Canstar on the latest mortgage rate changes

Plus Aussies' top money worries revealed

Canstar on the latest mortgage rate changes


By Mina Martin

Canstar has revealed the latest mortgage rate movements over the past week as well as the top money worries for Australians.

During the week of Dec. 4-11, 10 lenders raised 64 owner-occupier and investor variable rates, averaging 0.2%, while five reduced 64 of theirs by an average 0.08%. Meanwhile, four lenders lifted 64 owner-occupier and investor fixed rates, averaging 0.08%, and four cut 96 of their fixed rates by an average 0.55%.

See table below for the latest rate changes.

EMBED IMAGE: 12 12 Rate changes

Click here to compare with the previous week’s rate adjustments.

After last week’s changes, the average variable interest rate for owner-occupiers paying principal and interest is now 6.9% at 80% LVR. The lowest variable rate for any LVR is 5.69%, offered by The Capricornian, The Mutual Bank, and Australian Mutual Bank (introductory rate).

There are 20 rates below 5.75% on Canstar's database. See table below for the top-five lowest variable home loan rates on Canstar’s database.

EMBED IMAGE: 12 12 Lowest rate

Top money worries revealed

Canstar’s Consumer Pulse Report, now in its seventh year, has identified Australians’ top money concerns for 2024.

The cost of the weekly supermarket shop ranked as the biggest financial concern, marking the fourth consecutive year in the top spot.

“The news that the Greens launched a Senate inquiry into price gouging from the major supermarkets amid the cost-of-living crisis was no doubt welcome by many Aussies,” said Effie Zahos (pictured above), Canstar’s editor-at-large and money expert.

The price of groceries topped the list for 20% of Aussie adults, exceeding concerns about rent (12%) and mortgage interest rate movements (10%). It also surpassed worries about the cost of electricity and gas (7%) and petrol prices (6%). For the first time, recession entered the list, with 5% of Aussies naming it their greatestfinancial concern for the upcoming year.

“The good news is that there is still plenty that can be done to help curb cost-of-living pressures,” Zahos said.

Interestingly, despite 85% of Australians making changes around the home in the past 12 months to save on energy bills, only 16% opted to switch providers.

“One of the easiest ways to save on any of your household bills is to find a better deal elsewhere,” Zahos said. “Canstar’s Cost of Living Comparison shows Aussies could potentially save $12,741 by switching from the average to the cheapest or top-rated offers.” 

The Canstar report also revealed that nearly 47% of Australians think adult children should repay their parents for help with their first car, wedding, and home deposit, and more than one-fifth of them believe interest should be added to the repayment.

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