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“We’re making changes to home loan rates” – Your Bank

Why has my bank sent me a letter advising a rate rise when the RBA has not lifted the cash rate? Why has my rate increased on the same day that my mates went down? Over recent weeks many of you would have received correspondence from your bank advising of a rate increase to your home loan. This is despite the fact that the last time the RBA moved the cash rate was a reduction in August 2016. So why are the banks increasing your interest rates? Regulation. The banks have made changes to manage demand in line with market…

What does the Reserve Bank rate cut mean for you?

Earlier this month, the Reserve Bank of Australia slashed the official cash rate by 25 basis point to a record low of 2.25 per cent. What does this mean for you? CHJ Financial finance expert, Eddie Harrison, has the answers. Cheaper loans By banks passing on the savings, money will be cheaper, meaning home buyers can lock in finance at a lower rate – leaving more money in your pocket. Savings, of course, depend on the amount borrowed. Based on an average Gold Coast loan size of $500,000 and an interest rate of 4.69%, home owners paying both principal and interest…

Can we FIX it? The Fixed or Variable Loan Debate

It’s inevitable that with a historically low cash rate coupled with fixed home loan rates at never seen before lows as of late last year, the debate to fix your home loan or stick with the variable rate is on. Fixing your home loan raises many questions… Is it too early? Is it too late? What features will I lose? Is it hard to do? If you’re asking these questions then you’re asking the right questions. Fixing your home loan can be an incredibly smart option while rates are low but as with all financial matters it depends on your…

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