ANZ cuts variable home loan rate for new customers - Touch of Finance News - 06/08/2018
ANZ has become the first big lender to cut its variable home loan rate for new customers, as the banks slug it out for business in a tightening market.
*Conditions Apply.Each comparison rate is based on $150,000 over 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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ANZ has become the first big lender to cut its variable home loan rate for new customers, as the banks slug it out for business in a tightening market.
Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual
Falling house prices and continued low inflation have not altered the Reserve Bank's determination to keep its current interest rate settings.
The Reserve Bank has left official interest rates on hold at a record low 1.5 per cent for the 26th consecutive RBA board meeting.
With inflation reaching its highest peak in 30 years, an economist has warned Wednesday’s news will likely signal a cash rate hike by the RBA. A prominent economist has warned Wednesday’s rise in inflation would likely see the Reserve Bank of Australia lift its cash rate on February 7. Increasing for the fourth consecutive quarter, the Consumer Price Index (CPI) saw a year-on-year increase of 7.8 per cent, the highest annual increase since 1990.
A leading economist has issued a warning that the Reserve Bank of Australia (RBA) could be doing “too much too late” to curb rising inflation rates ahead of their Tuesday meeting. The RBA is holding its first meeting of the year later on Tuesday afternoon where they are widely expected to hike the interest rate by 25 basis points to bring the cash rate to 3.35 per cent. Currently, the cash rate sits at 3.1 per cent, a significant leap from its pandemic low of just 0.1 per cent.
Households are feeling a painful squeeze from interest rate rises but the Reserve Bank has warned of more to come as it fights to bring down inflation, sparking fears Australia could enter a recession later this year.
At its first meeting of the year, the Reserve Bank board lifted the official cash rate by 0.25 of a percentage point to a fresh 10-year high of 3.35 per cent – the ninth consecutive increase since it began tightening monetary policy in May last year.
The mortgage market faces a turning point, as new fixed mortgage rates stay below variable rates.
The Reserve Bank has held the official cash rate at 4.10 per cent.