Aussie borrowers hoping to receive a rate cut when the Reserve Bank meets next Tuesday are in for some good news. Dozens of lenders have already started slashing variable and fixed home loan rates ahead of the RBA's decision, and there are some huge savings already on offer.
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Lenders are rolling out the red carpet to new home loan customers in a discounting frenzy that is driving huge bargains for savvy borrowers. Discounted rates, fee waivers, cashback and rewards points are all on offer right now to entice borrowers, and these killer deals could save Aussies save a tonne on their mortgage.
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The Australian Prudential Regulation Authority (APRA) has made a proposal to adjust current serviceability assessments banks perform when sorting through prospective home loan borrowers.
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The Reserve Bank of Australia may have kept the cash rate on hold, but loans.com.au has gone ahead and announced its own cuts to its fixed rate home loan for the second time in five weeks.
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Today, ME Bank announced it will be cutting rates across a range of its packaged and non-packaged home loans for fixed and variable rates.
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Online lender, Tic:Toc has announced that it will cut rates on their variable and fixed rate home loan, which according to them, are the lowest rates in the market.
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Striving to help Aussie first home buyers enter the market, Prime Minister Scott Morrison has just promised that if his government is re-elected, first home buyers would only need a 5% deposit instead of the standard 20% deposit. Labor has since agreed to match the policy.
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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.
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Today, ANZ slashed rates across a range of its fixed rate home loans, making it the latest in a long list of lenders to make cuts.
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If you've been thinking about switching your big bank home loan to a better value lender, here's some news that should get you moving pronto. New Mozo research has found that the average big 4 bank mortgage customer could be losing out to the tune of $2,388 a year by not switching to a cheaper lender.
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