If you haven’t noticed already, fixed home loans are well and truly back in vogue in 2020, largely replacing the spot previously occupied by variable home loans in offering the sharpest rates on the market.
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Everybody loves a little extra money in their pockets, and cashback offers have been flying through the door with providers looking for enticing ways to reward new customers during the pandemic down-turn. Many of them are offering generous rewards for things like switching your home loan, opening a new bank account, grabbing a new credit card and even taking out a new car insurance policy. With cashback offers reaching the thousands, now might be time to consider finding a bargain and being rewarded for doing so. To help you cash-in the bonuses, check out our round-up for this month and see where you could score a little spare change.
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In response to growing credit quality risks, banks have made some pretty big changes to the way they assess mortgage applicants. Some have begun asking for larger deposits. Others have ruled out lending to casual workers. All are exercising a lot more caution when dealing with those from vulnerable industries.So while interest rates are at record lows and property prices are beginning to dip, for many the path to home ownership now contains more obstacles than ever. Below, we look at some of the main ways banks and lenders have tightened their lending practices, and what you’ll need to do to get your application over the line.
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Australian corporate regulator ASIC has issued advice to mortgage lenders as the clock begins to tick down on the hundreds of thousands of home loans that have been deferred during the COVID-19 pandemic.
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Aussies looking to save money on their home loan and earn $2,000 cashback into the bargain will be pleased to hear that Suncorp has extended its popular refinance cashback offer to give more borrowers the chance to switch and save before the offer ends on 30 September.
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As competition in the home loan market continues to heat up, NAB has cranked things up a notch. The bank’s move this week to slash variable rates for investors has made its offer the best among the big four.The interest rate for the NAB Base Variable Rate Home Loan now sits at 3.09% (3.09% comparison rate*) for investors with a loan-to-value ratio (LVR) of 80% or less and making principal and interest repayments. For context, LVR refers to the percentage of property value you’re borrowing from the bank. So if you’ve saved up a 20% deposit, then your LVR would be 80%.NAB’s five-basis point cut places it just ahead of ANZ’s rate of 3.12% (3.16% comparison rate*), available on its Simplicity PLUS home loan for investors with a maximum LVR of 80%. NAB’s latest rate reduction also further widens its gap with Westpac and Commonwealth Bank:
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Fintech lender Athena has rolled out a new batch of home loans with an innovative pricing system that lets borrowers access cheaper rates as they pay down their loan.
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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.There’s a lot to love about these digital dynamos, including fast online applications, super efficient approval processes and some killer low rates that can mean thousands of dollars in savings every year. Whether you’re buying a home, renovating your kitchen, planning an overseas trip or managing your business expenses, there’s an online lender to suit your needs.So check out the Mozo money editor's pick of some of the best for home loans, personal loans, and business loans...
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So you’ve made the decision to purchase your own little piece of earth. No matter what stage of life you are at, there are two things to figure out:
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To say that it’s been a noteworthy year for Australian interest rates and, as a result, mortgage rates may be an understatement.
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