Stop the big bank home loan rip off: Here’s how

The RBA has cut rates for the third time this year and once again the big banks are failing to pass the full cut through to mortgage holders. What's more, the big 4 banks’ rate cut tactics have seen them pocket a $4.7 billion windfall since 2016, research by Mozo reveals. 

The simple fact is the banks have shareholders to placate and old-fashioned businesses that are expensive to run. As a result, home loan customers of the Big 4 often pay higher interest rates than they could get elsewhere, to help the banks run their expensive businesses! 

The good news is you don’t have to cop it on the chin. Online lenders are leading the downwards rate trend and the likes of UBank, Athena and Homestar have all announced they are passing on the October rate cut in full. These lenders have lower cost online businesses so they can pass the savings on to customer in the form of lower rates and fees.

If you’re ready to stop paying rip off home loan rates, start by comparing the latest ultra low rate loans in the table below and see how much you could save.