ANZ Increase Interest Rates – Time to Refinance You Home Loan?

ANZ announced late this afternoon that they will be increasing their variable home loan mortgage rates by 0.06%.

ANZ claimed higher funding costs as a result for the increase. This will add approximately $100 a year to a $300,000 home loan.

Typically the other banks have followed when one lender increases interest rates. We will just have to wait and see what Westpac, NAB and the CBA do in the coming days.

I feel consumers are becoming increasingly impatient with the banks increasing rates and will begin to look elsewhere  to refinance their home loans.

If you would like to contact a mortgage consultant to help you find a suitable loan to either refinance or to purchase a new property please complete the form below.

Variable Rates from 6.35% and Fixed Rates Under 6.00%


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.


ANZ Raise Fixed Interest Rates

 In an ongoing trend in the last month we have seen fixed rates increase from their lows.

The ANZ bank today announced that they will increase their fixed interest rates. We are also aware that most other lenders will follow as the cost of fixed rates increases.

We suggest that is you are looking at obtaining a fixed rate that your apply for a “rate lock.” A rate lock is a guarantee that the interest rate today will be the same or less at settlement. However, are a few limitations;

– Usually costs a fee; anything from $0 to $800 depending on the lender

– Time limited to 30 to 90 days depending on the lender

– You must have you loan approved before you can apply for a rate lock

If you are in the market for a low fixed rate loan we suggest you act sooner rather than later before they rise further.  

To quickly access what the most competitive offers on the Australian mortgage market, complete a  mortgage quote form and one of our mortgage advisors can help you find a fixed rate that suits your lending requirements.




ANZ Leave Home Loan Rates on Hold

ANZ today announced that they are not increasing their variable home loan and commercial loan interest rates after their monthly review.

It will be interesting to see what the other lenders do. I feel that they too will keep interest rates steady in fear of media backlash. As always we will keep you updated.


The Rock Building Society Increase Rates

Yesterday the Rock Building Society raised their variable rates by 0.10%.

This is starting to become a trend. A day earlier the Bank of Queensland BOQ, increased their variable rates by the same amount.

We will just have to wait until tomorrow to see if the other major banks increase their rates which will spark more media attention than The Rock and BOQ.

If you are considering to get your home loan checked to see if you are paying too much in interest and fees, feel free to submit a mortgage quote.


BOQ Bank of Queensland – First to Raise Rates

Yesterday afternoon Bank of Queensland (BOQ) raised their variable interest rates by 0.10%.

This was a passing note in the news and there was no politician or media backlash against the move. It seems the major banks are an easy target. That being said rate increases from any lender is a kick in the face to any Australian borrower.

I feel we will hear from the majors on Friday after ANZ have their review. For now it is a waiting game and we will know where most lenders are heading by mid next week.

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