There have been 372 rate cuts to fixed mortgages since January 31 compared to 33 increases, according Canstar’s home loans database.
This consists of 175 decreases and 13 increases for fixed-rate owner-occupier home loans, and 197 cuts and 20 hikes for fixed-rate investor home loans.
Canstar’s Group Executive of Financial Services Steve Mickenbecker said now could be a good time for borrowers to think about fixing their interest rates.
“Fixed rates are now below 4% with a lot of providers, and if you can lock in a repayment for three or even five years on a 4% interest rate, you’re not going to be far wrong if there were another round of interest rate reductions,” Mr Mickenbecker said.
“People must remember that fixing rates is all about locking in a repayment that you can afford rather than speculating on interest rate movements.”
Suncorp has cut a number of its fixed home loan rates for investment and owner-occupied borrowers by up to 0.70 percentage points from today.
The bank’s 5-year fixed rate for owner-occupiers paying principal and interest (P&I) is now 0.20 percentage points lower at 4.14% (comparison rate 5.27%), while its 5-year fixed rate for investors paying P&I has been reduced by 0.70 percentage points to 4.14% (*comparison rate of 5.50%).
Suncorp’s other cuts, effective from today, include:
- Package Personal/Owner Occupied 5-year fixed P&I down 0.20 percentage points at 3.99% (comparison rate 4.74%)
- Package Investment 5-year fixed P&I down 0.70 percentage points at 3.99% (comparison rate 5.23%)
- Package Investment 3-year fixed IO (interest-only) down 0.20 percentage points at 3.99% (comparison rate 5.43%)
- Package Investment 5-year fixed down 0.70 percentage points at 3.99% (comparison rate 5.22%)
Earlier this week, Bank of Queensland reduced rates by 0.05 percentage points across its discounted two and three-year fixed standard and packaged home loans for existing owner-occupiers and investors.
Macquarie and ME Bank also decreased interest rates for new customers across a number of its home loans earlier this month, while Westpac, Aussie, Citi, AMP and ING are among a number of other lenders to have made home loan rate cuts or hikes this year so far.