With Suncorp making big adjustments to both fixed and variable rates
The mortgage market has had a busy week compared to the past few weeks, with a number of cuts and hikes to both fixed and variable home loan rates, according to RateCity.com.au.
Over the week of Jan. 17-23, six lenders made major rate changes (see table below), including Suncorp, which made adjustments impacting both fixed and variable rates for customers with varying deposit sizes.
Notably, Suncorp increased its owner-occupier principal and interest variable rate for customers with substantial deposits (LVR of less than 60%) by 0.05 percentage points and reduced the rate on the same loan for customers with smaller deposits (LVR of 80-90 %) by 0.05 percentage points. This adjustment has narrowed the gap between the two rates, which currently stand at 6.18% and 6.44%, respectively.
Following last week’s rate changes, the banks in the table below now offer the lowest fixed rates.
Sally Tindall (pictured above), RateCity.com.au research director, noted that contrary to recent trends, this week saw more cuts than hikes in fixed rates – “not a common occurrence in 2023.”
“But with Australia’s cash rate increasingly likely to be at the peak, we could see more cuts to fixed rates in the weeks and months ahead,” Tindall said.
For a snapshot of last week’s variable rate changes, see graph below.
The table below, meanwhile, shows the lowest variable rates, after last week’s rate adjustments.
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