Tuesday, September 27, 2022

Why Australian banks are slashing fixed-rate residence loans regardless of successive rate of interest rises

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It could have gone largely unnoticed among the many screeching sirens and the roar of emergency autos — however rates of interest really fell final week.

That is proper. Within the rush to ship the unhealthy information on a massively telegraphed double hike within the official money price — which the massive 4 banks handed on in full on their variable charges — most information shops missed the truth that some key lending charges had been really slashed.

Mounted-term charges, particularly for 4 years, had been reduce — in some instances, dramatically — by the likes of Commonwealth Financial institution, Westpac, Macquarie and Suncorp.

The selections had been a sudden reversal to some savage hikes on mounted charges simply weeks in the past by our main lenders.

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