Just three lenders made major rate moves
In a slow and measured start to 2024, RateCity.com.au’s first weekly wrap-up of interest rate movements has revealed a restrained market with only a handful of adjustments across lenders.
Just three lenders made major rate moves over the week of Jan. 10-16 – Beyond Bank, ME Bank, and Auswide Bank. See table below for the lenders’ rate adjustments.
Capricornian emerges as new leader in variable rates
Over the past week, there were minimal changes to variable home loan rates across the market. See table below for a snapshot.
One notable change is The Capricornian’s ascent to the top spot for the lowest advertised variable rate lender. With a competitive rate of 5.69%, The Capricornian has dethroned the previous leader, Abal Bank. See table below.
Stagnancy in fixed rates persists
The fixed-rate landscape has remained unaltered since the close of the previous year.
“Appetite for fixed rates is continuing to dwindle, with the latest data from the ABS’ lending indicators showing the proportion of new and refinanced loans opting for a fixed rate at the lowest level in the latest ABS lending indicator records, at just 1.98% in the month of November,” said Sally Tindall (pictured above), the research director at RateCity.com.au.
See table below for the lowest fixed rates on the RateCity.com.au database.
Subdued market movement expected
Looking ahead, Tindall anticipates that the market will maintain its relatively subdued state in the coming weeks. Lenders are seemingly adopting a cautious approach as they await crucial economic indicators, including the next round of quarterly inflation figures and the first Reserve Bank meeting of the year.
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