Have you seen a few banks lowering their interest rates further than your current bank?
Tuesday was a historic day as the Reserve Bank of Australia (RBA) lowered interest rates by 0.25% for the first time in almost 3 years.
Several major lenders have announced that they will pass on this rate cut in full, while others will pass on a large percentage of it.
Should you be racing out to change lenders, because your lender may not have passed on the rate cut?
We want to give you a few words of sage advice.
- Wait a few days to see how all the lenders pan out in terms of rate changes.
- Look more deeply into the actual rate you are paying. Your rate is often dependent on the discount the lender has given you off the standard variable.
So, a lender that has potentially not passed on the full rate cut, may be giving greater discounts. Therefore, the actual rate that you are paying is in fact lower than a competitor who passed on the full rate cut but hasn’t given as big a discount.
Now is an ideal time for you to be talking to your broker about what’s happening in the market.
What options are out there?
What fixed rate options are out there?
Let’s see if we can save you money!
16 years ago, when House & Home Loans started, we committed to our slogan how much can you borrow and how much can you save? Never before has this been as important or, as critical.
House & Home Loans has one of the largest selection of lenders available on our panel as we have negotiated access to lenders that work exclusively with a few select brokers only. So, whether you want to negotiate a more competitive interest rate with your current lender or wish to find a better suited product for your needs with a new lender, we can help!
So, let’s talk!
Call us today (08) 9242 3300 or email.