Having been in the mortgage industry for just over 6 years I have seen home loan interest rates rise and fall. One of the most common observations is that banks are slower to pass on a rate cut compared to when interest rates rise. The table below shows that there is a 24 day difference between banks Read More
Update: ANZ reduces its variable mortgage rates by 0.25% and in a surprise NAB reduces rates by 0.20%. Despite not passing on the full interest rate cut NAB still has the lowest standard variable rate amongst the big four banks. As predicted interest rates were reduced by 0.25% yesterday giving borrowers a reprieve before Christmas. Read More
Only a day ago Westpac reduced its fixed rates by 0.40%. Today they reduced their fixed rates by a further 0.20% after the Commonwealth Bank announcement. The competition is heating up.
The banks are at war with each other! Each major bank is offering some type of incentive for consumers to switch from their current lender. Offers such as cash rebates, discounted interest rates, exit fee payments, iPads, TVs etc. Behind these offers there is always devil in the detail and before making a change it is Read More
When Commonwealth Bank came out with a 0.45% interest rate increase, 0.20% higher than the Reserve Bank interest rate increase, the media, politicians and the public were enraged. Having taken the brunt of the bad publicity most of the other banks and smaller lenders have also followed suit. As each lender announces their interest rate Read More