House prices in the Sydney and Melbourne property markets continued to swell in March, according to CoreLogic data, and now the idea of a superannuation-like scheme to help first home buyers save up a deposit may become a reality.
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It’s been two years since changes to the Privacy Act were made in 2014, which meant that banks and credit reporting companies could begin collecting greater information about a customer's financial situation. However, the majority of banks are still yet to adopt this new positive credit reporting model and are instead sticking to negative reporting.
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Over the last few weeks the home loan world sure has had a shake up, with all four of the big banks - NAB, Westpac, ANZ and CommBank - lifting variable rates for Aussie borrowers.
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All four of Australia’s big banks have now made increases to their variable home loan interest rates, ranging from as low as a 0.03% increase for owner-occupiers, to a hefty 0.25% hike for investors. And as the dust settles, Mozo data has revealed that each bank stands to make millions of extra dollars from the hikes.
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Commonwealth Bank has just announced increases to its variable rate home loans, effective from 8 May 2017.
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Major bank ANZ has become the latest bank to increase home loan interest rates, today announcing a 0.25% increase to its variable investor home loan rate from 5.60% to 5.85%.
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With an RBA rate rise looming in the future, Mozo data has shown that borrowers thinking about fixing their home loan rate in order to lock in a great deal may need to act fast - that is, if they haven’t already missed the boat.
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Much has been made of the fact that big banks - and more than a few smaller lenders - have been raising interest rates on home loans in recent weeks. But now Mozo’s Data Manager Peter Marshall has weighed in on the reason behind these rate hikes.
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Major bank Westpac has hiked rates on its variable rate home loans by as much as 0.28% today.
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In bad news for borrowers, the National Australia Bank has lifted both its variable owner occupier and residential investment home loan rates by as much as 25 basis points, with Mozo data estimating the move will earn the bank an extra $28 million in interest each month.
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