In an emerging trend of late, some home loan rates are up and some are down, with Citi adding to the pile of recent fixed home loan rate rises.
This follows from Citi's announcement that it will cease Australian banking, with the exact date to be advised, pending sell-off.
Citi's fixed home loans to get hiked this week were all raised by 30 basis points. A couple of highlights include:
- Standard Fixed P&I 5 Years 80% LVR: Up to 2.59% p.a. (4.22% p.a. comparison rate*)
- Investor Standard Fixed P&I 5 Years 80% LVR: Up to 2.89% p.a. (4.34% p.a. comparison rate*)
Meanwhile, some of Citi's variable home loans to get an interest rate reduction were:
- Basic Variable P&I 80% 350k+: 15 basis point cut to 2.44% p.a. (2.49% p.a. comparison rate*)
- Investor Basic Variable P&I 80% 350k+: 10 basis point cut to 2.69% p.a. (2.74% p.a. comparison rate*)
Other home loans like Citi's 'Mortgage Plus' packaged home loans were cut by up to 20 basis points.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Move Bank also raised its 'Complete Package' home loan for owner occupiers fixed for one year paying principal and interest (P&I) by 10 basis points.
It now sits at 2.09% p.a. (3.12% p.a. comparison rate*).
Westpac also hiked four and five-year fixed loans by up to 30 basis points towards the end of April.
There are various reasons for this, including the Reserve Bank signalling the cash rate will rise in 2024, and potentially earlier, as well as the Term Funding Facility - which provides cheap funding for banks - rolling back in June.
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