Both variable and fixed rates are still being cut even though the cash rate will remain at 4.10% at least until mid-May.
The majors mostly held their fire this week, but given markets are estimating a 79% chance of a May cut (as of 2 April) there's a strong possibility the coming weeks will see more activity.
Medium term Australian Government bond yields have gone down significantly over the past couple of weeks and may fall further after the 'Liberation Day' tariffs were revealed - this could lead to lower cost of funding for lenders, and lower fixed rates.
Here were the major rate changes in the week past:
Bank of China cuts interest only investment rates
Bank of China trimmed its discount interest only investment rate 10 bps to a new variable rate of 6.08% p.a. (6.27% p.a. comparison rate*).
That rate's available for loans above $250,000, with a max LVR of 90%, and is one of the lowest interest only options for investors on the Australian market at the moment.
Tiimely launch $2,000 cashback
Digital lender Tiimely also announced this week it will introduce a new cash incentive for refinancers to switch over.
Borrowers with an LVR below 90% and a loan balance above $500,000 who choose the two year fixed rate at Tiimely may be eligible to receive $2,000 just for switching over.
That's available for both owner occupiers and investors, and while not the highest cashback offer on market, does hold the distinction of being the only to apply for borrowers with an LVR above 80%.
Read more: Home loan cashback offers
Other movers
- The Mutual Bank cut fixed rates up to 20 bps
- Summerland Bank cut one year fixed rates by up to 15 bps
Advertisement
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.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
