Westpac has become the latest in a string of mortgage lenders to hike interest rates on a number of its fixed home loans - the third time the major bank has lifted fixed rates in 2022.
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For the first time in 17 months property values in the nation’s largest and most expensive capital city, Sydney, have fallen according to new figures from CoreLogic.
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How quickly things change.
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Finding a cheaper home loan could mean the difference between tens of thousands of dollars in interest saved over the life of a loan, but Aussie borrowers can be forgiven for finding it hard to pick the best value option given the mountain of different lenders and rates available.
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For the second time this month the Commonwealth Bank has announced increases to fixed interest rates on a number of its home loan products - this time by between 15 and 25 basis points.
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Queensland-based banking and insurance provider RACQ announced it has introduced 40 year terms on select home loans, joining only a handful of Australian lenders that offer home loan terms of that length.
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For most people, paying off a mortgage will be a decades-long task. While the prospect can seem daunting, there are things borrowers can do to shorten the life of their loan — and save on interest in the long run. One of those things is making extra repayments.
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The maximum amount of superannuation that Australians can dip into to purchase their first home will soon be bumped up by $20,000, following the passage of new legislation last week.
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The deluge of hikes to fixed interest home loan rates show no signs of letting up, with major bank Westpac adding to the swell this morning by increasing rates by 10 to 30 basis points on a number of loans.
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As Aussie home borrowers face down the increasingly likely prospect of interest rate rises, one mortgage challenger is bucking the trend and dropping its variable rates to new record lows.Popular online lender Athena has just cut its variable rates for the 9th time in 3 years. Athena now has some of the lowest fee-free variable rates in the Mozo comparison database, starting from just 1.89% p.a. for owner occupier borrowers.“There is a lot of speculation that the cash rate will go up later this year, so we have the opportunity to allow our customers to save more and get ahead on their loan before that happens. That’s what our voluntary rate drop is all about”, said Nathan Walsh, Athena CEO and Co – Founder.Since launching in 2019, Athena has made a name for itself for consistently passing through RBA rate cuts to both new and existing customers.The mortgage challenger estimates it has saved Australians $414 million in interest so far, and customers are loving it. Athena customer Sue from Victoria told Mozo, “The only regret I have is not leaving my previous provider earlier…. Don’t waste your time and money with the big banks”.So if you're looking for a better value mortgage that could save you thousands, read on for our expert rundown of Athena’s lowest new home loans for owner occupiers and investors….
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