Home loan rates continue to tumble for new customers
While the RBA left the cash rate at 0.25 per cent today, lenders are still slashing home loan rates for new customers, particularly owner occupiers who have equity in their home.
Will taking a loan repayment pause during COVID-19 affect my credit score?
The Australian Banking Association (ABA) has today announced that customers’ credit scores won’t be affected if they need to defer their loan repayments for up to six months due to COVID-19, provided they were up to date with their repayments beforehand.
The real cost of a repayment pause, and how to minimise the fallout
CBA’s announcement today that customers who take a six-month repayment pause will be refunded interest-on-interest charges during this time will help families struggling to make ends meet.
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?
Fixed rates plunge to new record low of 2.09 per cent
Banks have launched a fixed home loan war, with ING set to offer the country’s lowest home loan rate at just 2.09 per cent, fixed for two years, available today.
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.
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