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February finishes with mortgage rate rises

February finishes with mortgage rate rises

01 Mar, 2019 - 3 min read

Several lenders increased variable interest rates on selected home loans in the last week of February, though there were also cuts to some fixed rate loans.

Auswide increased both its fixed and variable rates for owner occupiers and investors, with the smallest increase being by 3 basis points, and the largest increases being by 30 basis points.

Auswide Home Loan	New Rate	New CR	Old Rate	Old CR	Rate changes
Freedom Package Home Loan Plus Discount Fixed (Principal and Interest) 3 Years	3.79	4.6	3.76	4.59	0.03
Freedom Package Home Loan Plus Discount Variable (Principal and Interest) (LVR < 90%)	3.69	4.08	3.64	4.03	0.05
Home Loan Plus (Interest Only)	5.61	5.76	5.48	5.63	0.13
Home Loan Plus (Principal and Interest)	5.61	5.76	5.48	5.63	0.13
Line of Credit Home Loan	6.06		5.93		0.13
Line of Credit Investment Loan	6.58		6.45		0.13
Freedom Package Home Loan Plus (Principal and Interest) (LVR 90%-95%)	4.53	4.9	4.38	4.76	0.15
Investment Loan Plus (Interest Only)	6.39	6.54	6.23	6.38	0.16
Investment Loan Plus (Principal and Interest)	6.39	6.54	6.23	6.38	0.16
Freedom Package Home Loan Plus Fixed (Principal and Interest) 4 Years (LVR 90%-95%)	4.9	4.94	4.7	4.87	0.2
Freedom Package Home Loan Plus Fixed (Principal and Interest) 5 Years (LVR 90%-95%)	5	5.01	4.8	4.93	0.2
Freedom Package Home Loan Plus Fixed (Principal and Interest) 1 Year (LVR 90%-95%)	4.39	4.76	4.09	4.73	0.3
Freedom Package Home Loan Plus Fixed (Principal and Interest) 2 Years (LVR 90%-95%)	4.49	4.78	4.19	4.72	0.3
Freedom Package Home Loan Plus Fixed (Principal and Interest) 3 Years (LVR 90%-95%)	4.49	4.78	4.19	4.71	0.3

Several of MyState Bank’s variable interest rates were also increased this week, with selected interest-only home loans seeing rate rise by 10 basis points, while some principal and interest loans increased their interest by 25 basis points.

MyState Bank Home Loan	Rate	New CR	Old Rate	Old CR	Rate change
Basic Variable Home Loan (Interest Only) (LVR < 80%)	4.18	3.94	4.08	3.93	0.1
Basic Variable Investment Loan (Interest Only) (LVR < 80%)	4.38	4.16	4.28	4.15	0.1
Basic Variable Investment Loan (Interest Only) (LVR 80%-90%)	4.58	4.38	4.48	4.37	0.1
Special Residential Home Loan (Interest Only) (LVR < 80%)	4.38	4.16	4.28	4.15	0.1
Special Residential Investment Loan (Interest Only) (LVR < 80%)	4.58	4.36	4.48	4.35	0.1
Special Residential Investment Loan (Interest Only) (LVR 80%-90%)	4.78	4.58	4.68	4.57	0.1
Standard Variable Home Loan (Interest Only)	5.62	5.42	5.52	5.41	0.1
Standard Variable Investment Loan (Interest Only)	5.62	5.42	5.52	5.41	0.1
Basic Variable Home Loan (Principal and Interest) (LVR 90%-95%)	4.64	4.71	4.39	4.46	0.25
Special Residential Home Loan (Principal and Interest) (LVR 90%-95%)	4.84	4.91	4.59	4.66	0.25

However, People’s Choice Credit Union cut fixed rates on selected loans by 5 to 10 basis points this week.

People’s Choice Credit Union Home Loan	Rate	New CR	Old Rate	Rate change
2 Year Fixed Package (Owner Occupied, Principal & Interest)	3.69	4.66	3.79	-0.10
2 Year Fixed Package (Investment, Principal & Interest)	3.84	5.20	3.94	-0.10
First Home Buyer 3 Year Fixed Package (Owner Occupied, Principal & Interest)	3.84	4.64	3.89	-0.05
First Home Buyer 3 Year Fixed Package(Owner Occupied, Interest Only)	4.34	5.16	4.39	-0.05
Home, Construction & Low Doc 2 Year Fixed (Owner Occupied, Principal & Interest)	3.84	5.17	3.94	-0.10

These changes wrap up a February where several lenders adjusted their interest rates up or down, including Suncorp, Bendigo Bank and Credit Union SA, St.George and AMP, Macquarie Bank and ME Bank.

Disclaimer

This article is over two years old, last updated on March 1, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

Mark Bristow

Personal Finance Editor

Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. While primarily focused on Australian mortgage and home loan expertise, he has experience across energy, home and travel insurances. Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider.