The Reserve Bank of Australia (RBA) came to the decision on Tuesday, May 2nd to leave the official cash rate on hold, at 1.5 per cent. The cash rate has now remained unchanged for 9 consecutive months, since August last year.

Despite the hold, several out-of-cycle rate moves have already been made by lenders.

According to the latest RBA data, the average discounted variable mortgage rate for investor loans has shifted 25 basis points higher since August last year, which is equivalent to a typical RBA rate hike.

The three year fixed rate for investor loans is 30 basis points higher and discounted variable rates for owner occupiers have also shifted 10 basis points higher since August.

Don’t be fooled – rates are still on the rise, which means you could be paying more than you have to. Now is the time for homeowners and investors to review their home loan packages, and assess whether you are still with the right lender, and have access to the most competitive interest rate.

For first home buyers, you have more of a choice in regards to lender, rate and package options. With the official cash rate being on hold since August last year, lenders are getting competitive and you’ll find a lot of great package deals on the market, available to you. With access to more than 40 lenders, Coronis mortgage and finance have the knowledge to suggest what the best type of account suits your home buyer needs.

Fill out the below form to book your  free consultation with a Coronis Mortgage Broker today.

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