home loan

Heritage, CUA, Auswide, Horizon slash home loan rates


Heritage Bank interest rate cut

Heritage cut a wide variety of interest rates on home loans by up to 19 basis points this week. Some of the main ones were:

  • Home Advantage Variable Investment P&I Reduction of 19 basis points to 2.99% per annum (comparative rate of 3.38% per annum*)
  • Owner Occupant Variable Benefit 90% $700,000+: Reduction of 9 basis points to 2.99% per annum (comparative rate of 3.38% per annum*)
  • Variable Discount Owner Occupant P&I Reduction of 9 basis points to 2.59% per annum (comparative rate of 2.64% per annum*)

This is how these lenders rank among the broader market for homeownership home loans, as shown in the table below.

Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. Certain products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, the repayment type, the loan term and the LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of November 3, 2022. See disclaimer.

Lower AUC Interest Rates

The CUA reduced some home loans on the “Acceleration” line for investors and homeowners, all by 20 basis points.

  • Accelerate variable P&I: Up to 2.94% per annum (comparative rate of 2.99% per annum*)
  • Speed ​​up variable I/O: Up to 3.44% per year (comparative rate of 3.08% per year*)
  • Inv Variable Acceleration P&I: Up to 3.37% per annum (comparative rate of 3.42% per annum*)
  • Inv acceleration variable I/O: Up to 3.72% per annum (comparative rate of 3.56% per annum*)

The AUC’s changes come after it announced it would rebrand itself as Great Southern Bank.

Auswide Bank interest rate cut

Auswide Bank has cut a wide variety of investor loans by up to 45 basis points. Some of the main ones were:

  • Freedom Inv Variable I/O Package 75%: Reduction of 45 basis points to 2.99% per annum (comparative rate of 3.40% per annum*)
  • Freedom Package Inv Fixed P&I 3 Years 75%: Reduction of 30 basis points to 2.29% per annum (comparative rate of 4.10% per annum*)
  • 75% P&I Basic Variable Investment Loan: Reduction of 40 basis points to 2.59% per annum (comparative rate of 2.61% per annum*)

Freedom Package loans are discounted as a “special offer”, which means the discounted rate can end at any time.

Horizon Bank interest rate cut

Horizon Bank has reduced fixed home loans between one and three years for homeowners and investors. They have all been reduced by 20 basis points. Some details are:

  • 1 year: Decline to 2.19% per year (comparative rate of 3.41% per year*)
  • 2 years: Up to 2.19% per annum (comparative rate of 3.30% per annum*)
  • 3 years: Up to 2.19% per annum (comparative rate of 3.20% per annum*)
  • Inv 1 year: Up to 2.44% per year (comparative rate of 3.66% per year*)
  • Inv 2 years: Up to 2.44% per annum (comparative rate of 3.55% per annum*)
  • Inv 3 years: Up to 2.44% per annum (comparative rate of 3.45% per annum*)

These comparison rates apply to borrowers paying P&I, borrowing up to 80% LVR (i.e. 20% down payment).

Photo by Jaye Haych on Unsplash

Source link