Major lender no longer has any fixed rate under 6%
Westpac is the latest big bank to increase its fixed rates, which means it no longer has any fixed rate under 6%.
Westpac, as well as its subsidiaries St George, Bank of Melbourne, BankSA, have lifted their one- and two-year fixed rates for owner-occupiers and investors by up to 0.4 percentage points.
RateCity.com.au showed in the table below Westpac’s fixed rate changes:
Westpac’s short-term fixed rate hike followed similar moves from CBA and ANZ, which took effect yesterday and last Tuesday, respectively.
According to RateCity.com.au research, 26 lenders have lifted at least one fixed rate in the last week, and a total of 82 lenders have raised at least one fixed rate in the last month. That meant some 73% of lenders on the comparison site’s database have changed their fixed rates in the last month.
“Fixed rates are clearly not a priority for the big four, with three of the four hiking in the last eight days,” said Sally Tindall (pictured above), RateCity.com.au research director. “NAB is the only big four bank still offering a fixed rate under 6%. However, at 5.99%, this rate isn’t likely to last long.”
Tindall said this flood of hikes “will push fixing further out of favour with the thousands of borrowers coming off their record-low fixed rates each week.”
Below are the big four banks’ lowest advertised fixed rates, according to RateCity.com.au:
The lowest fixed rates on the RateCity.com.au database, meanwhile, are shown in the table below.
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