RateCity.com.au has the latest
Several banks, including ANZ, have adjusted their mortgage rates from Nov. 1-7, in a dynamic week that also saw the Reserve Bank ending its four-month hiatus with a 25-basis-point hike to 4.35%, RateCity.com has reported in its latest weekly rate wrap-up.
“Big four bank ANZ led a busy week of hikes, adding up to 0.35 percentage points to their fixed rate terms up to five years,” said Sally Tindall (pictured above), RateCity.com.au research director. “ING also hiked fixed – by up to 0.20 percentage points and select new customer variable rates by up to 0.08 percentage points.”
These banks were not acting in isolation, with eight other lenders raising at least one fixed or new customer variable rate in the past week.
See table below for the major rate moves of the week, and the graph for a snapshot of the week’s rate changes.
To compare with the previous week’s rate changes, read "Revealed – the latest Australia mortgage rates".
See tables below for the lowest variable, fixed rates, as well as the advertised rates at the big four following the last week’s rate adjustments.
The major news of the week was RBA’s decision to increase the OCR to 4.35%.
“The big banks will take between 10 to 14 days before their new rates become effective, while some smaller lenders are likely to take significantly longer to re-price their variable rate loans,” Tindall said. “If the past 12 hikes are anything to go by, this process can take up to eight weeks before some lenders have adjusted their advertised variable rates.
“The hike to the cash rate is likely to reignite interest in refinancing which, according to the latest ABS lending indicator data, took a tumble in September on the back of the withdrawal of cashback offers across the market from the majority of banks playing in this space.”
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
