Error
  • JUser: :_load: Unable to load user with ID: 46
Menu
Cuzz Media

Cuzz Media

Cuzz Media is part of t...

NAB VICTIM

NAB VICTIM

In late 2008 we became vi...

Banking In Australia Today

Banking In Australia Today

Visit Banking in Austra...

Donate Please

Donate Please

We need your support. ...

Prev Next

Mortgage holders should switch - study Featured

Mortgage holders should switch - study

Bigpondnews.com   Finance   October 08, 2012

The big banks insist they can't afford to pass on the Reserve Bank's interest rate cut, but angry mortgage holders are increasingly likely to respond by switching lenders.

An Ernst and Young report has found 66 per cent of people think there are better deals available than their present loans.

However, if lenders want to take advantage of people's desire to switch, they must simplify what are currently complicated mortgage products.

Since the Reserve Bank cut the cash rate by 25 basis points to 3.25 per cent last Tuesday, the Westpac, Commonwealth Bank and National Australia Bank cut their variable home loan rates by less than that, citing high deposit costs.

ANZ will review its lending rates on Friday.

St George followed the lead of the major banks today, lowering its standard variable home loan rate by 17 basis points to 6.69 per cent (a $33.94 saving) from October 15.

Last modified onFriday, 31 May 2013 05:13

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

back to top

News

Major Topics

Helpful Resources

Socialize

About Us