A massive 32 home loan lenders, including major banks ANZ and NAB, have slashed interest rates, with experts expecting more to come as the RBA changes tack. 👇
Many families have refinanced their home loans to lock in better interest rates after the RBA began increasing its cash rate target.
Canstar Group executive financial services, Steve Mickenbecker, said cuts to fixed rates signalled that the market expected lower variable rates ahead – though not so certain was the timing of that. “A more accurate guide to variable home loan rates is the bank bill swap rate and is also closely aligned with the Reserve Bank cash rate. It has only moved down around 0.05 per cent since the start of March.”
“While the majority of banks’ lowest rates are still variable, in the case of NAB and ANZ, their lowest rates are now fixed. The catch is, if you want these fixed rates, you have to be willing to lock up your loan for the next three years, a proposition many customers aren’t keen on committing to at this point.
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