The Reserve Bank of Australia (RBA) has announced the nation’s official cash rate will remain at 4.35% for a seventh consecutive monetary policy decision, providing no relief for Aussie home loan borrowers.
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Aussie borrowers looking to save big on their home loans may find that switching to a leading digital lender could be a financial game-changer. According to Mozo’s latest analysis, mortgage holders sticking with the big four banks- could be paying up to $83,619^ more over the life of their loan compared to those who switch to a digital lender*. That’s right, close to $80,000 just for being loyal.
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We’ve seen a slew of fixed rate cuts from major banks in the past two months, but does that mean now is a good time to lock in a low rate on your home loan?
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With a staggering 98.9 percent of all bank transactions now being undertaken digitally in Australia according to the Australian Banking Association, it’s no surprise that banks are shifting their focus towards the next generation of borrowers and homeowners and developing new brands and products that best suit their digital native users.
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These days, Aussies have more choice than ever before when it comes to borrowing money, and as everyone searches for faster, easier ways to control their finances, online lenders are emerging as real challengers to the big banks.
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For most Australians, taking out a home loan will be the biggest financial decision they can expect to make. As property prices rise over time, homebuyers must borrow more and more to enter the housing market and save up more and more for that critical first home loan deposit.
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Foreign buyers – those that are non-permanent residents and non-citizens – can purchase residential property in Australia, but will need approval from the Foreign Investment Review Board (FIRB) to ensure their investment works in favour of the national interest.
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South West Slopes Bank (SWSbank) has unveiled the lowest fixed rate home loan that Mozo has tracked in over a year.
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Australians might have gotten accustomed to low interest rates during the pandemic, but that changed after the Reserve Bank of Australia started tightening monetary policy last year.
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CommBank reduced interest rates for borrowers on its Extra Home Loan and CommBank Wealth Package recently, positioning these loans more favourably against the averages in the Mozo database.
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