Interest Rates On Hold for September

Interest rates are kept steady at 2.50% for the month of September, less than a week out from the election.

The Reserve Bank are using a wait a see approach to see how local and global economic conditions move. Economists are predicting another interest rate cut before Christmas to aid Australia’s flagging economy.  They are siting the month of November on Melbourne Cup day as the date that interest rates are likely to drop again.

If you are looking for a home loan, investment or commercial loan we have qualified ASIC licensed mortgage advisers to help you

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Fixed Rate Home Loans Are Falling

Despite the RBA leaving variable interest rates on hold for July, fixed rate home loans and investment loans continue to fall.

Below is just a sample of the types of rates you may find in the Australian mortgage market. Please note that these loans may not suit all borrowers so it is imperative that you contact your mortgage advisor to see if these loans suit your lending needs.

1  Year Fixed Rate     4.69%     CPR 5.13%

2  Year Fixed Rate     4.79%     CPR 5.31%

3  Year Fixed Rate     4.68%     CPR 5.31%

4  Year Fixed Rate     5.21%     CPR 5.13%

5  Year Fixed Rate     5.29%     CPR 5.45%

7  Year Fixed Rate     7.30%     CPR 5.26%

10 Year Fixed Rate     7.30%     CPR 5.26%

For more information on fixed rate loans and to see if they suit your lending needs feel free to submit a mortgage quote by clicking the button below.

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Australian Interest Rates on Hold

The Reserve Bank of Australia announced this week that interest rates will remain at 2.75% for the second month running.

The RBA stated that they want to see how previous interest rate cuts have stimulated the economy. Also, the Australian dollar has fallen over 10% in the last month which added economic benefit for the Australian economy. Economists believe that interest rates are likely to drop at least once more before Christmas.

I hear no inside information about the banks changing their variable rate home loans but there are a number of fixed rate loans that have fallen below 5.00%  which is a very attractive rate if you are looking to fix your home loan. I will update the fixed rate products in another post.

In the mean time if you require assistance from a mortgage adviser from any of the major banks plus 40 other lenders feel free to submit a mortgage quote.

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October Interest Rates Down 0.25% – ANZ, Westpac, NAB, CBA, ING, Suncorp

Update 12th October 2012: ANZ announces a 0.20% drop in their variable rate 0.05% short of the full rate decrease

Rates announces by AMP, Bank West, Bank of Melbourne and Bendigo Bank. Adelaide bank will not pass on the rate cut until the 26th October making their customers pay the higher interest rate for 24 days after the rate cut was announced.

Friday 5th October NAB and Commonwealth Bank ( CBA ) announced that they will drop variable interest rates by 0.20%. Westpac are only dropping their rates by 0.18%. We are still waiting on ANZ and many other lenders make their decision.

Thursday 4th October ING reduces rates by the full 0.25%

Tuesday BOQ reduces rates by 0.20%

Current Bank Interest Rates Rate Cut
Adelaide Bank/ Bendigo Bank -0.20%
AMP -0.17%
ANZ -0.20%
Bank of Melbourne -0.20%
Bank of Queensland -0.20%
BankWest -0.19%
Citibank No Decision Yet
Commonwealth Bank -0.20%
Homeside Lending -0.20%
ING Direct Bank -0.25%
Member equity bank ( ME) -0.20%
RAMS No Decision Yet
NAB -0.20%
St George Bank -0.17%
Suncorp Bank -0.19%
Westpac -0.18%

If you need help with refinancing or for a new purchase please contact one of our mortgage consultants to assess which lenders suit your needs

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Interest Rates Remain On Hold

The Reserve Bank of Australia decided to leave interest rates on hold today. So there will be no relief for business borrowers and home loan borrowers for the month of April.

They have left open the door for future interest cuts for up coming months but business, especially retail are calling for them to be cut sooner rather than later.

Even though interest rates remain on hold maybe it is time for you compare your current rate to other offers on the market. Below are just a few examples of variable and fixed rates you can get today;

Variable Rate: 6.35%

2 year Fixed Rate: 5.95%

3 Year Fixed Rate: 5.95%

5 Year Fixed Rate: 6.45%

If you need help we have a mortgage broker in your area to help you find a competitive interest rate for refinance or purchasing a new home by simply completing the contact form below.

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ANZ Increase Home Loan Variable Rates by 0.06%

In a not so surprise move today, ANZ have increased their variable rate by 0.06% for home and business loans.

This puts ANZs standard variable rate for home loans on par with Westpac but higher than Commonwealth Banks and NAB.

NAB earlier this week announced that they will have the lowest standard variable rate amongst the big four.

There are hundreds of home loan products and it seems the major banks no longer offer the most competitive rates. To find out more complete the form below and find out what offers our brokers can find you.

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