RateCity.com.au says this week has been relatively quiet
It has been a relatively quiet week with no rate changes at the big banks, as Australia’s largest lenders appeared to be “playing a game of wait and see to see how the market reacts to the new lay of the land,” according to RateCity.com.au’s Sally Tindall.
“Macquarie has followed in NAB’s footsteps from the previous week by hiking fixed rates, with the country’s fifth largest bank increasing rates for owner-occupiers and investors across all loan terms presumably in response to the rising cost of funding,” said Tindall (pictured above), the comparison website’s research director.
As shown in the table above, the number of rate hikes outweighed the number of cuts this week, but some lenders “are still sharpening their offers in a bid to attract new customers,” Tindall said, with Heritage Bank and Peoples’ Choice, in particular, cutting select variable rates.
See the tables below for the lowest variable and fixed rates, as well as the big four bank advertised rates.
Tindall said cashback incentives are still being offered by ANZ and subsidiaries of Westpac for refinancers, albeit at half the amount.
“There are 10 other lenders on the RateCity.com.au database offering cashback incentives to refinancers, taking this to a total of 15,” she said. “This is significantly down from the peak of cashbacks in March of this year when 35 lenders offered cash incentives to customers willing to switch.”
Tindall also noted that with a rate hike now back on the cards, all eyes will now be on the next round of quarterly inflation figures set to be released on Oct. 25, as this data set will play a significant role in helping the Reserve Bank determine whether there will be another cash rate hike before Christmas.
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