Mortgage Rates

Westpac Banking Corporation bumped up fixed home-loan rates for the second time in just three weeks, tacking on 15 basis points—so, a 0.15 percentage point jump—to one- to five-year owner-occupier fixed terms. Its lowest fixed rate now sits at 6.29% for two years. Canstar noted that since the March RBA decision, all four major banks have pushed up fixed rates, with both Westpac and National Australia Bank hiking twice. “Fixed rates are on the move again,” said Canstar Data Insights Director Sally Tindall. Timing is key here, with Australia’s cash rate sitting at 4.10% since March 18. The Reserve Bank of Australia is next scheduled to weigh in at 2:30 p.m. Sydney time on May 5. That cash rate—essentially the