Hi everyone,
I noticed that two of my lenders increased their rates more than once within 4 weeks.
How is this possible. My understanding is swap rate on market is trading at 1, 3, 6 or more months intervals.
Can banks do anything they want to maintain their margin?Depending on who your lender is they can vary the terms of the loan including the interest rate with merely an appropriate period of notice to you the customer.
The majors have moved a couple of times this month (2 of them on Anzac Day which was really appropriate) without any increase in the official Cash Rate.
Certainly pays to look around and see what you can save now.
Richard Taylor | Australia's leading private lender
I was checking my account on the internet today and I noticed that the bank had snuck another increase this week so that makes 3 rises in eight weeks. What bugs me is the increase starts the day the bank sends the letter or dates the letter and I am not officially informed for about a week after the event. I am looking for a better deal.
Jamie
Non of the 5 majors are offering the same rate product now across the board so be careful that you dont switch for switching sake and then find whoever you go to puts up their rate the week after.
The bottom line interest rate is not the be all and end all so consult your broker and see what they can suggest.
Richard Taylor | Australia's leading private lender
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