More than just home loans
Australian interest rates are at a historical low. The last time we had bank home loan interest rates in the low 3% range was the early 1970s. Some economists are forecasting that the RBA will make a further two reductions in the official cash rate in the next 6 months.
Ignore the government spin - This is a sign that the economy has slowed dramatically and things are not going to look up in the short term. Australian banks borrow a large percentage of the funds they lend out from overseas sources. This makes our economy and interest rates very susceptible to the impact of events overseas. The immediate impact of a shock to the world economy could be a sudden spike in rates.
Comparing lending products purely on the basis of interest rate can be very misleading. With the raft of recent changes to lending guidelines there is now considerable variation in assessment standards, and the differential amount that can be borrowed can be quite significant.
Rates illustrated are indicative of current market offerings as at 9 May 18- for
Interest rates change on a daily basis and are often subject to special offers or lender discounts. Prospective borrowers are encouraged to contact us and discuss their circumstances and needs.
The rates quoted in the table are indicative and purely for planning purposes. Rates are subject to change without notice. You should discusss your circumstances, and needs and not commit purely on interest rate - particularly if you're buying a vehicle at a dealership.
Contact our office for a detailed quote.