Big Four Banks Rate Cut: What It Means For You 💰
Good news! The big four banks’ rate cut is now a reality. Millions of Australians will start saving money. CBA and ANZ began their new rates on Friday. NAB and Westpac are doing so a few days later.
This is the third rate cut from the RBA this year. This is good news for homeowners.
Not All Lenders Are the Same
Some lenders moved very fast. Unloan and Athena dropped their rates within minutes of the RBA news. Other lenders took weeks to pass on the savings.
This shows that banks work at different speeds. It is important to know which one is right for you.
How Much Can You Save
The savings are real. The new big four banks’ rate cut will help you keep more of your money.
- On a $500,000 loan, you can save about $74 per month.
- On a $1 million loan, you can save about $148 per month.
If you add up all three rate cuts this year, the savings are even bigger. A person with a $500,000 loan could save $226 each month. That is a lot of money!
Some Banks Are Different
Not every lender is passing on the full cut. Some are giving less. This is why it is so important to check your loan.
A mortgage broker can help you with this. We know what each lender is doing. We can help you make sure you get the best deal.
You can learn about this in our article about RBA rate cut delays. It shows how fast different lenders move. A mortgage broker can help you with mortgage refinancing in Australia and find a better deal.
Don’t miss out on savings. Contact EZ Mortgage Broker today for a free chat. We will help you find the best loan for you.
- Phone: 1300 050 099 or 044789007
- Email: [email protected]
Important Information:
Mortgage Broker Online Pty Ltd, ABN: 28 657 661 615, Credit Rep Number 538522. AFG Accredited Member (AFG Australian Credit Licence: 389087).
