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Canstar.com.au data has found 35 lenders have hiked interest rates in the past month.
Homeowners have been hit as 35 lenders hike interest rates before Christmas – with a shock twist as seven others quietly cut theirs. See the list.
The surge in hikes has been driven by fixed home loans, with Canstar.com.au data showing lenders have been pricing in higher interest rates for weeks, well before the Reserve Bank Governor Michele Bullock all but ruled out further cuts.
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19 lenders have moved on fixed rates in the past week alone.
In the past week alone, the number of lenders hiking fixed rates jumped from 15 to 19, piling pressure on households already stretched by the cost of living.
The wave of fixed-rate hikes that swept the market between December 9 and 17 included Aussie, Australian Mutual Bank, Bank Australia, Bank First, Bank of China, Bank of Melbourne, BankSA, Great Southern Bank, Heritage Bank, ING, NAB, People’s Choice, Police Credit Union, Qudos Bank, St. George Bank, Summerland Bank, Suncorp Bank, Ubank and Westpac. See the full list below.
It came as a surprise pocket of competition emerged on the variable loan front, where seven lenders cut at least one product in the past month – with just one lifting it.
The rare market divide has left borrowers scrambling to work out what their next move should be given predictions RBA will hike the cash rate target in February.
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Canstar Data Insights director Sally Tindall, has warned homeowners that a competitive interest rate should be under 5.25 per cent in the current climate.
SCROLL DOWN TO SEE FULL LIST
Canstar data insights director Sally Tindall said the late-year rate chaos was a clear warning sign for 2026.
“A week out from Christmas, the mortgage market shows little sign of slowing down,” she told The Courier-Mail. “Fixed rates are rising on the tide of economic forecasts, many of which are now predicting rate hikes instead of cuts.”
“Canstar data shows 35 lenders have hiked at least one fixed rate in the last 30 days – a clear sign banks have been pricing in hikes for a number of weeks now, well before the RBA Governor stood up and all but ruled out the possibility of further cuts.”
Ms Tindall said while fixed loans were surging, variable rates were largely holding – and in some cases falling – driven by fierce competition.
Those who have cut variables this month include Aussie, Auswide Bank, Bank of China, Bank of Us. MyState Bank, P&N Bank and Unloan.
“The catch is these cuts are for new customers only,” she said. “If you want to benefit, you may have to consider jumping ship.”
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The Reserve Bank Governor Michele Bullock has already flagged that the board will revisit the question of interest rate hikes in 2026.
Ms Tindall said refinancing was at a record high and would hopefully ramp up over the summer ahead of next year’s changes.
“Now is the time to take stock of your mortgage and war game what higher interest rates might mean for you in 2026,” she said.
“As you head into the break, know that a rate of 5.51 per cent is the average for an owner-occupier, while a competitive rate really needs to be under 5.25 per cent if you want any sort of bragging rights round the BBQ.”
WHO’S HIKED, WHO’S CUT
FIXED RATES – HIKED (Nov 18-Dec 17)
AMP Bank
Aussie
Australian Mutual Bank
Auswide Bank
Bank Australia
Bank First
Bank of China
Bank of Melbourne
BankSA
Bankwest
BCU Bank
BOQ
Great Southern Bank
Greater Bank
Heritage Bank
HSBC
ING
Macquarie Bank
ME
MyState Bank
NAB
Newcastle Permanent
P&N Bank
Pacific Mortgage Group
People’s Choice
Police Bank
Police Credit Union
Qudos Bank
Queensland Country Bank
St.George Bank
Summerland Bank
Suncorp Bank
Ubank
Virgin Money
Westpac
Source: Canstar.com.au. Based on owner occupier and investment loans available for $600,000 and principal & interest and/or interest-only payments in Canstar’s database. Excludes introductory and green loan rate changes.
VARIABLE RATES – CUT (Past month)
Aussie
Auswide Bank
Bank of China
Bank of Us
MyState Bank
P&N Bank
Unloan
Source: Canstar.com.au. Based on owner-occupier and investor loans of $600,000, principal and interest and/or interest-only. Excludes introductory and green loans.