The mortgage market is intensively competitive and lenders are slashing rates left, right and centre to keep up…You’ve heard it all before right?
The thing is it may just be all talk from the lenders.
Comparison website Infochoice shows since the start of the year 26 lenders have changed their three-year fixed home loan rates, with the average change being a reduction of just two basis points. Of the 26 lenders, 11 actually put rates up.
Twenty lenders changed their five-year fixed rates over the same period, with the average change being a reduction of two basis points. And 15 lenders changed their one-year rates, with the average change being a reduction of one basis point.
The lenders who have made a large change however, are HSBC
, which cut its three-year rate by 30 basis points, Teachers Mutual Bank, which cuts its three-year rate by 39 basis points, and Citibank
, which cut its three-year rate by 19 basis points.