More than two dozen lenders haven’t hiked home loan rates

The majority of mortgages will see interest rate hikes this Friday.

---

More than two dozen lenders have not hiked mortgage rates, even as most major banks move to pass on the Reserve Bank’s increase in full from Friday.

A Canstar breakdown shows around 60 lenders, including most major banks, have already locked in dates to pass on the Reserve Bank’s 25 basis point increase – but a sizeable number of other banks, digital lenders and non-bank providers are yet to appear in the latest owner-occupier repricing announcements.

MORE: $400 to $550: rent spike warning

Australia warned: 34yo with 100 homes huge call

Canstar data insights director Sally Tindall said the “floodgates” had opened for rate hikes among major lenders.

---

More than two dozen lenders have not yet issued owner-occupier repricing announcements, including Citi, HSBC Home Loans, Bank of China and RAMS.

Digital and neobank lenders Athena, Up, Unloan, Tiimely Home Loans, WLTH, Yard, Reduce and Resi are also yet to move, alongside non-bank lenders including Pepper Money, Liberty Financial, Firstmac, La Trobe Financial, Better Choice, Mortgage House, Better Mortgage Management, Pacific Mortgage Group, ChoiceLend, Freedom Lend, Catalyst Money, Loans.com.au and Homeloans.com.au.

Among mutuals and credit unions yet to announce moves are Bank of us, BankVic, bcu, Defence Bank, ECU, Gateway Bank, Police Bank, Police Credit Union, QBANK, Queensland Country Bank, Summerland Credit Union, Transport Mutual Credit Union, Unity Bank, Australian Military Bank and Bank of Heritage Isle.

RELATED: Horror 5 rate hikes warning for Aussies

No escape as 5-week mortgage hike wave sweeps Australia

Australia’s four big banks are all hiking interest rates in full after the RBA May meeting.

---

Most of Australia’s biggest lenders are already in the hiking group, including ANZ, Commonwealth Bank, NAB and Westpac, alongside Macquarie Bank, Bankwest, Suncorp Bank, St.George Bank, BankSA, Bank of Melbourne, BOQ, Bendigo Bank, ME Bank and Virgin Money.

A broad range of mutual banks and credit unions have also moved, including Bank Australia, Great Southern Bank, Newcastle Permanent, Qudos Bank, RACQ Bank, Regional Australia Bank and Teachers Mutual Bank.

A small number of lenders, including Bluestone, Heritage Bank and People’s Choice Credit Union, have confirmed May hikes but have not yet publicly locked in final implementation dates.

Canstar data insights director Sally Tindall said “the rate hike floodgates” had reopened following the RBA’s May decision.

“The start dates range from May 8 to June, although the majority of borrowers will see their variable rates rise this Friday, as that’s when the big four are hiking,” she said.

Ms Tindall said nine lenders had also lifted fixed rates in the past week, with more expected to follow – and further cash rate increases could not be ruled out.

“While Governor Bullock did acknowledge the risks are now more evenly balanced, further cash rate hikes are still very much on the table.”

She said attention was now on the federal budget over housing tax settings.

“All eyes now turn to the federal budget with speculation at fever pitch as to what the government will do with the current negative gearing rules and the capital gains tax discount.”

However, she said there was little evidence to suggest a sharp downturn in housing values ahead.

“It’s hard to see house prices falling off a cliff, considering they survived a global pandemic and 13 rate hikes in 2022–2023.”