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Two Australian banks have hiked interest rates on some of their fixed-rate home loans, and experts predict that more hikes are on the way.
National Australia Bank and Macquarie Bank have raised rates for their four- and five-year fixed-rate home loan products. The hikes follow similar moves by Westpac and Commonwealth Bank.
NAB raised its four-year owner-occupier fixed rate by 21 basis points to 2.19% and its five-year fixed rate by 25 basis points to 2.49%, according to a report by The Australian.
Macquarie Bank raised its four- and five-year fixed rates by up to 30 basis points. A four-year fixed rate at Macquarie Bank with a loan-to-value ratio of 70% or less was raised to 2.69%, while its five-year fixed rate was hiked to 2.79%.
However, Macquarie Bank dropped its standard variable rate by 15 basis points to 2.34%.
Read more: Are ultra-low rates on their way out?
ING, BankVic and Illawarra Credit Union are now the only three lenders still offering four-year fixed rates under 2%, The Australian reported.
“At the start of the year, 25 lenders were offering at least one four-year fixed rate under 2%,” RateCity research director Sally Tindall told The Australian. “Now there’s just three, and they’re probably not going to keep these rates long. Banks are shutting the door on record four- and five-year rates. Three-year rates are likely to be next, potentially in the second half of this year.”
Ryan Smith is currently an executive editor at Key Media, where he started as a journalist in 2013. He has since he worked his way up to managing editor and is now an executive editor. He edits content for several B2B publications across the U.S., Canada, Australia, and New Zealand. He also writes feature content for trade publications for the insurance and mortgage industries.
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