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With the Big Banks raising interest rates – is it time to refinance?

It took years for Australian’s to look at buying cars other than  Holden and Ford but now it is more likely that your car is a different make.

For years the Big 4 (Westpac, Commonwealth, NAB and the  ANZ) banks, like Holden and Ford cars, have dominated the  market in Australia but with the big 4 required to hold more  capital this will change as the non-bank lenders will get even  more competitive than they are now.

The Big 4

Recently all the Big 4 banks raised their interest rates on investment loans independently of the Reserve Bank and now they are again increasing their interest rates independently of the reserve bank. This time on all their home loans which is in direct contrast to some non-bank lenders who have decreased their variable interest rates to under 4%

With most of the Big 4’s variable interest rates now closer to 5% than 4%, I expect that the trickle of business that has been flowing from the big 4’s market share to non-lenders may turn into a flood.

Jack Walker

Loan Broker to the Aussie Battlers

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