Westpac has increased fixed home loan rates by between 15 and 30 basis points - the third time it has done so this year.
Wednesday's increases apply to both owner occupier and investment home loans fixed between one and five years.
Some of the key loans affected include:
- Fixed Options P&I 2 Years 95%: 15 basis point increase to 3.19% p.a. (4.47% p.a. comparison rate*)
- Fixed Options P&I 4 Years 95%: 15 basis point increase to 3.99% p.a. (4.52% p.a. comparison rate*)
- Investment Fixed P&I 2 Years 80%: 20 basis point increase to 3.34% p.a. (4.94% p.a. comparison rate*)
- Investment Fixed P&I 4 Years 80%: 15 basis point increase to 4.19% p.a. (4.94% p.a. comparison rate*)
The four-year owner occupier loan is 180 basis points (1.80%) higher than it was a year ago.
On Tuesday the ABS reported the average home loan size for owner occupiers was $619,000.
Using this loan amount over a 30-year term, 180 basis points' difference would add $605 per month in interest to the home loan.
RBA data indicates fixed rates on the whole are moving sharply upwards, as seen in the graph below, prompting many to wonder if it's too late to fix their home loan.
Photo by Mudassir Ali from Pexels