This was the seventh time NAB has hiked rates in the last six months and the sixth time for ANZ. The big bank moves also came after Geelong Bank took off the table the last two-year fixed rate under 2%
RateCity.com showed NAB home loan rate changes for owner-occupiers:
|
Rate type |
Old rate |
New rate |
Change |
|
1-yr fixed |
2.74% |
2.99% |
0.25% |
|
2-yr fixed |
3.09% |
3.49% |
0.4% |
|
3-yr fixed |
3.59% |
3.99% |
0.4% |
|
4-yr fixed |
3.99% |
4.19% |
0.2% |
|
5-yr fixed |
4.19% |
4.49% |
0.3% |
Below are the ANZ home loan rate changer for owner-occupiers:
|
Rate type |
Old rate |
New rate |
Change |
|
1-yr fixed |
2.69% |
2.99% |
0.3% |
|
2-yr fixed |
3.09% |
3.39% |
0.3% |
|
3-yr fixed |
3.59% |
3.89% |
0.3% |
|
4-yr fixed |
3.99% |
4.29% |
0.3% |
|
5-yr fixed |
4.19% |
4.49% |
0.3% |
Note: Above rates by both NAB and ANZ are for owner-occupiers paying principal and interest. LVR requirements apply.
The gap between the average big four banks’ lowest variable rate and their lowest three-year fixed rate was now 1.69 percentage points, while there was a 1.95 percentage point gap for four-year fixed rates, RateCity.com.au research showed.
Sally Tindall, RateCity.com.au research director, said fixed rates continue to “blow out” as the cost of funding continues to climb.
“It comes as the financial markets speculate the cash rate could go above 3% in 2024,” Tindall said. “However, the RBA governor has suggested only moderate hikes will be needed due to Australian households’ high levels of debt. Fixed rates have been on a wild ride over the last year and a half. The big banks’ four-year fixed rates were as low as 1.89% at the end of 2020. Today, they’re all bordering on, or above, 4% without a single move from the RBA.”
Tindall said the vast majority of fixed rates now start with a ”3” or a “4” and in 12 months’ time, “they’re almost certainly going to be even higher.”
