Home loan

September RBA rate hike: home loan rate update

[ad_1]

Australia’s exchange rate was raised an additional 50 basis points. See how this affects your home loan with Savings.com.au’s full list of home loan rate hike announcements.

The Reserve Bank of Australia (RBA) raised the key rate by another 50 basis points to 2.35%.

Economists at the big four banks were all in agreement, having previously forecast another 50 basis point increase in the cash rate in September.

Savings.com.au will provide regular updates underneath announcements from each of the lenders regarding the impact of this September 2022 rate hike on variable rate mortgages.

When does your lender raise variable interest rates?

All rate changes below refer to lenders’ responses to the RBA’s rate hike on September 6, 2022.

Last update: 06/09/2022.

Key notes:

IP = Principal and interest, IO= Interest only, OO=Owner occupants
Basic points explained: 1 basis point = 0.01%

Big Four Home Loan Rate Changes

  • ANZ Bank interest rate hike (pending)
  • Commonwealth Bank interest rate hike (pending)
  • NAB interest rate hike (pending)
  • Westpac interest rate hike (pending)

ANZ

ANZ’s Australian economics director David Plank noted that during the RBA governor’s speech on Thursday, a softer tone could be adopted with the policy rate now close to neutral.

“[RBA Governor Philip] Lowe might say something to the effect that the RBA might be able to consider increases of less than 50 basis points at future meetings,” Plank said.

“Regardless of what Lowe says, it will be the data that will matter.

“Given our expectations, we think a 50 basis point rate hike in October is more likely than 25 basis points.”

ANZ interest rate hike

  • September 2022 rate hike:
  • Applies to:
  • Effective date:
  • announcement date:
  • Other info:

CommBank

Gareth Aird, head of the Australian economy at CommBank, said from a cash flow perspective, home borrowers have barely felt the impact of the RBA’s rapid 225 basis point tightening since May.

“There is on average a three-month lag between an RBA rate hike and when CBA borrowers on variable rate mortgages experience an increase in their home loan repayments,” Mr. Aird.

“(This) largely explains why official spending data has remained strong, but consumer sentiment is at levels associated with a recession.”

Commonwealth Bank interest rate hike

  • September 2022 rate hike:
  • Applies to:
  • Effective date:
  • announcement date:
  • Other info:

NAB

Similar to ANZ, NAB expects policy to be back in the normal range following September’s cash rate hike.

NAB chief economist Ivan Colhoun said lower increases of 25 basis points are expected as rates move above neutral at 2.85% by November.

“At that time, we expect the RBA to hold rates until February as it assesses the impact of the previous tightening, given the known policy delays,” Colhoun said.

NAB interest rate hike

  • September 2022 rate hike:
  • Applies to:
  • Effective date:
  • announcement date:
  • Other info:

Westpac

Westpac chief economist Bill Evans said the 50 basis point cash rate increase in September would move the cash rate into the “neutral zone” – a zone that does not support growth or recovery. economic contraction.

“After quickly moving policy into this neutral zone – 225 basis points in four months – we expect the Board to decide to slow the pace of increases to 25 basis points from the October meeting,” Mr. Evans said.

The RBA previously assessed the neutral cash rate at “at least 2.5%”.

Westpac interest rate hike

  • September 2022 rate hike:
  • Applies to:
  • Effective date:
  • announcement date:
  • Other info:

Other lenders

  • 86,400 interest rate hike (waiting)
  • Increase in AMP rates (waiting)
  • Athena interest rate hike (waiting)
  • Australian Military Bank interest rate hike (waiting)
  • Australian Unit Interest Rate Rise (waiting)
  • Auswide Bank interest rate hike (waiting)
  • Bank Australia interest rate hike (waiting)
  • Bank of Melbourne interest rate hike (waiting)
  • Bank of Queensland (BOQ) interest rate hike (waiting)
  • Bank of Sydney interest rate hike (waiting)
  • Bankfirst interest rate hike (waiting)
  • BankSA interest rate hike (waiting)
  • BankVic interest rate hike (waiting)
  • Bankwest interest rate hike (waiting)
  • BCU interest rate hike (waiting)
  • Bendigo Bank interest rate hike (waiting)
  • Beyond the rise in bank interest rates (waiting)
  • Citi interest rate hike (waiting)
  • Credit Union SA interest rate hike (waiting)
  • Defense Bank interest rate hike (waiting)
  • G&C Mutual Bank interest rate hike (waiting)
  • Gateway Bank interest rate hike (waiting)
  • Great Southern Bank interest rate hike (waiting)
  • Larger increase in bank interest rates (waiting)
  • Heritage Bank interest rate hike (waiting)
  • Homeloans.com.au interest rate hike (waiting)
  • Homestar Finance interest rate hike (waiting)
  • Horizon Bank interest rate hike (waiting)
  • HSBC interest rate hike (waiting)
  • Hume Bank interest rate hike (waiting)
  • IMB Bank interest rate hike (waiting)
  • ING’s interest rate hike (waiting)
  • Loans.com.au interest rate hike (waiting)
  • Macquarie Bank interest rate hike (waiting)
  • ME Bank interest rate hike (waiting)
  • Rising mortgage interest rates (waiting)
  • MOVE Increase in bank rates (waiting)
  • MyState Bank interest rate hike (waiting)
  • Nano interest rate hike (waiting)
  • Newcastle Permanent interest rate hike (waiting)
  • OneTwo Home Loan Interest Rates Rise (waiting)
  • P&N Bank interest rate hike (waiting)
  • People’s Choice interest rate hike (waiting)
  • Police Credit Union Interest Rate Rise (waiting)
  • QBank interest rate hike (waiting)
  • Qudos Bank interest rate hike (waiting)
  • RACQ Bank interest rate hike (waiting)
  • Rise in RAMS interest rates (waiting)
  • Reduce rising mortgage interest rates (waiting)
  • Resimac raises interest rates (waiting)
  • Interest rate hike in St George (waiting)
  • Rise in interest rates for government depositories (waiting)
  • Suncorp Bank interest rate hike (waiting)
  • Sydney Mutual Bank interest rate hike (waiting)
  • Teachers Mutual Bank interest rate hike (waiting)
  • The rise in interest rates of the Mutual Bank (waiting)
  • Tic:Toc hike in interest rates (waiting)
  • Ubank raises interest rates (waiting)
  • UniBank interest rate hike (waiting)
  • Rising interest rates (waiting)
  • Virgin Money interest rate hike (waiting)
  • Well, home loan interest rates are rising (waiting)
  • With rising interest rates (waiting)
  • Increase in construction interest rates (waiting)

Advertising

Current reduced rate mortgages

For quick reference: As it stands, here are some of the lowest rate home loans Savings.com.au has found on the market:

Basic criteria: a loan amount of $400,000, variable, fixed, principal and interest (P&I) real estate loans with an LVR (loan-to-value) ratio of at least 80%. However, the “Compare mortgages” table allows calculations to be made on the variables selected and entered by the user. All products will list the LVR with the product and price list which is clearly published on the product supplier’s website. Monthly repayments, once the basic criteria are modified by the user, will be based on the advertised prices of the selected products and determined by the loan amount, repayment type, loan term and LVR as entered by the user. user/you. *The comparison rate is based on a loan of $150,000 over 25 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of September 6, 2022. See disclaimer.


To see how these rate moves compare to previous RBA rate changes, see our past rate changes pages:





Disclaimer

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.


last articles


author-avatar

Jacob Cocciolone


Jacob Cocciolone joined the savings team in 2021 as a financial journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include fintech, investing, real estate and automotive.

mail
















[ad_2]
Source link