Those who opted for a variable rate in May paid 5.66% p.a. on average versus 5.52% p.a. for those who fixed for 1-3 years.
Investors who fixed for more than three years saw their average new rate drop 48 basis points (0.48%) from April to May - a six-month low in new lending in that demographic.
While the RBA data comes virtually six weeks late, the trend has been fixed rates increasing less sharply than that of variable rates.
For example, since the RBA started its rate tightening cycle in May 2022, new variable rates for owner occupiers have jumped 325 basis points, as opposed to new <3 year fixed rates, which jumped 246 basis points.
This is against a backdrop of 375 basis points' worth of RBA rate hikes to May 2023.
It's thought that the record level of refinancing activity has spurred more competition in the market, allowing customers to get a better deal despite the record pace of central bank tightening.
CoreLogic estimates that as of the 400 basis points' worth of tightening to June, only 350 basis points' worth has actually been passed on to all outstanding mortgages.
Despite the record level of refinancing activity, Resolve Finance research shows a large swathe of borrowers have not reviewed their home loan in the past 12 months.
"Our own research amongst 1,000 homeowners shows that 37% of variable rate homeowners have not reviewed their mortgage in the last 12 months with an alarming 18% of borrowers neglecting to review their mortgage arrangements over the past five years," managing director Sandy Paravizzini said.
"A significant number of borrowers languish on uncompetitive rates, paralysed with indecision."
Below are a handful of the lowest home loan rates for owner occupiers paying P&I, according to InfoChoice's product database.
As always, check the comparison rate and what it means for you, as well as the individual lenders' product pages and key fact sheets.
Lowest Variable Rate
| Institution | Product & Details | % Rate Per Annum (Comp Rate*) |
| Community First Bank | True Basic Variable Special LVR up to 90% | 5.39 (5.44) |
| Arab Bank | Basics Home Loan Owner Occupier with LVR 60% or less P & I - Special Offer | 5.45 (5.58) |
| G&C Mutual | Momentum Home Loan | 5.49 (5.52) |
| Gateway Bank | Green Home Loans Plus | 5.54 (5.83) |
| Qudos Bank | No Frills Home Loan - 30% deposit or more (Owner Occupier) | 5.59 (5.59) |
Lowest 1-Year Fixed Rate
| Illawarra Credit Union | The Works Package Home Loan (Fixed OO P&I) | 5.40 (6.82) |
| Macquarie Credit Union | Owner Occupied Fixed Rate Home Loans | 5.48 (7.24) |
| Auswide Bank | Freedom Package Home Loan Plus - Owner Occupied - Fixed - Principal & Interest - up to 60% LVR | 5.49 (6.51) |
| Illawarra Credit Union | Bare Essentials Fixed Owner Occupied (P&I) | 5.50 (6.58) |
Lowest 2-Year Fixed Rate
| Australian Mutual Bank | Fixed Rate Home Loans (Owner Occupied) | 5.33 (6.13) |
| Community First Bank | Accelerator Package Home Loan 2 year Fixed Special | 5.39 (6.09) |
| IMB | IMB Fixed Rate Home Loans | 5.49 (6.04) |
| Mortgage House | Advantage - 2 Year Fixed (Special) | 5.49 (5.45) |
| Macquarie Credit Union | Owner Occupied Fixed Rate Home Loans | 5.51 (7.06) |
Lowest 3-Year Fixed Rate
| Australian Mutual Bank | Fixed Rate Home Loans (Owner Occupied) | 5.33 (6.06) |
| Bank of Heritage Isle | Value Home Loan up to 60% LVR | 5.39 (5.90) |
| Border Bank | Customs Value Home Loan up to 60% LVR | 5.39 (5.90) |
| Police Bank | Police Value Home Loan up to 60% LVR | 5.39 (5.90) |
| Horizon Bank | Fixed Owner Occupied Home Loan LVR < =70% | 5.44 (6.23) |
Lowest 4-Year Fixed Rate
| Qudos Bank | Fixed Rate Loan P&I - 20% deposit or more (Owner Occupier) | 5.59 (5.78) |
| HSBC | Package Fixed Rate Loan - Owner Occupied (LVR 80% or less) | 5.59 (6.21) |
| IMB | IMB Fixed Rate Home Loans | 5.69 (6.03) |
| HSBC | Package Fixed Rate Loan - Owner Occupied (LVR >80%) | 5.69 (6.37) |
| Macquarie Bank | Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 70%) | 5.79 (6.04) |
Lowest 5-Year Fixed Rate
| Qudos Bank | Fixed Rate Loan P&I - 20% deposit or more (Owner Occupier) | 5.59 (5.76) |
| HSBC | Package Fixed Rate Loan - Owner Occupied (LVR 80% or less) | 5.59 (6.19) |
| Australian Mutual Bank | Fixed Rate Home Loans (Owner Occupied) | 5.63 (6.05) |
| IMB | IMB Fixed Rate Home Loans | 5.69 (6.00) |
| HSBC | Package Fixed Rate Loan - Owner Occupied (LVR >80%) | 5.69 (6.34) |
| Horizon Bank | Fixed Owner Occupied Home Loan LVR < =70% | 5.74 (6.24) |
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