Mortgage rates are going up, with Westpac becoming the first big bank to raise rates out of cycle and other lenders set to follow their lead. Home loan customers will be justifiably upset, but the good news is that you don’t have to just swallow it.
With house prices finally dipping after years of climbing, it’s looking good for first home buyers who want to put their foot on the property ladder - but as we know, it’s really not that easy. Pen to paper home loan applications are about as popular as a garden salad at the pub, and according to St. George Bank, Aussie’s would rather do almost anything else.
Between the number of Aussies who are nervously awaiting the final big four hike and those dreaming of owning their first home, the Aussie property market has seen better days.
As the cost of your morning coffee goes up, your boss announces there’ll be no christmas bonus and big banks hike up their home loan rates, it’s no wonder Aussie’s are feeling the strain on their purse strings.
If you’ve still got a home loan with a big bank despite the recent rate hikes, it might be time to reconsider. New research from Mozo reveals that the big bank mortgage loyalty trap is costing Aussie borrowers $19 million a day in missed interest savings.*
A new Aussie first offer from loans.com.au combining a low rate home loan and interest-free credit facility, aims to have Aussies cutting up their credit cards.
Although the weather’s not quite hot enough to give your budgie smugglers another run, there is one thing that’s heating up, and that’s spring property season. After a lengthy housing boom, first home buyers could be in the prime position to purchase as the property market loosens its grip.
Aussies sticking with the big four after their recent rate hikes run the risk of missing out on over $2,000 a year in savings, according to Mozo research. This means that as a whole, Australians could lose a combined $7.02 billion^ in interest savings a year, or $19 million a day.
f you’ve still got a mortgage with a big bank despite the recent rate hikes, it might be time to reconsider. New research from Mozo reveals that the big bank loyalty trap is costing Aussie borrowers $19 million a day in missed interest savings.*
There are some things that make the good old days hard to forget - big hair, how far $2 got you at the school canteen, or apparently, being able to afford your first home.