<\/p>\n
Around 90 per cent of banks have moved aggressively to lift rates ahead of the Reserve Bank\u2019s May 5 decision.<\/p>\n
Aussie households are being hit with a fresh shock as banks move aggressively to lift rates ahead of the Reserve Bank\u2019s May 5 decision.<\/p>\n
New Canstar tracking shows a staggering 90 per cent of lenders have hiked at least one fixed rate since the last RBA meeting just five weeks ago, with borrowers now bracing for more pain ahead.<\/p>\n
<\/p>\n
Lowest variable home loan rates. Source: Canstar<\/p>\n
Canstar data insights director Sally Tindall said the surge was no coincidence \u2013 but a warning shot for homebuyers and property owners.<\/p>\n
\u201cFixed rate hikes continue to roll in the door,\u201d she said. \u201cThis is evidence banks are pricing in more than the two rate hikes we\u2019ve already had this year.\u201d<\/p>\n
Pressure was intensifying, she said, with 18 lenders hiking nearly 500 fixed rates in a single week, while variable rates also crept higher \u2013 up an average 0.25 percentage points.<\/p>\n
She said some banks, including NAB, had lifted rates twice in the period, while the average variable rate was now 6.42 per cent.<\/p>\n
Ms Tindall said one-year fixed rates had jumped 0.43 percentage points in just over a month, with most now sitting well above 6 per cent. Since January, fixed rates have climbed 0.83 percentage points.<\/p>\n
<\/p>\n
Canstar data insights director Sally Tindall.<\/p>\n
Only one lender was now still offering a sub-5.50 per cent fixed rate, with just 89 home loan rates below 5.75 per cent remaining on Canstar\u2019s database \u2013 down from 101 a week earlier.<\/p>\n
\u201cConsumer confidence has fallen off a cliff since the start of the war,\u201d she said, pointing to the latest ANZ-Roy Morgan index, which has dropped to its fourth-lowest level since records began in 1973.<\/p>\n
Ms Tindall said the RBA was now caught in a brutal bind as it weighed up whether to lift the cash rate back to 4.35 per cent come May 5.<\/p>\n
\u201cWith an already split board from the last meeting, conversations around the decision-making table just got even tougher.\u201d<\/p>\n
RBA Monetary Policy Board meetings remaining in 2026:<\/p>\n
May 4\u20135 May<\/p>\n
June 15\u201316 <\/p>\n
August 10\u201311 <\/p>\n
September 28\u201329 <\/p>\n
November 2\u20133 <\/p>\n
December 7\u20138<\/p>\n
(Source: RBA)<\/p>\n","protected":false},"excerpt":{"rendered":"Around 90 per cent of banks have moved aggressively to lift rates ahead of the Reserve Bank\u2019s May…\n","protected":false},"author":2,"featured_media":624731,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":{"0":"post-624730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-au","9":"tag-australia","10":"tag-business"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/624730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=624730"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/624730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/624731"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=624730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=624730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=624730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}