Big four's rates unchanged since December
RateCity.com.au noted a quiet trend in the mortgage sector over the past week, with a mere five lenders reducing their fixed rates, while none increased these rates.
“The biggest fixed rate cuts were from Firstmac and subsidiary loans.com.au, with reductions of up to 0.50 percentage points on select fixed rates,” said Sally Tindall (pictured), research director at RateCity.com.au.
Abal Bank still offers the lowest variable rate at 5.75%, closely followed by G&C Mutual Bank at 5.80%, and a trio of banks—Police Bank, Bank of Heritage Isle, and Border Bank—at 5.84%.
For fixed rate mortgages, Australian Mutual leads with the lowest three-year fixed rate at 5.48%, while HSBC and RACQ offer competitive rates for one- and five-year fixed terms, respectively.
The report also compares the lowest advertised rates among Australia’s big four banks, with the Commonwealth Bank of Australia (CBA) showing variable rates starting at 6.59% for a basic variable loan. Westpac, National Australia Bank (NAB), and ANZ also have their rates detailed, indicating a range of options for potential homebuyers and those looking to refinance.
“No moves from the big four as their run of unchanged mortgage rates continues,” Tindall said. “The last rate change recorded from a big four bank by RateCity.com.au was back in December.”
According to the report, Up Bank was the only lender to cut a variable rate, while a total of six lenders hiked at least one new customer variable rate including Bendigo Bank, albeit by just 0.04 percentage points on its owner-occupier Express Home Loan, and the Teachers Mutual Group, which includes subsidiaries Health Professionals and Uni Bank.
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