RateCity.com.au expects more hikes in the weeks ahead
Rate hikes have continued to dominate the mortgage market, with a singular variable rate cut recorded and no reductions observed in fixed rates on the RateCity.com.au database.
Over the week of Dec. 6-12, IMB Bank was the only lender to cut its variable rate, while ANZ, Macquarie Bank, and Bank Australia made increases to their variable rates.
Sally Tindall (pictured above), RateCity.com.au research director, said ANZ’s latest adjustment to its basic variable rate on Dec. 8 was the fourth increase for new customer rates since March 1, in addition to adjustments influenced by the Reserve Bank.
“Out of the big four, ANZ’s new lowest advertised basic variable rate, at 6.54%, is still more competitive than CBA and NAB (6.59% and 6.84%, respectively), and beats out Westpac, once Westpac’s two-year introductory rate expires,” Tindall said.
See table below for the major rate moves last week, and the graph for a snapshot of the variable rate changes.
To compare with the previous week’s rate changes, click here.
Following last week’s rate changes, below are the lowest fixed and variable rate changes, as well as the advertised rates at the big banks.
Despite a slowdown in market activity leading up to the Christmas break, Tindall said subtle adjustments are anticipated in the coming weeks, with the prevailing trend expected to lean towards further rate hikes.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
