Thirteen lenders predicted to increase variable rates

Thirteen lenders predicted to increase variable rates
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.

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Thirteen lenders predicted to increase variable rates

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."

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Thirteen lenders predicted to increase variable rates

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

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Interest Rates Home Loans

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