There’s been a lot of buzz in the home lending and banking space recently, so you could have missed it, but some lenders are beginning to lower rates.
The RBA may have held rates steady for 30 months, but that hasn’t stopped lenders from announcing their own rate cuts (or rises).
Bendigo Bank is one of the banks to drop its interest rates for new borrowers by as much as 0.20 percentage points across a range of products, while existing borrowers’ rates stay intact.
Other lenders have made efforts as well.
Bendigo is far from the only lender to lower rates. It’s the eighth or ninth lender this year to offer varied cuts.
Heritage Bank, Bankwest, and State Custodians are among the other lenders that have made cuts.
The announcement comes after RBA governor Phil Lowe stated recently that there is now a 50/50 probability that the next official cash rate adjustment will be down, despite most commentators forecasting an uptick.
However, 14 to 15 lenders, including NAB, Macquarie, and ING, have lately hiked the variable rate on loans for current customers.
So, what does all of this mean?
With all of the volatility and uncertainty in the market, now could be a good time to give us a call.
Given the market’s volatility and unpredictability, now might be a good time to call us for a home loan health check.
We’d be pleased to review your current mortgage to see if it’s still appropriate for your needs – or if the market changed significantly for you to consider alternative possibilities. Schedule a call now.