Home loan interest rates have been relatively quiet this past week, with few rate increases but notable decreases, especially on variable rates, Canstar reported.
Over the February 12 to 19 week, there was a cautious approach to rate adjustments, with more lenders opting to decrease variable rates rather than increase them.
Notably, the Bank of Queensland (BOQ) was among the few to raise rates, increasing one owner-occupier and investor variable rate by 0.09%. In contrast, five lenders took the opportunity to lower 22 owner-occupier and investor variable rates by an average of 0.11%.
When it comes to fixed rates, there was a complete absence of increases last week. Instead, six lenders made significant cuts to 83 owner-occupier and investor fixed rates, with an average reduction of 0.23%.
See which lenders made variable and fixed rate moves in the table below.
For owner-occupiers paying principal and interest, the average variable interest rate currently stands at 6.9% for loans with an 80% LVR. Meanwhile, the lowest variable rate available for any LVR is an introductory rate of 5.69% offered by Australian Mutual Bank.
Canstar’s database revealed a steady presence of 19 rates below 5.75%, a figure that has remained unchanged for the past three weeks. These rates are available at Australian Mutual Bank, HSBC, LCU, Police Credit Union, RACQ Bank, and Regional Australia Bank.
See the top-six lowest variable home loan rates in the table below.
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