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This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about Financial Products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers, for further details refer to our FSCG. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a Financial Product, you will deal directly with a financial institution, and not with RateCity.

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Media Releases

23rd May, 2012
Variable rollercoaster: borrowers warned to prepare for more repayment fluctuations
RateCity study shows borrowers with a $400K mortgage saw monthly repayments fluctuate by up to $957 during past 4 years. Benchmark basic variable rate has swung by 3.75 percentage points since May 2008. Borrowers urged to prepare now for rate hikes while variable rates are falling!

21st May, 2012
Lenders watch out: more borrowers switch lenders
Biggest number of refinanced loans since April 2008. 2nd successive monthly record for refinancing as percentage of all loans. Lenders need to be more competitive if they want to keep their customers!

15th May, 2012
More borrowers taking fixed rates, but caution urged while variable rates dropping
3-year fixed home loan rates now at lowest absolute levels in three years. New ABS data shows highest number of fixed home loans written since May 2008. Borrowers need to focus on the gap with variable: could be $1,600 worse off by fixing if variable rates fall further!

10th May, 2012
Federal Budget winners: low income families could save $38,000 off their mortgage!
1.1 million families expected to benefit with extra payments in Federal Budget. RateCity urges low income households to invest extra family payments. Adding extra payments to a $300K mortgage could save $38K over 30 years

7th May, 2012
Big 4 banks keep 0.55% each on average since September 2008
Major 4 banks keep 0.55% of RBA rate movements since September 2008. Borrowers with a $300K mortgage from the big 4 miss out on $3,314. If you’re with the major banks and aren’t happy, talk to your lender or switch!

1st May, 2012
Reserve Bank drops official cash rate by 0.50% – expect big banks to hold some back
Official cash rate falls to 2.5 year low at 3.75% . Expecting big banks to wait for ANZ’s review on Friday May 11, but big 4 likely to pass on less than full cut. Borrowers should demand “individual” rate cuts – lenders will do this rather than lose customers.

30th April, 2012
Westpac cuts some fixed rates and extends discount to smaller mortgages – sign of further rate cuts to come?
Westpac discount of 0.70% will be offered to home loans from $150,000. Westpac will also cut 1 and 3-year fixed rates. RateCity warning: discounts can be deceiving!

27th April, 2012
RateCity's Reserve Bank Rate Alert - May 1, 2012
Reserve Bank should drop official cash rate but lenders unlikely to pass on full rate cut. ANZ customers will have to wait some days for a rate decision. Advice to borrowers: focus on the rate, not the size of rate cut!

23rd April, 2012
Some silver lining in rate wars: savers getting better deal than borrowers
Major banks more generous to savers than mortgage borrowers. At-call savings accounts expected to fall in line with RBA rate cuts. Term deposits remain competitive.

20th April, 2012
Australians switch to cheaper credit cards as debt hits record $50.6 BILLION
Reserve Bank corrected data shows credit card debt hits record $50.6 billion in February. HSBC survey found drop in mid-range cards and increase in “no frills” credit cards. Concern that some card holders reducing their repayments and getting deeper into debt.