Only ten lenders out of 99 remain silent on home loan rate increases after the Reserve Bank’s November rate rise.
According to recent research by Canstar Cannex, 89 lenders have lifted their rates by an average of 0.32 per cent, meaning home owners are now paying 1.34 per cent more than this time last year.
“The high profile hikes of 0.45 per cent we saw last year from Westpac and this year from the Commonwealth Bank certainly signalled a cutting of the umbilical cord from the Reserve Bank and bumped up the average overall figures from the banking sector,” Canstar Cannex financial analyst Mitchell Watson said.
“However, mortgage originators, building societies and credit unions all increased their rates in excess of the official cash rate.”
The research also found that just five lenders out of 99 have increased their rates in line with the RBA.