RateCity.com.au reports busy week of rate changes

Lowest fixed and variable rates revealed

RateCity.com.au reports busy week of rate changes

As anticipated, the flow-on of the Reserve Bank’s cash rate hike led to heightened activity, resulting in more than 1,500 rate adjustments across the majority of variable mortgage products over the November 15 – 21 week, RateCity.com.au has reported.

“A few lenders did move at least one new customer variable rate by more than the 0.25%-point RBA hike, while a handful also did so for their existing customers on variable rates,” said Sally Tindall (pictured above), research director at RateCity.com.au.

Rate changes

Major rate moves of the week included the 0.25% increase in variable rates for owner-occupiers by big banks CBA and Westpac. ubank, RACQ, and Yellow Brick Road, on the other hand, cut rates by 0.5%. See table below.

For a snapshot of last week’s rate changes, see graph below.

To compare with the previous week’s rate adjustments, click here.

Current advertised rates

Below is the list of lenders with the lowest variable and fixed rates, following last week’s adjustments.

For the big banks’ advertised rates, see table below.

Future rate adjustments, fixing trends

Looking forward, Tindall said the majority of remaining lenders will likely implement their increases over the next three weeks.

“While recent RBA minutes suggest there could still be another rate hike to come, it’s unlikely to push many into fixing, as the bulk of fixed rates remain largely uncompetitive.”

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