Interest Rates On Hold – Lenders Reducing Rates

August brought about another interest rate hold bringing relief to many mortgage holders. Mixed messages from economists is making it difficult to get an indication on where the interest rate market is heading. The Reserve Bank of Australia considered raising rates but left them on hold and are adopting a wait and see approach for now.

The debt worries of the United States and Europe are increasing concerns of another global financial crisis which could lead to falls in interest rates as predicted by Westpac. Fixed rates are also falling and this could be another indication that the market feels rates are likely to fall than rise. Until all these factors become clearer we will just have to wait and see.

In the mean time the banks and non banks are trying to undercut each other regarding interest rates and product. Here are just a few examples of the types of loans that can be found;

6.80% Professional Package ongoing  variable rate for loans greater than $500,000

6.90% 100% Offset variable rate for loans between $250,000 to $500,000

6.85% for a basic loans

3 Year fixed rates have at 6.59% with a professional package

5 Year Fixed at 6.99% with a professional package

To find out if any of these suit your lending needs please contact one of our consultants by sending a mortgage enquiry form.

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