Over the last few months I have seen more adjustments to the rates by lenders than at any time since the GFC. Most lenders have dropped their home loan rates for owner occupied and investment loans in line with the recent cash rate changes.
On a $500,000 loan a 0.50% difference is $2,500 per annum.
What This Means
It has never been more important to check your home loan against the market. Lenders often try to make you feel good about your deal, by giving you 1% discount off their standard variable rate. But if this rate is 0.50% higher than other offers in the market, is this really a good deal?
The number of changes in the last couple of months make it very difficult to understand whether your loan is competitive or not. Let me do the work for you. I compare loans every day and can show you which loan will help you pay off your mortgage in the shortest possible timeframe.