Borrowers are now feeling the impact of February’s rate move.
Following the Reserve Bank of Australia (RBA) decision to lift the cash rate on 3 February, many lenders – including all four major banks – have increased their variable rates. That means the typical variable borrower is now paying more in interest.
And it didn’t start there.
Several lenders had already begun lifting fixed rates in the weeks before the RBA decision, pricing in the likelihood of a move. So even borrowers locking in recently may have secured higher rates than they would have late last year.
How this change is playing out
This is why comparison matters.
Even in a rising-rate environment, pricing gaps between lenders can be meaningful. Loan structure – offsets, repayment type and flexibility – can also make a noticeable difference over time.
If you’d like us to check whether your current rate is still competitive in today’s market, get in touch and We’ll run the numbers for you.
