BANKS are offering discounts up to 1 per cent off their standard variable mortgage rates to stimulate the home loan market ahead of the crucial spring selling campaign.
With loan growth across the market having dropped back to just 6 per cent over the 12 months to June 30 from an annual average of 8 per cent over the previous two years, lenders are using a range of cheaper offerings to tempt reluctant consumers.
The push is being driven by the banks’ own lower lending costs as they recycle a huge increase in customer deposits into mortgages. Continue reading Buying a house? Get a mortgage discount.
The federal government’s announcement on 25 March that home loan exit fees are banned from July 1 onwards is causing confusion with a number of borrowers who are trying to decide whether to switch now or later.
Many are unsure whether it will be more beneficial for them to wait until this expiration date passes before committing to a new loan, says Australia’s largest independently-owned mortgage broker. Continue reading Exit fee ban – so when’s the right time to refinance?
Most people, whether they are owner occupiers or investors, have to borrow money when purchasing property.
When you are in this situation, one of the most commonly asked questions you will ask yourself is:
“Should I take out a principal and interest or interest only loan?” Continue reading What sort of loan grabs your interest?