It’s been nine days since the RBA decided to drop the official cash rate to a record low 1.00% and since then a large number of home loan providers have signalled their intention to reduce rates on their respective variable mortgage offers.
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To fix or not to fix? That’s the question on the minds of many Aussies across the country.
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UBank customers who logged onto the UBank app over the weekend were greeted by some pleasant news: the online bank has opted to pass on the RBA’s cut in full to its variable home loan customers.
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With a new financial year upon us and interest rates sitting at new record lows, now is the perfect time to resolve to crush your home loan. Borrowers around Australia are celebrating back to back RBA cuts, but did you know that you can use the record low rates environment to your advantage to pay down your mortgage even faster?
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Aussie borrowers are revelling in a rates bonanza, as home loan interest rates continue to plunge to unheard of new levels. Lenders are now offering jaw dropping deals in the 2 per cent and low 3 per cent range, enabling borrowers to pay down their debt faster than ever before and build up record buffers.
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It’s been three days since the RBA announced another cut to the official cash rate, but so far most lenders who’ve made a move have decided against passing on the full 0.25% cut.
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On Tuesday, the Reserve Bank decided to decrease the cash rate once more, bringing it down to a record low 1.00%. Since then, attention has turned to banks and lenders to see how much of the cut will flow through to home loan customers.
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This afternoon, we learned that ING will be reducing rates for its variable home loan products by 0.20%. And while that’s five basis points shy of the full 0.25% cut, it still sees several ING home loans among the more competitive in the market.
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All four major Australian banks - ANZ, Commonwealth Bank, NAB and Westpac - have made cuts to their respective variable rate home loans following the Reserve Bank Board’s interest rate decision yesterday afternoon.
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Following the RBA’s decision to cut official interest rates - the second month in a row they’ve done so - all eyes were on the big banks. But if you were holding out hope that they would pass on the cut in full, we’ve got bad news.
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