The number of cashback switching incentives for borrowers to refinance their home loan has declined throughout 2023, but in good news for borrowers ANZ Bank is bucking the trend and has a $2,000 cashback offer available to new customers.
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Look, we’ve all had a moment wondering something bonkers, bizarre, random – you name it. And nothing can be more confusing than the wide world of property and home loans.
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The thirteenth Reserve Bank of Australia (RBA) cash rate hike has pushed smaller home loan lenders to raise interest rates in November. So, where do the opportunities lie for borrowers searching for a great rate?
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With inflation still much too high, the Reserve Bank of Australia (RBA) has hit the cash rate with its thirteenth hike, hammering in another 0.25%. Official interest rates now sit at a lofty 4.35%.
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The Reserve Bank of Australia has delivered another aggressive 0.25% rate hike to the economy, bringing the official cash rate to 4.35%.
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Word on the street is that the RBA may be planning one more rate hike. However, borrowers who are already feeling stretched can improve their situation by refinancing their home loan to a lower rate.
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New research shows Australians are keen to get a foot on the property ladder as soon as possible, citing the cost of rent and increasing home prices as the impetus.
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Well, the rate hold was nice while it lasted. The latest quarterly inflation data has spooked economists and experts at the Big Four Banks. Now, half the market believes the Reserve Bank of Australia will increase the cash rate in November 2023 for the first time in five months.
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October saw a flurry of home loan interest rate adjustments, with variable rates shifting up and down, and longer-term fixed-rate home loans bearing the brunt of rate rises.
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Economists are placing bets for Cup Day, and odds are home loans may have a shock in November. Inflation and the weather have started to warm again headed into summer, so now there’s a greater than none chance the Reserve Bank of Australia will hike the cash rate another 25 basis points to 4.35% – another decade high.
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