As we head into the Easter break, the nation’s banks seem to have caught the holiday spirit!
The Commonwealth Bank has become the latest lender to jump on the rate cut bandwagon by announcing a number of cuts to its fixed home loan rates.
The Commonwealth Bank is just the latest lender to reduce its fixed rate offers, with 23 other providers having made cuts to at least one fixed rate home loan since the start of March.
Some of the notable recent fixed rate changes include:
Adelaide Bank: Made cuts ranging from 5 to 41 basis to its fixed rate products.
AMP: Cut between 13 and 87 basis points from select owner occupier and investor fixed rate loans.
CommBank: Slashed fixed rates for owner occupiers and investors between 10 and 30 basis points.
NAB: Reduced a range of fixed rate home loans for both owner occupiers and borrowers with cuts from 5 to 34 basis points.
Suncorp: Made changes to 5 year fixed rate terms for both owner occupiers and investors ranging from 20 to 70 basis points.
Along with this, Westpac are seeking to take market share as interest-only loans approach their expiry by offering a $2,000 rebate to new customers refinancing with them.
Westpac and its subsidiaries will offer the $2,000 rebate for anyone refinancing with a loan amount of over $250,000, according to the Australian Financial Review.
The group is also offering a $1,000 purchase rebate for every property bought with a loan amount of over $250,000.
And closing out the rate cutting party is the news through that Bankwest has continued to adjust the interest rates on its home loans, slashing the fixed rates on selected mortgages for the second month in a row, which could potentially save new borrowers money on their home loans.
From 17 April 2019, 2-year fixed rates on Bankwest’s Complete Fixed Home Loan P&I have been cut by seven basis points for owner occupiers, and by six basis points for investors.
The new 2-year fixed rates of 3.68% for owner occupiers (comparison rate 4.48%) and 3.88% for investors (comparison rate 4.99%) are both well below the market averages (based on RateCity data as of the end of March 2019) of 4.17% for owner occupiers and 4.28% for investors.
It’s Bankwest’s second rate cut in recent months, with four basis points being shaved off the 2-year fixed rates on the Complete Fixed Investment Loan in mid-March 2019. This followed cuts to mortgage rates on selected Bankwest investment home loans in November 2018.
It’s never been a better time to get your finances appraised by our expert broker teams, so make contact with your Property Mentor or hit firstname.lastname@example.org for further information!
Have a safe Easter break and catch you next week!
Property Club being the leaders in Wealth Creation through property for 20+ years now, with over 20,000+ properties settled by Club members is in the enviable position of being best placed to assist YOU to have a retirement avoiding the pension!
Contact your Property Mentor for guidance and assistance on the best deals we have at the moment and let us show you how to avoid the pension!