Last week saw the likes of HSBC and Bank of Queensland alter home loan rates, but there were no further changes from the major banks to close out May.
Customer-owned Qudos - in talks to merge with Bank Australia - along with BCU bank, cut rates this week, but for many Aussie mortgage holders the biggest development this week was the monthly CPI print for April.
Prices rose 3.6% over the 12 months to April according to the ABS, above market expectations and the second month in a row of inflation increasing.
For Aussies who are struggling to pay the mortgage, this might sound a lot like alarm bells ringing, but Treasurer Jim Chalmers sought to remind everyone to not pay too much heed to the monthly read.
"The monthly inflation indicator can be volatile and is less reliable than the quarterly measure," Mr Chalmers said shortly after the ABS release.
Treasury figures are bullish on inflation, forecasting it to hit the 2-3% target band by Christmas. As InfoChoice editor Harrison Astbury opined in a Savings.com.au column, these forecasts may be leaning heavily on a good dose of copium.
The June quarter CPI numbers are scheduled for the end of July, which should make the outlook for inflation (and by proxy the RBA cash rate) a bit clearer.
For now, these were the lenders to cut rates in the week past.
Qudos cuts fixed rates up to 20 bps
| Product | Interest rate change |
|---|---|
| Owner occupied four year fixed (LVR<90%) | Down 15 bps to 6.44% p.a (6.34% p.a comparison rate*) |
| Owner occupied five year fixed (LVR<90%) | Down 20 bps to 6.44% p.a (6.36% p.a comparison rate*) |
| Investment four year fixed (LVR<90%) | Down 15 bps to 6.74% p.a (6.58% p.a comparison rate*) |
| Investment five year fixed (LVR<90%) | Down 20 bps to 6.74% p.a (6.60% p.a comparison rate*) |
BCU cuts variable rates up to 6 bps
| Product | Interest rate change |
|---|---|
| OMG Variable P&I (LVR<80%) | Down 5 bps to 6.04% p.a (6.07% p.a comparison rate*) |
| Offset home loan (LVR<80%) | Down 6 bps to 6.23% p.a (6.26% p.a comparison rate*) |
| Offset home loan (LVR <60%) | Down 5 bps to 6.14% p.a (6.17% p.a comparison rate*) |
Other movers
- The Capricornian cut one year fixed rates OO by 30 bps to 5.99% p.a (7.34% p.a comparison rate)
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