Record number of Aussies refinance as new home lending plummets
Today’s figures from the ABS show new home lending plunged $2.15 billion in May, the biggest monthly drop ever recorded.
Westpac steps up for young Australians as CBA cuts intro savings rates
Australia’s second largest bank, Westpac, has today launched a new ongoing savings rate of 3 per cent for Australians aged 18 to 29 years.
Banks extend mortgage deferrals, but what’s the cost?
Australian banks have today announced that they will allow mortgage holders in severe financial hardship to extend their mortgage repayment pause by up to four months.
Australians wipe a record $1.64 billion off credit card debts in May
New figures released today from the RBA show Australians wiped $1.64 billion off credit card debt accruing interest in May, the biggest monthly drop on record.
COVID-19 rewards borrowers, but savers feel the pain
The Reserve Bank is expected to leave the cash rate on hold at 0.25 per cent when it meets this afternoon. But RateCity data shows home loan and deposit rates have continued to tumble in the past month.
Home loan rates hit new record low of 1.99%
Fixed home loan rates continue to tumble, with Bank of Us the first lender to offer the average Australian a fixed home loan rate under 2 per cent.
Battle of the banks – Australia’s lowest variable rate hits 2.17%
Variable home loan rates continue to drop with Freedom Lend today, the new leader in the mortgage rate wars.
Westpac Group cuts new customer rates in a bid to boost its home loan book
Australia’s second largest bank, Westpac, has today cut its basic variable rate to 2.69 per cent, but the offer is solely reserved for new customers with a deposit of more than 30 per cent.
RBA to hold: have home loan rates hit the bottom?
The Reserve Bank is expected to keep the cash rate on hold at 0.25 per cent when it meets today, but the rate cuts keep coming from the banks for new home loan customers.