The RBA has shaved another 0.25% off the cash rate - the third time this year it’s done so - and all attention has turned to home loan lenders to see how they’ll respond. Among the big four banks, CommBank and NAB have already announced cuts of 0.13% and 0.15%, respectively.
It’s spring property season and if you are one of the many Aussies trying to get a foothold on the property ladder, then right now you might be scrutinising your finances and weighing up your options. Of course, in the current housing market you might not be able to bag your dream house straightaway, especially if you’re a Sydney-sider or a Melbournian.
If we had to pick a home loan provider MVP, Homestar would be a pretty strong contender. Not too long after the RBA cut official interest rates by 0.25%, the online lender announced it would be cutting home loan rates in kind — the third time this year it’s passed on the full cut.
Competition in the home loans market is heating up again as a growing wave of online lenders cut rates below 3.00%, forcing the big banks to fight back or risk losing borrowers to cheaper lenders.
Just in time for the Spring property season, we’re seeing a new trend of smaller lenders on a mission to take on the big banks in the investment loan space with a number of investor interest rate drops.
CommBank pulled out the big guns today by cutting most fixed rates across its home loan options.
Even though the RBA made no change to the cash rate earlier this month, Aussie home loan lenders haven’t stopped slashing fixed rates.
If you’re looking to purchase property or refinance your home loan, you may have to start worrying a lot more about missing the occasional repayment on your credit card.
If you’re planning to take out a mortgage with a big bank for the sake of their $2,000 cashback, it might be time to rethink your options. New research from Mozo has found Aussie home loan borrowers hopping onto the cashback bandwagon could be ripped off $37,294 over the life of their loan by not shopping around for a more competitive deal.*
Australia's home loan market is heating up for the Spring property season as lenders fight it out to win over new borrowers with a bumper crop of sharply priced home loan specials, from discounted rates to cashback deals and fee waivers.