admin-ajax.php

Banks rate seesaw: Home loan vs savings account rates

The banks are at it again.

The usual 4 banks have increased variable home loan rates while savings account rates are starting to fall.

Michelle Hutchison, Money Expert at comparison websites finder.com.au commented:

“Variable rate mortgage holders will not be the only ones to feel the pinch this Christmas, as savings account holders are also expected to be slapped with lower returns.

“The big four banks have all lifted interest rates on their variable home loans this month, with ANZ the last to follow, increasing by 0.18 percentage points effective November 20.”

home loan rates

While the big four banks have lifted rates on mortgage holders, Citibank has lowered its ongoing rate to its Online Saver Account by 0.20 percentage points to 2.40 percent.

“It’s likely that other banks will either lift their variable home loan rates or drop their savings account rates, or both.

1-percent

“These changes prove that the Reserve Bank’s decision on the cash rate is having less of an impact on interest rate movements to financial products like home loans and savings accounts.

This makes it harder for people to get a sense of which direction rates will move so they need to be more cautious.

“It’s also bad timing for many Australians, who will be feeling the pinch this Christmas, which is the biggest spending season of the year.

We’ve already seen the shopping season begin, with almost three-times more Australians shopping for gifts using online discount codes on finder.com.au/deals this month compared to the same time last year.

Shoppers will have to shop wiser to ensure they don’t overspend this summer holiday period.”

home loan rates 2



icon-podcast-large

SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

icon-email-large

PREFER TO SUBSCRIBE VIA EMAIL?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Banks rate seesaw: Home loan vs savings account rates' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

facebook
twitter
google
0
linkedin
0
email

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!