Fixed rates rising to average 4.08 percent

Fixed rates rising to average 4.08 percent
Fixed rates rising to average 4.08 percent

Fixed rate home loan deals are on the way up.

New data released by financial comparison firm Canstar has revealed 14 lenders have increased fixed-rate loan offers across dozens of products by an average 0.18 percent.

On a typical $300,000 30-year home loan, the average three-year fixed rate is 4.08 percent and monthly repayments are $1,446.

It is compared to the average SVR rate of 4.45 percent and monthly repayments are $1511.

Lenders to introduce small hikes include Westpac, ING Direct, Suncorp, ME, Bank of Queensland, Bank of Sydney and RAMS.

Canstar’s group executive of financial services Steve Mickenbecker said he expected more movement in the short term.

The rises to fixed rates have been blamed on the policies of the President-elect Donald Trump which could lead to bigger deficits and result in the US cash rate going up, experts say.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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First Home Buyers

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