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Westpac continued to adjust its fixed rates, rolling out another set of rate hikes — the third time this year.
PropTrack economist Paul Ryan said rates, especially for fixed home loans, are likely to continue to increase regardless of the moves of the Reserve Bank of Australia (RBA).
“Expect this trend to continue slowly throughout the year - with larger increases in the amount borrowers have to pay once the RBA moves the cash rate up,” he said.
“Increases in interest rates have been driven by fixed rate repricing while variable rates are still falling — this trend looks like reversing one of the more unusual features of the COVID-19 mortgage market: the prevalence of fixed rates.”
Here are the latest changes in the fixed rates of Westpac and other lenders over the past week:
Westpac
|
Westpac Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Fixed Options P&I 3 yrs 70% |
+30 bps |
3.74% p.a. |
4.50% p.a. |
|
Premier Advantage Investment Fixed P&I 3 yrs 70% |
+25 bps |
3.59% p.a. |
4.10% p.a. |
|
Premier Advantage Fixed Options P&I 3 yrs 95% 150k+ |
+30 bps |
3.54% p.a. |
3.76% p.a. |
|
Investment Fixed P&I 3 yrs 80% |
+25 bps |
3.89% p.a. |
4.93% p.a. |
UBank
|
UBank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Inv UHomeLoan Fixed IO 3 yrs |
+35 bps |
3.54% p.a. |
2.66% p.a. |
|
UHomeLoan Fixed PI 3 yrs 80-85% |
+35 bps |
3.44% p.a. |
2.56% p.a. |
|
UHomeLoan Fixed P&I 5 yrs |
+30 bps |
3.69% p.a. |
2.74% p.a. |
|
Inv UHomeLoan Fixed P&I 5 yrs |
+30 bps |
3.74% p.a. |
2.92% p.a. |
86 400
|
86 400 Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Own Home Loan Fixed P&I 3 yrs ≤80% |
+35 bps |
3.24% p.a. |
2.70% p.a. |
|
Own Home Loan Fixed P&I 5 yrs 80-85% |
+30 bps |
3.89% p.a. |
3.48% p.a. |
|
Investment Own Home Loan Fixed P&I 3 yrs |
+35 bps |
3.24% p.a. |
2.78% p.a. |
|
Investment Own Home Loan Fixed P&I 5 yrs |
+30 bps |
3.79% p.a. |
3.14% p.a. |
BOQ
|
BOQ Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Investment Fixed P&I 3 yrs |
+35 bps |
4.64% p.a. |
3.77% p.a. |
|
Investment Fixed P&I 1 yr Discount Rate <80% |
+25 bps |
3.29% p.a. |
3.42% p.a. |
|
Residential Fixed 3 yrs |
+25 bps |
4.14% p.a. |
3.50% p.a. |
|
Residential Fixed 1 yr Discount Rate <80% |
+30 bps |
3.14% p.a. |
3.24% p.a. |
Gateway Bank
|
Gateway Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Investment Fixed IO 5 yrs |
+40 bps |
4.59% p.a. |
4.99% p.a. |
|
Residential Fixed 3 yrs |
+25 bps |
3.54% p.a. |
4.25% p.a. |
|
Premium Residential Fixed 3 yrs 150k+ |
+25 bps |
3.44% p.a. |
3.62% p.a. |
|
Premium Investment Fixed 3 yrs IO 150k+ |
+40 bps |
3.89% p.a. |
4.00% p.a. |
ME
|
ME Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Flexible Fixed OO 5 yrs IO |
+45 bps |
4.49% p.a. |
4.41% p.a. |
|
Inv Flexible Fixed 2 yrs IO |
+35 bps |
3.44% p.a. |
4.79% p.a. |
|
Inv Flexible Fixed 5 yrs P&I |
+40 bps |
4.04% p.a. |
4.66% p.a. |
|
Flexible Fixed OO 3 yrs P&I |
+20 bps |
3.44% p.a. |
4.10% p.a. |
—
Photo by @scancodeproductions on Unsplash
Collections: Mortgage News Interest Rates
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