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Home loan rate wrap: Citi, ING, loans.com.au & more adjust rates

Last week Citi, loans.com.au, ING and Reduce Home Loans adjusted rates on a range of variable rate home loan products, but there were no movements seen for fixed rate home loans.

citi adjusts rates

Investment home loan rates reduced

ING was the only lender on Canstar’s database to reduce rates last week, making cuts to variable rate investment home loans.

ING’s Inv Orange Advantage Variable IO 150-499k, Inv Mortgage Simplifier IO 150-499k, Inv Organge Advantage Variable PI 150-499k and Inv Mortgage Simplifier PI 150-499k all experienced a rate reduction of 15 basis points.

Meanwhile, Citi and loans.com.au increased rates by up to 10 basis points on a range of variable rate investment home loans.

New investment home loan rates

Principal & interest

The table below shows investment home loans with principal and interest (P&I) repayments that experienced an adjusted rate last week.

Rates based on variable investment home loans available for a loan amount of $350,000 at 80% LVR (principal & interest). Table sorted by provider name (alphabetically).

Interest only

The table below shows investment home loans with interest only (IO) repayments that experienced an adjusted rate last week.

Rates based on variable investment home loans available for a loan amount of $350,000 at 80% LVR (interest only). Table sorted by provider name (alphabetically).

Increased rates for owner occupiers

Last week there were only three lenders on Canstar’s database that moved rates on owner occupier home loans, increasing rates by up to 10 basis points.

Citibank increased rates on a range of its variable rate products, loans.com.au increased the rate on its Construction – Owner Occupier loan by 10 basis points to an advertised rate of 4.51% (4.54% comparison rate*) and Reduce Home Loans increased the rate on its Rate Lovers Special Variable home loan by 5 basis points to 3.44% (3.46% comparison rate*).

New owner occupier home loan rates

Principal & interest

The table below shows owner occupier home loans with P&I repayments that experienced an adjusted rate last week.

Rates based on variable owner-occupier home loans available for a loan amount of $350,000 at 80% LVR (principal & interest). Table sorted by provider name (alphabetically).

Interest only

The table below shows owner occupier home loans with IO repayments that experienced an adjusted rate last week.

Rates based on variable owner-occupier home loans available for a loan amount of $350,000 at 80% LVR (interest only). Table sorted by provider name (alphabetically).

All home loan rate movements last week

Home Loan Product Level Changes between 05/06/2018 to 11/06/2018 (%)
Company Product  Old Rate New Rate Change Comparison Rate*
Owner Occupier Home Loans
Variable
Citi Offset Variable P&I 80% 5.67 5.77 0.10 5.91
Citi Variable P&I 80% 5.67 5.77 0.10 5.91
Citi Mortgage Plus Offset Variable P&I  80% 250k+ 4.26 4.36 0.10 4.72
Citi Mortgage Plus Variable P&I  80% 250k+ 4.26 4.36 0.10 4.72
Citi Basic Variable P&I 80% 4.31 4.41 0.10 4.46
loans.com.au Construction – Owner Occupier 4.41 4.51 0.10 4.54
Reduce Home Loans Rate Lovers Special Variable 3.39 3.44 0.05 3.46
Investor Home Loans
Variable
Citi Investment Offset Variable IO 6.27 6.37 0.10 6.51
Citi Investment Variable IO 6.27 6.37 0.10 6.51
Citi Investment Offset Variable P&I 80% 6.07 6.17 0.10 6.31
Citi Investment Variable P&I 80% 6.07 6.17 0.10 6.21
Citi Mortgage Plus Investment Offset Variable IO 250k+ 4.86 4.96 0.10 5.31
Citi Mortgage Plus Investment Variable IO 250k+ 4.86 4.96 0.10 5.31
Citi Mortgage Plus Investment Offset Variable P&I  80% 250k+ 4.66 4.76 0.10 5.14
Citi Mortgage Plus Investment Variable P&I  80% 250k+ 4.66 4.76 0.10 5.11
Citi Investment Basic Variable IO 4.91 5.01 0.10 5.06
Citi Investment Basic Variable P&I 80% 4.71 4.81 0.10 4.86
ING Inv Orange Advantage Variable IO 150-499k 4.54 4.39 -0.15 4.68
ING Inv Mortgage Simplifier IO 150-499k 4.59 4.44 -0.15 4.48
ING Inv Orange Advantage Variable PI 150-499k 4.24 4.09 -0.15 4.41
ING Inv Mortgage Simplifier PI 150-499k 4.29 4.14 -0.15 4.18
loans.com.au Construction – Investor 4.61 4.71 0.10 4.74
loans.com.au INV Offset 80 IO 4.27 4.37 0.10 4.40
loans.com.au INV Offset 80 PI 4.27 4.37 0.10 4.40
loans.com.au Smart Loan Package Offset IO 4.19 4.29 0.10 4.32
loans.com.au Smart Loan Package Offset P&I 3.89 3.97 0.08 4.00
loans.com.au Essentials Variable – Investor P&I 4.19 4.29 0.10 4.32
loans.com.au Essentials Variable – Investor IO 4.19 4.29 0.10 4.32
Source: Canstar. Rates based on loans available for $400,000 at 80%LVR. *Comparison rate based on a loan amount of $150,000 over 25 years.

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