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Several Australian banks have adjusted their home loan interest rates this week, with some lenders lowering their fixed rates, while others increased theirs.
St.George this week reduced some of its fixed interest rates, including the 2 Year Owner Occupier Principal & Interest home loan, which went down by 0.06% p.a., as well as the 2 Year Residential Investment Principal & Interest, whose rate was reduced by 0.10% p.a.
St.George fixed rates that increased by 0.10% each included the 5 Year Residential Investment Interest Only, as well as the 5 Year Portfolio Loan.
| Loan | New interest rate | New comparison rate | Old interest rate | Old comparison rate | Change |
|---|---|---|---|---|---|
| St.George Owner Occupier Standard Fixed Rate 2 Year (Principal & Interest) | 3.84% | 5.24% | 3.90% | 5.25% | -0.06% |
| St.George Residential Investment Standard Fixed Rate 2 Year (Principal & Interest) | 4.04% | 5.72% | 4.14% | 5.74% | -0.10% |
| St.George Residential Investment Standard Fixed Rate 5 Year (Interest Only) | 5.14% | 6.05% | 5.04% | 6.01% | +0.10% |
AMP also adjusted the fixed interest rates on its professional package investment loans, with the largest decrease being by -0.75% over three years.
| Loan | New interest rate | New comparison rate | Old interest rate | Old comparison rate | Change |
|---|---|---|---|---|---|
| AMP Professional Package Investment Loan Fixed (Interest Only) 2 Years | 4.17% | 5.35% | 4.77% | 5.46% | -0.6% |
| AMP Professional Package Investment Loan Fixed (Interest Only) 3 Years | 4.19% | 5.24% | 4.49% | 5.32% | -0.3% |
| AMP Professional Package Investment Loan Fixed (Principal and Interest) 2 Years | 3.99% | 5.32% | 4.57% | 5.43% | -0.58% |
| AMP Professional Package Investment Loan Fixed (Principal and Interest) 3 Years | 4.12% | 5.23% | 4.87% | 5.43% | -0.75% |
These adjustments to fixed interest rates follow several changes to variable interest rates earlier in the month, with Macquarie Bank, ME Bank and ING raising some of their variable rates, while Heritage Bank lowered some of its variable rates for investors.
