Rates on Hold - What's Next?
Article by Mozo
The weather man predicted a storm last Tuesday, but we got a day of bright sunshine as the the RBA spared home owners the pain of yet another rate hike.
The big question now is not what the RBA does, but what the Big Four banks will do. Hold rates? Sneak in a small increase? Cut rates?
One thing is for certain, the home loan market is in a very interesting position. In the midst of economic recovery, many new lenders have thrown down the gauntlet to the big banks.
Competition from players like MyRate, Homestar, State Custodians and New Loan are pushing the market forward with standard variable rates well below the Big Four, in some case an entire 1% below their bigger rivals. Check out our home loans page for the latest comparisons.
With all these fresh options, and lenders vying for your hard-earned buck, there has never been a better time run your current loan through the wringer.
Use our award-winning home loan health check and find out how much you can save by switching loans. It only takes a minute and saves people an average of $35,000* over the life of their loan.
*Average potential savings per home loan health check in 2009