fbpx
Back
 

May interest rate and home loan trends

May interest rate and home loan trends

May interest rate and home loan trends

May interest rate and home loan trends

Home listing in Copacabana, NSW. Image courtesy of mcgrathcentralcoast.

Current interest rate trends are estimated based on the home loan market at this point. Please understand that interest rates have frequently been increasing and will continue to increase rapidly, especially now after the RBA cash rate hike.

  • Major banks – Commonwealth Bank, ANZ, and Westpac will raise variable mortgage rates by 0.25% thanks to the RBA rate hike.
  • There are variable rate home loan rates available at around the 2% mark.
  • 1-year fixed rates are now nudging 3%.
  • Two and three year fixed loans are around the 4% interest rate mark.
  • Five year fixed loans are around the 5% interest rate mark.
  • Refinance cashback offers of up to $6,000 are on offer if you wish to switch lenders.

Please note: rate estimates are based on owner-occupier loans with a maximum 80% LVR (loan-to-value) ratio.

CONTACT US FOR A COMPLIMENTARY CONSULTATION & HOME LOAN REVIEW