HOME LOAN MARKET UPDATE | OCTOBER 2019

by wellmanfinance | Oct 7, 2019 | Market Updates

HOME LOAN MARKET UPDATE | OCTOBER 2019

In October’s market update we discuss The Reserve Bank of Australia (RBA) decision to lower the cash rate for the third time in five months from 1.0% to 0.75% and how each lender has responded. If any of your home and/or investment loans do not begin with a 3, it is a very good time to have these loans reviewed to see how much money you can save.

Unfortunately most banks/lenders failed to pass the full rate cut on. Below is an update on the amount of rate cut that banks/lenders have passed on to customers:

LENDER
Advantedge/myloan
ANZ
Auswide
Bank Of Melbourne
Bankwest
CBA
ING
Macquarie Bank
ME bank
NAB
Westpac
All Other lenders

HOME LOAN / INVESTMENT LOAN
0.15% / 0.15%
0.14% / 0.25%
0.25% / 0.25%
0.15% / 0.15%
0.13% / 0.25%
0.13% / 0.25%
0.15% / 0.15%
0.15% / 0.15%
0.15% / 0.15%
0.15% / 0.30%
0.15% / 0.15%
TBA

In positive news for local home owners, the median house price increased over the last quarter in the Greater Melbourne area. This is the first sign of positive growth in over two years. If this growth continues their will be greater opportunities for property owners to access equity with these improved valuations. This combined with banks/lenders increased serviceability will create good opportunities for property investors.

As always if you would like to discuss your situation, please give me a call or send me an email.

Sean

Call: 0400 669 950

sean@wellmanfinance.com.au

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