Big four banks increase interest rates while smaller lenders cut rates.

Big Four Banks Increase Interest Rates

Over the past week, all four of the major banks in Australia have announced an increase on interest rates for variable home loans, independent of the RBA ( Reserve Bank of Australia). The RBA have kept the cash rate at a record low of 2% for three consecutive months but the banks are sighting their increases on a requirement to hold more capital to cover their mortgage loan books as the reason for the rise in interest rates.

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How to save money on your home loan when interest rates are low

How to save money on your home loan when interest rates are low

Now is the ideal time to save money on your home loan as the cash rate in Australia has been kept at a record low 2 per cent for three consecutive months by the RBA. This low rate has allowed many home owners to get in front and save large amounts on their home loans. If your not capitalising on the current low rates to save money on your home loan, below are a few things to consider before rates inevitably rise again in the future.

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