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A big bank is among 12 that have hiked interest rates in the past week.<\/p>\n
Mortgage shock is set to smash Aussies heading into Xmas, with a big bank raising rates for the second time in a month, bringing to a dozen those that have hiked in the past week alone.<\/p>\n
One of Australia\u2019s big four, Westpac, on Friday lifted its fixed home loan rates again \u2013 its last rise was on November 12 \u2013 coming hard on the heels of a shock Reserve Bank warning that it would revisit rate hike discussions in 2026.<\/p>\n
MORE: Shock move \u2018forcing out\u2019 these Aus workers<\/a><\/p>\n Posh suburb melts over Aussie pensioner\u2019s lonely dog plea<\/a><\/p>\n Major changes underway with interest rates. Source: Canstar.<\/p>\n Canstar data insights director Sally Tindall said Westpac\u2019s rapid move was no surprise. \u201cThe ink is barely dry on the RBA\u2019s latest statement and Westpac has already jumped,\u201d she said.<\/p>\n \u201cWhen the Governor indicates a rate hike is on the cards, lenders listen and fixed rates move. This won\u2019t be the last fixed rate hike we see before the year is out.\u201d<\/p>\n Westpac\u2019s increase of up to 0.35 percentage points pushed its lowest fixed rate to 5.49 per cent, and landed just hours after Reserve Bank Governor Michele Bullock revealed the board had actively discussed a 2026 hike at its December meeting and would \u201cconsider it at some point next year\u201d. <\/p>\n It couldn\u2019t have come at a worse time under two weeks from Christmas.<\/p>\n MORE: 178pc rise: Lady Gaga sparks Aus frenzy <\/a><\/p>\n Up $136k in a year: House price surges as Qld booms<\/a><\/p>\n The hike couldn\u2019t have come at a worse time with Xmas under two weeks away. Picture: William WEST \/ AFP)<\/p>\n The cash rate target remains at 3.6 per cent, but major lenders have already started shifting. Canstar found Westpac, St George, Bank of Melbourne, BankSA, ING, HSBC, Suncorp and Australian Mutual Bank were among those hiking fixed rates over the past week. <\/p>\n The number of lenders still offering a fixed rate under 5 per cent has plunged from 43 a month ago to just 29.<\/p>\n Ms Tindall warned borrowers considering fixing to act sooner rather than later, with many sub-5 per cent deals unlikely to survive the summer. <\/p>\n The lowest fixed rates on Canstar\u2019s database currently sit at 4.84 per cent for one year with Pacific Mortgage Group, 4.79 per cent for two years with Community First\/Illawarra CU, and 4.84 per cent for three years with Horizon Bank. <\/p>\n Teachers Mutual Group and Freedom Lend hold the lowest four-year and five-year rates at 5.24 per cent.<\/p>\n MORE: Seniors flock to share houses as cost of living bites<\/a><\/p>\n<\/p>\n
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