CommBank made another hike to its fixed rates after rolling out similar increases over the previous week.
This followed the prediction from CommBank economists that the Reserve Bank of Australia (RBA) will move the needle on cash rate by as early as June.
CommBank head of Australian economics Gareth Aird said the forecast pointing to a June rate hike was based on the prediction about where the inflation is going over first quarter of 2022.
“We are very comfortable with our expectation that the Q1 22 underlying inflation data will be a lot stronger than the RBA’s forecast,” Mr Aird said.
CommBank economists project that by the end of 2022, the cash rate is slated to be at 1%.
Below are some lenders that made significant changes to their home loan rates over the past week.
One notable move was from Unity Bank, which lowered its fixed rates for first-home buyers by as much as 15 bps.
CommBank
|
CommBank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Residential Fixed P&I 3 yrs |
+25 bps |
3.64% p.a. |
4.46% p.a. |
|
Investment Fixed P&I 3 yrs |
+20 bps |
3.84% p.a. |
4.93% p.a. |
|
Wealth Package Residential Fixed P&I 3 yrs 150k+ |
+25 bps |
3.49% p.a. |
4.18% p.a. |
|
Wealth Package Investment Fixed P&I 3 yrs 150k+ |
+20 bps |
3.69% p.a. |
4.64% p.a. |
Unity Bank
|
Unity Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
First Home Buyer Fixed Rate 1 yr P&I |
-15 bps |
1.84% p.a. |
2.11% p.a. |
|
First Home Buyer Fixed Rate 3 yrs P&I |
-15 bps |
2.84% p.a. |
2.30% p.a. |
|
First Home Buyer First Rate P&I ≤70% Special Offer |
-25 bps |
2.03% p.a. |
2.03% p.a. |
|
First Home Buyer First Rate P&I 70-85% Special Offer |
-25 bps |
2.13% p.a. |
2.13% p.a. |
HSBC
|
HSBC Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Residential Fixed P&I 2 yrs <80% |
+60 bps |
2.88% p.a. |
3.17% p.a. |
|
Residential Fixed P&I 3 yrs <80% |
+50 bps |
3.27% p.a. |
3.24% p.a. |
|
Investment Fixed P&I 2 yrs <80% |
+50 bps |
2.97% p.a. |
3.43% p.a. |
|
Investment Fixed P&I 3 yrs <80% |
+40 bps |
3.37% p.a. |
3.49% p.a. |
Great Southern Bank
|
Great Southern Bank Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Fixed P&I 2 yrs |
+55 bps |
2.89% p.a. |
3.65% p.a. |
|
Fixed P&I 3 yrs |
+50 bps |
3.34% p.a. |
3.70% p.a. |
|
Fixed P&I 5 yrs |
+50 bps |
3.64% p.a. |
3.76% p.a. |
|
Investment Fixed P&I 3 yrs |
+50 bps |
3.44% p.a. |
4.04% p.a. |
Newcastle Permanent
|
Newcastle Permanent Loan Product |
Change |
New Advertised Rate |
Comparison Rate |
|
Premium Plus Package Residential Fixed P&I 3 yrs 5k+ Special Offer |
+30 bps |
3.19% p.a. |
3.86% p.a. |
|
Premium Plus Package Residential Fixed P&I 5 yrs 5k+ Special Offer |
+50 bps |
3.89% p.a. |
4.09% p.a. |
|
Investment Fixed P&I 3 yrs Special Offer |
+30 bps |
3.49% p.a. |
4.34% p.a. |
|
Investment Fixed P&I 5 yrs Special Offer |
+50 bps |
4.19% p.a. |
4.46% p.a. |
—
Photo by @campaign_creators
Collections: Mortgage News Interest Rates
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