Westpac continued to adjust its fixed rates, rolling out another set of rate hikes — the third time this year.
Paul Ryan, PropTrack economist stated that fixed home loan rates will continue to rise, regardless of the Reserve Bank of Australia’s actions.
“Expect this trend to continue slowly throughout the year – with larger increases in the amount borrowers have to pay once the RBA moves the cash rate up,” he said.
“Increases in interest rates have been driven by fixed rate repricing while variable rates are still falling — this trend looks like reversing one of the more unusual features of the COVID-19 mortgage market: the prevalence of fixed rates.”
These are the most recent Westpac fixed rates changes and those of the other lenders within the last week.
Westpac
|
Westpac Loan Product |
Change |
Advertisement Rate Change |
Comparison Rate |
|
Fixed Options P&I 3 yrs 70% |
+30 bps |
3.74% p.a. |
4.50% p.a. |
|
Premier Advantage Investment Fixed P&I 3 yrs 70% |
+25 bps |
3.59% p.a. |
4.10% p.a. |
|
Premier Advantage Fixed Options P&I 3 yrs 95% 150k+ |
+30 bps |
3.54% p.a. |
3.76% p.a. |
|
Investment Fixed P&I 3 yrs 80% |
+25 bps |
3.89% p.a. |
4.93% p.a. |
UBank
|
UBank Loan Product |
Change |
Advertisement Rate Change |
Comparison Rate |
|
Inv UHomeLoan Fixed Io for 3 Years |
+35 bps |
3.54% p.a. |
2.66% p.a. |
|
UHomeLoan Fixed pi 3 yrs 80-85% |
+35 bps |
3.44% p.a. |
2.56% p.a. |
|
UHomeLoan Fixed P&I 5 yrs |
+30 bps |
3.69% p.a. |
2.74% p.a. |
|
Inv UHomeLoan Fixed P&I 5 yrs |
+30 bps |
3.74% p.a. |
2.92% p.a. |
86 400
|
86 400 Loan Products |
Change |
Changes in the Advertisement Rates |
Comparison Rate |
|
Own Home Loan Fixed P&I 3 yrs ≤80% |
+35 bps |
3.24% p.a. |
2.70% p.a. |
|
Own Home Loan Fixed P&I 5 yrs 80-85% |
+30 bps |
3.89% p.a. |
3.48% p.a. |
|
Investment Own Home Loan Fixed P&I 3 yrs |
+35 bps |
3.24% p.a. |
2.78% p.a. |
|
Investment Own Home Loan Fixed P&I 5 yrs |
+30 bps |
3.79% p.a. |
3.14% p.a. |
BOQ
|
BOQ Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Investment Fixed P&I 3 yrs |
+35 bps |
4.64% p.a. |
3.77% p.a. |
|
Investment Fixed P&I 1 yr Discount Rate <80% |
+25 bps |
3.29% p.a. |
3.42% p.a. |
|
Residential Fixed for 3 Years |
+25 bps |
4.14% p.a. |
3.50% p.a. |
|
Residential Fixed 1 yr Discount Rate <80% |
+30 bps |
3.14% p.a. |
3.24% p.a. |
Gateway Bank
|
Gateway Bank Loan Products |
Change |
Advertisement Rate Change |
Comparison Rate |
|
Fixed investment for 5 years |
+40 bps |
4.59% p.a. |
4.99% p.a. |
|
Residential Fixed for 3 Years |
+25 bps |
3.54% p.a. |
4.25% p.a. |
|
Premium Residential Fixed 3 yrs 150k+ |
+25 bps |
3.44% p.a. |
3.62% p.a. |
|
Premium Investment Fixed 3 yrs IO 150k+ |
+40 bps |
3.89% p.a. |
4.00% p.a. |
ME
|
ME Loan Product |
Change |
Advertisement Rate Change |
Comparison Rate |
|
Flexible Fixed OO – 5 years IO |
+45 bps |
4.49% p.a. |
4.41% p.a. |
|
Inv Flexible Fixed 2 yrs IO |
+35 bps |
3.44% p.a. |
4.79% p.a. |
|
Inv Flexible Fixed 5 yrs P&I |
+40 bps |
4.04% p.a. |
4.66% p.a. |
|
Flexible Fixed OO 3 yrs P&I |
+20 bps |
3.44% p.a. |
4.10% p.a. |
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