The banks are moving interest rates outside of RBA movements. While annoying there are reasons for this which I won’t bore you with. But what is most disappointing is that they will likely move the rate for existing customers, while increasing the discount offered to new customers coming to the bank. So that new customers are not affected by these increases. My advice is simple. Wait for the dust to settle and see whats on offer for you in the market place. As it is likely your current bank will no longer have the best deal for you.
The banks and lenders are screaming for new business currently as loan volumes are down due to the royal commission and stricter lending guidelines. With many of the big lenders offering up to $2000 to switch eligible loans. So it makes sense to take a look- you could even end up with more cash in your pocket and a lower monthly mortgage repayment (and if we do the loan for you could get even more $$ back as well)
………………………….and if you do want to know some of the reasons why they are doing this, please feel free to contact me and I will happily explain/put you to sleep 🙂
Have a great day all.