As of 21 December, market expectations were that there is a 95% chance the RBA will keep rates steady at 4.35% when it next convenes in February.

Some analysts, including NAB economist Tapas Strickland, are warning mortgage holders another rate hike remains a real possibility, but this will depend on the data, in particular the all important December quarter CPI print.

Until the ABS releases that information near the end of January, there will likely be less rate movement among home loan products.

That said however, InfoChoice database research found home loan rate changes thus far in December were not insubstantial, despite no movement from the RBA.

The average variable rate increase was between 0.14% and 0.16%, while several fixed rates were also boosted.

In the week past, the most notable moves were down, with both Bendigo and MyState bank cutting fixed rates.

Not every bank was spreading Christmas cheer though, with AusWide bank hiking variable rates.

The following rate wrap pertains to new customers only.

Bendigo cuts fixed rates up to 55 bps

There were widespread cuts across Bendigo's range of fixed rate home loan products this week.

For Owner Occupiers, the Complete Home Loan (LVR<95%) saw rates slashed:

Fixed term Decrease New rate
One year 25 bps 6.29% p.a (6.47% p.a comparison rate*)
Two years 40 bps 5.99% p.a (6.41% p.a comparison rate*)
Three years 35 bps 6.04% p.a (6.41% p.a comparison rate*)
Four years 45 bps 6.04% p.a (6.39% p.a comparison rate*)
Five years 55 bps 6.04% p.a (6.38% p.a comparison rate*)

Investors weren't left out, with the following changes to the Investor Complete Home Loan:

Fixed term Decrease New rate
One year 20 bps 6.64% p.a (6.77% p.a comparison rate*)
Two years 35 bps 6.34% p.a (6.72% p.a comparison rate*)
Three years 30 bps 6.39% p.a (6.72% p.a comparison rate*)
Four years 40 bps 6.39% p.a (6.71% p.a comparison rate*)
Five years 50 bps 6.39% p.a (6.69% p.a comparison rate*)

MyState cuts fixed rates up to 40 bps

Tasmanian-based MyState was another to slash fixed rates this week.

Changes for owner occupiers included:

  • The Residential two year fixed (LVR<80%) had rates decreased by 40 bps to 5.99% p.a. (7.97% p.a. comparison rate*)
  • For three year fixed terms, rates dropped by 35 bps to 6.04% p.a (7.77% p.a comparison rate*)

Meanwhile for investors:

  • Two year fixed (LVR<80%) saw a 25 bps decrease to 6.39% p.a. (8.06% p.a. comparison rate*)
  • Three year fixed terms saw rates dropped to 6.39% p.a. (7.87% p.a. comparison rate*), a 15 bps cut.

Auswide Bank ups variable rates

One group of Aussies who might not be feeling the festive cheer so keenly are customers at Auswide bank, after an increase to variable rates.

New rates include:

  • Basic owner occupier home loan (LVR<80%) had rates upped by 10 bps to 5.99% p.a (6.01% p.a comparison rate*).
  • Basic investment loan (LVR<80%) also had rates upped by 10 bps to 6.44% p.a (6.46% p.a comparison rate*).

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
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The Comparison rate is based on a secured loan amount of $150,000 loan over 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees together with costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products. Rates correct as of . View disclaimer.

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Harry O'Sullivan
Harry O'Sullivan
Finance Journalist

Harry joined InfoChoice Group in November 2022. With a degree in economics from the University of Queensland, Harry is interested in topics such as inflation and GDP, and is passionate about keeping Australians informed on the external factors that impact their personal finances.