In a surprise move, Commonwealth Bank has announced a huge 0.70% cut across its 1, 2 and 3 year fixed home loans, just minutes after the RBA’s decision to bring down the official cash rate to an historic low of 0.25%.
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Mozo money experts have urged Aussies to consider fixing their home loan rate, following the Reserve Bank of Australia’s emergency cash rate cut.
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Mozo has found in the wake of the Royal Commission, tighter lending standards, four cuts to the official cash rate in under a year and the emerging threat of the coronavirus, the big banks are still locking up the residential mortgage market. Although they are a long way from offering the best rates around, the domestic major banks are benefiting from blind loyalty that is costing their customers up to $99,945 on an average home loan.
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The development of COVID-19 (aka Coronavirus) as a global pandemic has brought with it a wave of social panic, employment disruption and financial market volatility. While some people are going overboard on toilet paper purchases, others are preparing for the possibility of self-isolation, and the myriad financial complications that could accompany this and other impacts of the constantly shifting economic and political landscape.
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Macquarie Bank has jumped on board the rate cut train and dropped variable and fixed mortgage rates by a full 25 basis points.
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Following the Reserve Bank of Australia’s cut on Tuesday, online bank ING has dropped rates on its 1, 2, 3, 4 and 5 year fixed interest home loans by as much as 0.40 basis points!
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Despite the news of toilet paper outages across the country and the rapid spread of the coronavirus, it would’ve been hard to miss the news that the Reserve Bank of Australia (RBA) lowered the cash rate from 0.75% to 0.50% on Tuesday.
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Last updated: 2:15pm, Friday March 6.
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UPDATE: Mozo's 2021 Bank of Mum and Dad Report is now out with all the latest figures on family lending and property considerations.
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After the RBA moved to reduce official interest rates by 0.25%, UBank announced it will be cutting variable rates in kind, making this the fourth time the online bank has passed on the full rate cut to its customers.
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