More lenders drop home loan rates below 3 per cent

Several lenders announced cuts to their home loan rates last week, with the number of lenders offering rates below 3 per cent growing. ANZ cut home loan and deposit rates. On the home loan front, for borrowers with loan-to-valuation ratios…

More neobanks enter the savings account market

Neobanks Xinja and Volt have launched savings accounts, giving consumers more choices of at-call accounts offering rates higher than 2 per cent. Meanwhile, Macquarie Bank has increased the four-month introductory rate on its Macquarie Savings Account to 2.65 per cent.…

Kavanagh

A surprise entrant in the worst bank of the year stakes is Citi. Most banks would be happy to leave it to the big banks to fight it out, but Citi has made a late bid for infamy by increasing…

At-call savings rates crash

On Friday, ANZ and NAB cut the interest rates on their bonus savings accounts, both cutting their bonus rates by 25 basis points. Small deposit takers also cut rates late last week. ANZ cut the bonus rate on its Progress…

Stock picks for a low-rate world

Bond yields will continue to fall, driven by the negative impact of recent tariff increases, according to a new equity market report by Macquarie Securities. In an ongoing low-rate environment, Macquarie likes bond proxies and defensive stocks. It says its…

CBA updates home loan serviceability tests

Australia’s biggest home lender has made some significant adjustments to its mortgage assessment criteria, reducing its rate floor and demanding more detailed spending data. Commonwealth Bank has decreased its floor rate to 5.75 per cent from 7.25 per cent. It…

Few lenders pass on the full rate cut

After two months of home loan interest rate moves only eight providers have passed on the full cuts to its customers. Athena, Bank First, Greater Bank, Homestar, Newcastle Permanent, RACQ Bank, The Capricornian, and UBank are the only lenders that…

Borrowers get an average 20 bps cut, savers much the same

Forty-nine lenders announced mortgage interest rate changes in the week the Reserve Bank cut to cash rate to 1 per cent, with an average cut of 20 basis points. On Friday, the deposit rate cuts started. ANZ  and NAB announced…

Kavanagh

Have a guess how many credit card issuers cut their interest rates following the reduction in the Reserve Bank cash rate last month. The answer is two – Auswide Bank and P&N Bank. We should all take a hard look…

Lift your home loan game

With home loan interest rates as low as 2.99 per cent, borrowers have plenty of scope to negotiate a better rate or refinance. A lot of borrowers don’t know they can haggle with their lender. The consumer watchdog, the Australian…