With another financial year done and dusted, the banking industry has been through a whirlwind of changes. Australians could apply for a home loan that started with a ‘2’, we welcomed a new breed of players to the banking industry and much more. For a more comprehensive look at the banking movements that occurred during the last month of the financial year, read on for our June installment of the Mozo Banking Round Up.
Our low interest rates are helping many Aussies pay off their properties right now, which works well in a country that’s obsessed with real estate. Indeed, anyone with a home loan can attest to a spring in their step whenever the Reserve Bank announces yet another rate cut.
As the nation continues to take each day as it comes, many lenders have shown no sign of slowing down. Fixed home loan rates continued to dominate the number of cuts made to mortgage products in May, while credit cards experienced a lull, after a busy April.