Canstar reported significant movement in the home loan market over the past week, with six lenders cutting 196 owner-occupier and investor variable rates by an average of 0.5%.
“Fixed rate cuts continued to dominate the changes in the home loan market over the last week,” said Sally Tindall (pictured above), Canstar data insights director.
While most lenders reduced rates, two lenders increased three owner-occupier and investor variable rates by an average of 0.28%. Bank of Sydney raised six fixed rates by 0.16%, showing some resistance to the broader trend of rate cuts.
Macquarie Bank recorded a 1.6% increase in the value of residential mortgages for July, showing strong 13.4% growth compared to a year ago. In contrast, NAB’s mortgage book saw a rare decline of $329 million, the first drop since October 2020.
Westpac’s subsidiaries, including St George, Bank of Melbourne, and BankSA, cut rates by up to 0.75%, following Westpac’s sweeping reductions in August.
“This move was as expected, following Westpac’s sweeping fixed rate cuts a couple of weeks ago on August 21,” Tindall said.
See table below for the summary of rate changes for the August 26 to September 2 week.
The lowest variable rate remains at 5.75%, offered by Abal Banking. Currently, there are 33 rates below this mark on Canstar’s database, offering competitive options for borrowers in the current market.
Below is the list of lenders offering variable rates at 5.75%.
To compare the latest figures from that of the previous week, click here.
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