Canstar has reported the latest home loan rate movements for the week April 1-8.
Over the past week, two lenders raised variable rates for five owner-occupier and investor loans by an average of 0.14%, while another two cut three variable rates by about 0.13%. On the fixed-rate front, three lenders hiked rates for 29 loans by an average of 0.11%, and another three reduced 12 fixed rates by an average of 0.24%.
See the latest rate adjustments in the table below.
The average variable interest rate for owner-occupiers paying principal and interest stands at 6.90% for loans with an 80% LVR. However, the most competitive rate comes from Regional Australia Bank at 5.74%, an introductory offer.
Canstar’s database showed 20 rates below 5.75%, maintaining a steady count compared to last week’s.
See the lowest variable rates available on the Canstar database in the table below.
Steve Mickenbecker (pictured above), Canstar’s finance expert, remarked on the recent activities.
“Last week saw minor fine-tuning of home loan rates by a few lenders,” Mickenbecker said. “It seems the dust has settled on home loan rates for now.”
He also highlighted the latest ABS lending statistics for February, showing a 1.5% increase in lending, driven by first-home buyers and investors who are borrowing significantly more than last year in anticipation of property price increases. Upgraders, however, showed a modest 5% increase year-over-year, with expectations to remain cautious until potential rate cuts enhance their borrowing and buying power.
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