Below is an edited extract of the ‘Your Next Mortgage Move’ Report published by Aussie Home Loans and CoreLogic:Australia’s mortgage market is moving through unprecedented change. The ultra-low cash rate target was a part of a set of policy measures to get more credit flowing through the economy. Figure 1 shows average new mortgage rates by type for owner-occupier home loans. In May 2021, average fixed mortgage rates with a set rate of three years or less dipped to a low of 1.95%. Assuming full cash rate rises are being passed on to mortgage rates, this would put the average new variable mortgage rate for owner occupiers at around 5.08% through December.

Source: Stuff December 08, 2022 17:54 UTC