Thirteen lenders predicted to increase variable rates
Thirteen lenders are predicted to increase variable rates for both owner occupiers and investors.
Analysis by RateCity, titled "Rate Hike Friday" predicts mortgage holders will be hit by an average of 0.17 percentage points or $372 per year on a $300,000 home loan.
RateCity money editor Sally Tindall said just one bank, CUA, is dropping its basic variable rate for existing customers as well as new ones - a strike rate of 1%.
“We’ve identified least 24 lenders who have dropped their variable home loan rates in recent months – but there’s a catch – the overwhelming majority of these lenders will only give you the new deal if you’re a new customer,” she said.
“Loyalty has well and truly left the home loan market. If you want one of the lowest rates, the chances are you’ll have to switch."
