What rates are currently available? A snapshot of the mortgage market: Mozo

What rates are currently available? A snapshot of the mortgage market: Mozo
Jennifer DukeDecember 7, 2020

Many lenders throughout the past rate cutting cycle altered their rates as competition heated up. However, it appears that now that the official cash rate has stabilised, so too have lenders rates.

Mozo’s latest insights into the home loans market notes that a mixture of increases and decreases were seen during the month, with just 12 providers making changes to their fixed rates. This is significantly lower number than in previous months.

So where does this leave us? Here’s Mozo’s snapshot of what is available:

MAJORS

The four major banks kept their home loan rates on hold over the past month.

All have the same fixed rates for their one year, two year, three year and five year packages, at 4.79%, 4.84%, 4.94% and 4.99% respectively.

Non-packaged rates do differ.

The lowest four year non-packaged fixed rate on the market, according to Mozo, is NAB and Westpac’s 4.99%, with Commonwealth offering 5.09% and ANZ at 5.49%.

OTHER LENDERS

Meanwhile, variable rates moved moderately among the lenders.

Suncorp, eMoney and Adelaide Bank all lowered their variable rates.

Australian Financial launched a new line of products with variable rates starting at 4.49%.

LENDERS WHO CUT FIXED RATES

  • Citibank
  • P&N Bank
  • BCU
  • BankVic
  • RESI
  • New England Credit Union

LENDERS WHO RAISED FIXED RATES

  • Newcastle Permanent
  • Suncorp
  • Teachers Mutual Bank
  • Heritage Bank
  • SCU

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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