Home Loan Interest Rate Update – Fixed Rates Are On The Rise
Over the past few months we have seen variable interest rates remain stable across the board. On the other hand we have seen fixed rates steadily increase as the Reserve Bank of Australia may be preparing for variable interest rate hikes as inflation begins to wane on the economy.
We have seen 1 year fixed rate increase by approximately 0.40% across most lenders. In a larger move upward we have seen 2,3 and 5 year fixed rates increase between 1% and 1.5% in the mortgage market. For example we could find a 3 year fixed rate at 1.84% just before Christmas and now they are hovering around 3.24%.
| Loan Type | Interest Rate | Comparison Rate | Compare | ||
|---|---|---|---|---|---|
| Bank | Variable $100K to $1 million | 1.96% | 1.96% | Enquire Here | |
| Bank | $1 million plus | 1.96% | 1.96% | Enquire Here | |
| Bank | Professional Package | 1.99% | 2.05% | Enquire Here | |
| Bank | Line of Credit | 3.19% | NA% | Enquire Here | |
| Bank | 1 Year Fixed | 1.89% | 2.34% | Enquire Here | |
| Bank | 2 Year Fixed | 1.79% | 2.84% | Enquire Here | |
| Bank | 3 Year Fixed | 1.94% | 3.10% | Enquire Here | |
| Bank | 5 Year Fixed | 2.59% | 3.15% | Enquire Here | |
| Non Bank | SMSF Self Managed Super Fund | 3.45% | 3.56% | Enquire Here |
If you have any questions about these announcements or interest rates, please feel free to contact us.
Calculate the cost of commercial lending please feel free to use one of our calculators at home loan calculators.
For more information regarding interest rates for home and investment loans for owner occupied and investment purposes please visit home loans website.
