Lenders are wasting no time raising mortgage rates in 2022
Last week, a number of smaller lenders raised fixed rates on home loans, while Citi managed to lower variable rates.
Lenders set to hike rates this week included Unity Bank, Greater Bank and Gateway Bank.
The Greater Bank in particular said goodbye to what is probably the lowest rate on home loans ever seen in Australia.
However, the larger bank Citi cut some adjustable rates on home loans.
Some highlights of the course changes are listed below.
Unity Bank rises
- 1 year fixed P&I: Increase of 15 basis points to 2.39% pa (4.16% pa comparable rate*)
- 3 years fixed P&I: Increase of 15 basis points to 2.95% pa (3.99% pa comparable rate*)
- 5 years fixed P&I: Increase of 29 basis points to 3.49% pa (4.02% pa comparable rate*)
Larger bank increases
- Great fixed price for 1 year: Increase of 30 basis points to 1.89% pa (3.51% pa comparable rate*)
- Great fixed price for 2 years: Increase of 20 basis points to 2.19% pa (3.41% pa comparable rate*)
- Great fixed price for 3 years: Increase of 20 basis points to 2.74% pa (3.44% pa comparable rate*)
- Investment Great Rate Fixed 1 Year: Increase of 30 basis points to 2.19% pa (3.88% pa comparable rate*)
- Investment Great Rate Fixed 2 Years: Increase of 20 basis points to 2.49% pa (3.78% pa comparable rate*)
- Investment Great Rate 3 year fixed: Increase of 20 basis points to 2.99% pa (3.78% pa comparable rate*)
Gateway bank rises
- Premium Residential Fixed 1 year: Increase of 20 basis points to 2.49% pa (3.51% pa comparable rate*)
- Premium Residential Fixed 2 Years: Increase of 10 basis points to 2.59% pa (3.46% pa comparable rate*)
- Premium Residential Fixed 3 Years: Increase of 20 basis points to 2.89% pa (3.48% pa comparable rate*)
- Premium Residential Fixed 5 Years: Increase of 10 basis points to 3.49% pa (3.67% pa comparable rate*)
Citi picks up
- Basic variable P&I 80%: Decrease by 10 basis points to 2.09% pa (2.14% pa comparison rate*)
- Investment basic variable IO 80%: Reduction of 11 basis points to 2.58% pa (2.63% pa comparable rate*)
- Investment Basis Variable P&I 80%: Reduction of 28 basis points to 2.21% pa (2.26% pa comparable rate*)
NAB’s acquisition of Citi is expected to close in March.
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Buying a home or looking for refinance? The table below shows home loans with some of the lowest interest rates in the owner-occupier market.
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lender |
fare type | offset | Draw again | Ongoing fee | prepayments | LVR | Lump sum repayment | Additional Refunds | pre-approval | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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variable | More details | |||||||||||
| SELECTEDLIMITED TIME OFFER | |||||||||||||
Smart Booster Discount Home Loan Floating – 2 Years (LVR
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variable | More details | |||||||||||
| SELECTED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | |||||||||||||
Low Rate Home Loan – Prime (Principal and Interest) (Used by Owner) (LVR
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Fixed | More details | |||||||||||
| SELECTEDUSE A MARKET-LEADING APP TO PAY YOUR LOAN EARLIER | |||||||||||||
1 Year Fixed Rate Home Loan (Principal and Interest) (LVR
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variable | More details | |||||||||||
| SELECTEDREFINANCING IN MINUTES, NOT WEEKS | |||||||||||||
Nano Home Loan Variable Ownership, Principal and Interest (Refinance Only)
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variable | More details | |||||||||||
| SELECTEDZERO APPLICATION FEES | |||||||||||||
Owner-Occupier Accelerated – Celebrations (LVR
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- Fast turnaround times, can meet 30-day billing
- Minimum 20% down payment for purchase and refinancing
- No ongoing or monthly fees, add offset for 0.10%
Photo by Sincerely Media on Unsplash
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The selection of the above products did not take into account the entire market. Rather, a reduced part of the market was considered. Some vendors’ products may not be available in all states. In order to be considered, the product and tariff must be clearly published on the product provider’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Sparmedien Group is assigned to the Firstmac Group. To learn how Savings Media Group manages potential conflicts of interest and how we are paid, please visit the website links at the bottom of this page.