Interest rates continue to rise on all types of loans

In anticipation of the Reserve Bank’s announcement of a new increase in cash rates, many banks began to notice themselves and raised their rates – especially the fixed rates.

So which lenders raised their rates? What are the lowest and average housing loan interest rates in the Mozo database? And how are variable interest rates on housing loans doing? Find out below.

Recent moves with fixed and variable interest

Gosh, where to start, because there have been a lot of changes lately. A total of were found in the Mozo database 57 increases in interest ratesso it would be a bit difficult to highlight them all. But here are some of the more notable changes:

In the area of ​​fixed rates, our database has recorded these significant changes:

  • Online Lender 86,400 it raised all its fixed rates by 29-155 basis points (bp) and the tenant’s annual rental rate increased from 2.24% per annum to 2.99% per annum (benchmark 2.50% per annum *).
  • The main bank CBA it raised its interest rates by 20-55 basis points for all types of borrowers and now only has one package rate below “3”.
  • Macquarie also decided to raise fixed interest rates by 25-115 bp, with the highest jump in relation to the 2-year ones. Now its best offer is 2.99% pa (comparative ratio 2.26% pa *).

Meanwhile, significant changes to the floating rate came from:

  • ING has increased its P&I rates for tenants for
  • ANZ removed the Breakfree bundle in all product options but kept the same discount on standard variable rates.

Average interest rate on housing loans

How has the average home loan interest rate tracked by the Mozo database changed with so many changes? The average floating rate was mostly the same month by month. However, the situation is different with fixed rates as they continue their upward trajectory on all dates.

You can go to our Australia Home Loan Statistics page if you want to find more charts showing average home loan rates and loan volumes.

The lowest interest rate on housing loans

As lenders keep changing their rates, the leaders in the position of the cheapest home loan are an ever-changing game. Here’s a look at variable and fixed lowest mortgage rates and an LVR

Lowest Floating Rates – Mozo Database (April 1, 2022) ^^

Borrower Loan Variable rate
Reduce your home loans Super Savings 1.79% annually (comparative ratio 1.88% annually *)
Home loans Well balanced 1.85% annually (comparative ratio 1.88% annually *)
Home loans 360 Owner variable 1.87% annually (comparative ratio 1.87% annually *)
Pacific Mortgage Group Standard variable 1.87% annually (comparative ratio 1.87% annually *)
tick Tock Changeable 1.89% per annum (comparative factor 1.90% per annum *)

Low and Average Fixed Rates – Mozo Database (April 1, 2022) ^^

Deadline Rate leader Fixed rate
1 year Mutual G&C 1.98% annually (comparative ratio 1.99% annually *)
2 years BankWAW 2.25% annually (comparative factor 3.89% annually *)
3 years BankWAW 2.55% annually (comparative factor 3.81% annually *)
4 years Homestar 2.89% annually (comparative ratio 2.38% annually *)
5 years Homestar 3.09% annually (2.51% comparative annually *)

It is worth remembering that these are the lowest rates available in our database for borrowers with LVR

RELATED: Housing Retrospective: Thirty Years of Australian Real Estate Trends

Are you thinking of buying a new property or refinancing your existing home loan? Use Mozo’s handy home loan comparison chart to look at lenders side by side.

^^ The interest rate is based on the assumption that the owner is repaying principal and interest on a $ 400,000 loan with 80% LVR. For more information on average mortgage rates, check out our dedicated Australia home loan statistics page.

* WARNING: This comparison factor is only valid for the example or examples shown. Different amounts and conditions will result in different comparative factors. Costs such as redemption fees or early repayment fees, and savings such as fee waivers are not included in the comparative rate but may affect the cost of the loan. The benchmark displayed is for a loan secured with $ 150,000 monthly principal and interest payments over 25 years.

** The initial monthly payment data is an estimate only, based on the advertised rate, loan amount and the period entered. The rates, fees and commissions, and thus the total cost of the loan, may vary depending on the loan amount, loan term, and credit history. Actual repayments will depend on individual circumstances and changes in interest rates.

^ See information on the Mozo Experts Choice Home Loan Awards

Mozo provides general information about the product. We do not take into account your personal goals, financial situation or needs, and we do not recommend any specific product to you. You should make your own decision after reading the PDS or offering documentation or seeking independent advice.

While we pride ourselves on serving a wide variety of products, we do not cover all the products on the market. If you choose to apply for a product through our website, you will be dealing directly with the supplier of that product and not Mozo.

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