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Earlier this year, the big four banks hiked the interest rates for borrowers, despite the official cash rate remaining at a record low of 1.5 percent. Soon after, the budget announcement hit the big banks hard with a 0.06% levy, through which the Government aims to generate $6.2 billion over the next four years. Along with the announcement, Treasurer Morrison warned the banks not to pass on the levy to the customers.

Cheapest Home Loan Deals Listed on HashChing as of 7 September 2017

Cheapest Home Loan Deals Listed on HashChing as of 7 September 2017

Taking from there, recently, the Australian Competition and Consumer Commission (ACCC) issued notices to the big banks, asking for information to understand the reasoning behind interest rate decisions in the past.

Among other things, the ACCC wants to assess how banks weigh profitability vis-à-vis consumer interests while increasing the interest rates on their mortgage products. The findings of the scrutiny will be shared publicly, next year.

“As the RBA continues to maintain the official cash rate at 1.5 percent, Australians hoping to enter the property market can still find low interest rate home loans, despite out of turn rate hikes by the big banks,” says Sarah, a mortgage broker.

She advises borrowers to compare home loan deals online before choosing any mortgage product.

“Fintechs like HashChing have made the mortgage industry much more borrower-friendly than ever before. On the platform, borrowers can compare up to three home loan deals in a single window, with variable home loan rates starting as low as 3.56% per annum,” she adds.

“The combined market share for the Big 4 decreased to 82.7% during the last financial year. Thus, it is clear that more and more people are looking for better deals than just a brand name. However, there is still a significant percentage of borrowers in Australia who are stuck with high interest rate mortgages, when they can simply switch to one of the more competitive home loan deals currently available in the market and save hundreds of dollars,” says Sarah, talking of refinancing home loans.

She explains that most people fall into a comfort zone with a bank. But a few hundred dollars each month is a hefty price to pay for your loyalty or laziness, whichever way you put it. If you have been with the same bank for the past three years, it is time to have a look at the market to assess your situation practically. You can learn more about saving dollars by refinancing here or get in touch with a broker to know more.


What HashChing Offers to Home Buyers and Property Investors

Since its inception, HashChing has helped more than 20,000 Australians find home loans tailored to their requirements. The website allows borrowers to compare home loan deals from over 60 lenders across Australia. The platform, powered by highly sophisticated algorithms, not only allows mortgage comparison online but also facilitates home loan searches based on loan type, loan amount, location, etc.

HashChing offers more choice to borrowers through a plethora of home loan deals that include new home loans as well as loans for refinancing.
Through the website, borrowers have access to home loan deals from 60 lenders, including highly competitive non-bank lenders like Liberty Financial, Pepper Group, Resimac and La Trobe Financial, and foreign banks like Citigroup. In addition to accessing competitive home loan deals that can be compared online, borrowers can consult reputed mortgage brokers on the website or find one according to their location and verified reviews from real customers

Apart from regular home loans and investment loans, the specialist brokers on the platform also offer construction loans, house package loans, low-doc loans, and home loan equity loans to help you renovate your house or expand your property portfolio.

Visit HashChing’s Home Loan Deals Page to view and compare top 10 deals starting as low as 3.56% p.a.

 
By Vidhu Bajaj
HashChing Content Writer

 

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HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.