The fixed rate rise continues as many lenders continue hiking fixed interest rates while cutting variable interest rates on mortgages.
Noteworthy increases include:
- Fixed Options P&I 3 yrs 70%: Rose 30 basis points to 3.09% (comparison rate 4.26%)
- Fixed Options P&I 5 yrs 70%: Rose 30 basis points to 3.59% (comparison rate 4.26%)
- Investment Fixed P&I 3 yrs 70%: Rose 25 basis points to 3.34% (comparison rate 4.72%)
These increased rates apply to new lending with a maximum loan-to-value ratio of 70% for owner occupiers.
At the start of the year the three year fixed rate for owner occupiers was 2.29% p.a. (4.12% p.a. comparison rate*).
Westpac isn't the only bank to hike interest rates recently, with Suncorp and ME Bank increasing fixed interest rates by up to 62 basis points last month.
The big four banks also tend to move in unison, with NAB, ANZ and CommBank making similar changes just over a week ago.
These also follow multiple rate hikes over September through November.
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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 |
