What is the impact of taking a mortgage holiday?
Could taking a holiday from your home loan do more harm than good? What are the long-term financial consequences of putting a temporary freeze on your mortgage payments?
Which banks are freezing mortgages for COVID-19?
As well as offering support for Australian small business, several banks have offered home loan customers being affected by coronavirus the chance to take a mortgage holiday. This allows these affected mortgage holders to pause their loan repayments for a limited time to help relieve pressure on household budgets.
What the big four banks’ COVID-19 packages mean for households
There’s been a lot of news lately about how different services are responding to the COVID-19 crisis. It’s not unlikely that you may have missed information that affects you amongst all of the headlines.
How the big four banks are responding to the coronavirus crisis
Here is a summary of how the big four banks have responded to the coronavirus crisis and emergency RBA cash rate cut.
ANZ the only big four bank to cut variable rates for existing customers
The fourth largest lender ANZ has bucked the trend, announcing they will cut variable rates for both new and existing home loan customers by 0.15 per cent.
Westpac, NAB join CBA with cuts for small business but nothing for variable customers
Big banks Westpac and NAB have confirmed they will not cut rates for variable home loan customers, instead offering big cuts for small businesses and new fixed rate loans.
How the coronavirus could impact Australia’s property market
As Australia experiences a steep rise in confirmed cases of COVID-19 and a recession becomes more likely, concerns over the pandemic’s impact on the property market are mounting.
CBA slashes small business rates, holds back on variable home loan customers
Australia’s largest bank, CBA, has confirmed it will not pass on today’s 0.25 per cent emergency cash rate cut to its variable rate customers.
Rate cut set for this Thursday: what this means for your mortgage
The RBA could potentially cut the cash rate as early as this Thursday, as the economic impact of the coronavirus pandemic continues to amplify.
Lenders to focus efforts on catching liar home loans
Lenders want consumers to be more accountable for the debts they disclose when applying for a home loan.
Banks welcome riskier lending back into the fold
The banks are increasingly taking the foot off the brake on home lending, particularly for ‘riskier’ loans, according to APRA’s quarterly banking figures out today.
The lenders that are cutting home loan rates so far
More than 50 lenders have committed to reducing variable rates on home loans, three days after the Reserve Bank of Australia’s decision to slash the official cash rate to a new record low of 0.50 per cent.
ING slashing fixed rates to new market low of 2.49%
Australia’s fifth largest bank, ING, is cutting fixed rates to as low as 2.49 per cent on its 3-year fixed rate, effective tomorrow.
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