Macquarie Bank slashes one of its rates by 0.66%, making it the lowest four-year fix in the market
Several lenders adjusted their home loan rates this week, with a mix of rate cuts and hikes across the market, according to financial comparison website RateCity.
Macquarie Bank reduced several of its fixed rates, including a notable cut to its four-year loan, which now stands at 5.79% for borrowers with a deposit of 30% or more. This rate is currently the lowest four-year fixed rate available.
ME Bank also lowered its rates, bringing its two- and three-year fixed rates down to 5.84% and 5.79%, respectively. The bank also reduced its one- to five-year fixed rates across the board.
Newcastle Permanent joined the trend, cutting its lowest 2-year fixed rate to 5.89%, while G&C Mutual Bank, which previously offered one of the lowest variable rates on the market, raised its essential worker loan rate by 0.15 percentage points to 5.95%.
The lowest advertised fixed rates were reported from Abal Bank at 5.75%, followed by several lenders including Police Bank, Bank of Heritage Isle, Border Bank, Pacific Mortgage Group, The Mutual Bank, and Police Credit Union, all at 5.89%.
The lowest advertised variable rates come from The Capricornian at 5.74% for a one-year term, Australian Mutual Bank at 5.64% for a two-year term, Community First Bank at 5.59% for a three-year term, and RACQ at 5.59% for a five-year term.
Among the big four banks, Commonwealth Bank of Australia (CBA) offers the lowest variable rate at 6.15%. Fixed rates for one year stand at 6.59% for both CBA and Westpac, while ANZ and National Australia Bank (NAB) offer a slightly higher rate at 6.69%. For three-year fixed rates, NAB leads with the lowest rate at 5.99%.
“A mixed bag of rate changes this week; with four lenders cutting and four hiking at least one rate,” said Laine Gordon (pictured above), spokesperson at RateCity.com.au. “Our database shows there are now more than 50 lenders with at least one fixed or variable home loan under 6%.”
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