RateCity.com.au has the latest
The Reserve Rate official cash rate has kept steady at 4.1% for the third month running, but mortgage rates have continued to move for the week of Sept. 20 to 26 – though not at the big four banks, data from RateCity.com.au has shown.
“No moves from the big banks this week, after a busy couple of months which saw all four majors continue to hike advertised variable rates for new customers but start to slice fixed rates in a bid to lock more of these borrowers in,” said Sally Tindall (pictured above), RateCity.com.au research director.
Beyond the big banks, the majority of moves this week were from smaller lenders raising both fixed and variable rates. Some notable cuts have also been made though. Below is a snapshot of this week’s rate changes.
See the table below for the major rate moves this week.
“G&C Mutual slashed its five-year fixed rate by 0.79 percentage points, but at 6.15%, it’s hard to see many borrowers jumping on that rate, particularly when the market leader for a five-year term is sitting at 5.34%,” Tindall said.
The RateCity.com.au database showed the top-five lowest fixed and variable rates, after this week’s mortgage rate hikes and cuts. See which lenders had the lowest rates in the tables below.
“Two lenders are still clinging on ongoing variable rates under 5.5% – Arab Bank and First Option Bank, however, there are plenty of options under this mark for fixed rates across one- to five-year terms,” Tindall said. “That said, with cash rate cuts forecast for 2024, it’s hard to see borrowers flocking back to fixing at this stage.”
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