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Recent updates to home loan rates across various lenders show a shifting market, as competition among providers heats up. According to Canstar’s latest interest rate wrap on Jan. 13, rates for owner-occupier loans vary significantly, with several lenders now offering variable rates below the 5.75% mark.
See table below for a summary of last week’s rate adjustments.
The competition among lenders is particularly evident in the variable loan segment, where numerous providers now offer rates under 5.75%. These adjustments cater to both owner-occupiers and investors, with flexible repayment options tailored to varying loan amounts and LVRs.
Australian Mutual Bank’s Basic Variable Home Loan Special Offer leads the pack with a rate of 5.69%, reverting to 6.19% after three years. This product carries a comparison rate of 6.06% for loans up to 80% loan-to-value ratio (LVR), translating to monthly repayments of $3,479 on a $600,000 loan over 30 years.
Arab Bank Australia follows closely with its Basics ≤60% Special Offer, featuring a 5.75% variable rate and a comparison rate of 5.88%. Monthly repayments under this scheme are estimated at $3,501 for a similar loan setup.
Bank of China also makes the list, with its Discount Home Loan offering a 5.88% variable rate, a 6.07% comparison rate, and monthly repayments of $3,551.
