ME Bank’s recent report revealed an astonishing 94% of Aussies don’t trust their banks in the wake of the Banking Royal Commission’s release of its final report earlier this year.
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Fixed rate home loans can be an enticing option for borrowers. They provide security against rate hikes and certainty about fitting monthly repayments into the family budget. But some borrowers may be unprepared for the potentially high revert rates that await them at the end of their fixed term.Fixed rate home loans usually come with a fixed term from one to five years long, or on some options, as long as seven or even ten years. While the rate is locked in for this period, it then reverts back to a variable rate option. These revert rates automatically kick in unless you negotiate an alternative with your lender, and they can make a huge difference to your monthly repayments.If this is all news to you, you might be in for a shock. Research from Mozo has shed some light on just how steep revert rates can be for borrowers caught unaware.
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Since the start of the year, many Aussie homeowners have felt the pinch from variable home loan rate rises, especially from the major banks. But the trend toward hiking rates could be about to change thanks to moves by challenger lenders and smaller banks.
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With so many new home loan lenders emerging, traditional banks are feeling the heat when it comes to staying up to date with the latest in banking trends.
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As the saying goes, ‘work smarter, not harder’, and paying off your home loan is no exception.
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Virgin Money has announced a new offer which gives Aussie first home buyers the chance to earn double Velocity Frequent Flyer Points on their home loans.
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Today, two-time Mozo Experts Choice Best Online Bank Award winner, UBank announced it will be introducing the world’s first AI-powered home loan application assistant.
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Australia’s overall financial comfort may be improving, but that doesn’t mean Aussies are ready to give up on stashing money away like doomsday is just around the corner.
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As the reporting embargo was lifted and our news feeds came to life at 4:30pm on Monday afternoon, it’s fair to say many observers would have greeted the recommendations released in the Royal Commission’s Final Report into Misconduct in the Banking, Superannuation and Financial Services Industry with disappointment.
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Gateway Bank has released their latest Mortgage Holders’ Sentiment Report, and it looks like Aussies never tire in their search for better rates.
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