Brutal reality: Ultra-low 5.69pc rates floor slammed shut

Generic Melbourne. Donnybrook. Real Estate. Housing. City. Picture: Jake Nowakowski mortgage belt, aerial, property Aussies hunting for cheap fixed or variable rates face a grim reality check, after lenders quietly ditched the ultra-competitive lowest mortgage floor overnight following fresh RBA warnings. The window for rates below 5.69 per cent is effectively being slammed shut – just weeks after a tiny handful of mutual banks and non-bank lenders kept hope alive that borrowers might see greater relief to come. RELATED: Lazy tax: Shock move as Aus banks slash rates RBA governor Michele Bullock has been clear that there is the possibility of rates hiking again. Picture: Nikki Short Canstar.com.au database tracking shows lenders have begun pulling back their lowest variable tiers towards 5.79 per cent and higher – leaving thousands of households facing the prospect of sub-5.70 per cent deals dying fast. “There’s been some movement at the top end of the list with LCU dropping back – from a variable rate from 5.69 per cent to now offer a rate from 5.79 per cent,” Canstar told The Courier-Mail. But Canstar data insights director Sally Tindall added that over 60 per cent of lenders on t...