Cheapest five-year fixed-rate offerings as RP Data reports mortgage activity continuing to trend up
Mortgage market activity continues to trend upwards led by rises in Tasmania and Victoria, according to the latest RP Data Mortgage Index.
The index has been trending up since March on a seasonally adjusted basis and is a leading indicator of official home loan demand as measured by the ABS.
For the week to April 28, seasonally adjusted mortgage activity rose strongly in Tasmania (+13%), followed by Victoria (12.3%) and WA (11%) to be up 10.3% nationally.
RP Data calculates mortgage market activity by monitoring more than 100,000 mortgage activity events every month with the index showing an 88% correlation with the ABS housing finance data series when using the seasonally adjusted data.
The rise in mortgage market activity comes as lenders continue to cut their fixed-rate offering.
Yesterday Citibank cut its two-year fixed-rate home loan to 4.89% while last week NAB cut its five-year fixed rate home loan to a twenty-year-low of 5.55%.
These are the current six lowest five-year fixed-rate offerings in the market:
Provider | Loan name | Rate | Comparison rate* |
ING Direct | Residential Fixed 5 yrs | 5.39% | 5.63% |
Homeside Lending | HomePlus Fixed LoDoc 5 yrs (less than $2.5m) | 5.55% | 5.72% |
NAB | NAB Choice Package | 5.55% | 6.05% |
NAB | Low Doc HLn Stand Fixed 5 yrs | 5.65% | 6.1% |
HSBC | Residential Fixed 5 yrs | 5.69% | 6.18% |
Myrate | Residential Fixed 5 yrs
| 5.75% | 5.71% |
Source RateCity.com.au/NAB
