Bruce's Blog
Rate rises
Thu, Dec 2nd 2010, 13:45Headlines on Standard variable rates can be misleading as can statements that you can save heaps by going elsewhere.
Most borrowers who have used a mortgage broker, will generally have a basic loan or a package which includes a transaction account and often a credit card. In both cases, the new interest rates for property finance would result in rates of 7.0 to7.16% across the main banks. All other lenders including building societies and crdit unions, have now followed with varying increases but most higher than the RBA increase.
A number of lenders have offered a special 3 year fixed rate around 7.1%. Do they know something we don't? Are rate increases almost over?
Certainly, current trends in property auction clearances and a slower economy suggest the Reserve Bank has done enough for now
If you unhappy with your lender's rate, we can offer loans with rates below 7.0%. Call us to find out