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.
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.
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.
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.
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.
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.
ANZ, Athena, Homestar and State Custodians are leading the RBA rate cut nice list this month, being first out of the blocks to announce they are passing through the Reserve Bank's July rate cut in full.
With the RBA cutting the cash rate to a historical low of 1.00%, there’s never been a better time to get picky about your home loan, especially with some lenders slashing rates to below 3.00%!
Qantas Frequent Flyer and ANZ have joined forces to offer the chance for customers to earn Qantas points on new eligible ANZ home loans.
ANZ dropped its variable home loan rates by 0.25% p.a. following today’s RBA cash rate cut, making it the first big bank to pass on the full cut. Considering the backlash ANZ copped from the RBA after not passing on last month’s cash rate cut to customers, it was really only a matter of time before it did.