ANZ customers urged to jump ship

Polly Fleeting

05 Jun 2019

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After the RBA’s decision to cut their cash rate by 25 basis points yesterday, big bank ANZ responded by dropping its home loan rate by just 0.18%, leaving both customers and the RBA disappointed.

RBA governor Phillip Lowe spoke at the board dinner last night and indicated that dissatisfied customers, such as those from ANZ, should seriously consider switching banks, reported by the Sydney Morning Herald.  

"I didn't say they would pass it through, I said they should pass it through. It's disappointing to me that that hasn't been the case," Dr Lowe said.

“All I can do is encourage people to shop around. If your bank has not passed this through, then I encourage you to go and look for a better deal somewhere else.”

Not all of the big four ignored the RBA’s advice though, both NAB and Commonwealth Bank passed on the full cut, and while Westpac passed on only a 0.20% cut for owner occupiers they dropped by 0.35% to investors with interest only repayments.

So, if you’re thinking you might need to ditch your current lender for a better deal on your home loan, take a look at these hot home loan deals. 

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Homestar Star Essentials Home Loan Refinance Special
  • Variable rates from 3.24% (3.25% comparison rate*)

  • Free extra repayments

  • Redraw facility

Looking for a home loan with some handy features and a great variable rate? Homestar passed the full 0.25% rate cut, immediately bringing down the current variable rate to 3.24% (3.25% comparison rate*) on their Essentials Home Loan. Not only does this home loan come with free extra repayments and a redraw facility, if you’re a refinancer borrowing between $200,000 and $750,000 and apply by 28 June 2019 (and are approved by 9 August 2019), Homestar will waive the valuation and legal fee.

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Reduce Home Loans Rate Lovers Variable 100% Offset Home Loan
  • Triple winner in 2019 Mozo Experts Choice Awards

  • Unlimited free extra repayments

  • Competitive 3.22% variable interest rate (3.26% comparison rate*)

This 3 time 2019 Mozo Experts Choice Awards winning home loan is really worth some attention. Reduce Home Loans took the plunge and made the full cut to their rates, effective immediately, meaning you can now snag a great deal with super-low variable rate of 3.22% (3.26% comparison rate*). According to our experts, the Rate Lovers Variable Home Loan ranked amongst the best for the First Home Buyer Loan, Low Cost Home Loan and Split Home Loan categories.

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Athena Variable Home Loan
  • Rates from 3.34% (3.30%. comparison rate*)

  • Free extra repayments and redraw facility

  • No annual application fees

Athena is amongst the bunch of lenders who have made the full cut to their home loan rates, meaning their Variable Home Loan for refinancers now offers a low rate of 3.34% (3.30% comparison rate*). Not only that, they offer a bunch of features, like free extra repayments and a redraw facility, which gives you the freedom to pay back your loan the way you want to. And if you’re a fee hater, because let’s be honest, who isn’t, there are no application, other upfront or annual charges either.   

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Newcastle Permanent Discounted Variable Home Loan
  • 3.89% interest rate (4.29% comparison rate*)

  • No upfront application fee

  • 100% offset account

The Variable Rate Home Loan (Premium Package Plus) by 2019 Mozo Experts Choice Awards winning lender, Newcastle Permanent, offers more than just a competitive rate. Effective 17 June this year, the current standard variable rate of 3.89% (4.29% comparison rate*) will drop by the full 0.25%. If you’re looking for a great all-round option, Newcastle Permanent has no application on this Premium Package as well as offer flexible features like an offset account and redraw facility.

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Bank of Queensland Fixed Rate
  • $1,000 cashback for first home buyers (apply by 30 June 2019)

  • Borrow with as little as 5% deposit (owner occupiers)

  • Make up to $5,000 in extra repayments annually without penalty

If you’re looking for a fixed home loan with flexibility, then Bank of Queensland’s Fixed Rate Home Loan could be the perfect choice. Not only do they offer low rates from 3.39% (4.41% comparison rate*) for their three year term, you can choose a fixed term from 1 to 5 years, as well as decide whether you make repayments on a weekly, fortnightly or monthly basis. There’s some great perks if you’re a first home buyer as well - if you act quickly and apply by 30 June 2019, you can receive $1,000 cashback, and we all know how far that could go at Ikea or Kmart!

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Need more information on all thing home loans? Simply read our detailed home loan guides, or head to our comparison tool to weigh up the features and rates of other providers.

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