Guest David Mottram Posted December 4, 2009 Report Share Posted December 4, 2009 Following the Federal Bank rate rise of 0.25% for the 3rd month running, the base rate is now 3.75%. The big 4 banks, Westpac, NAB, Commonwealth, ANZ and all their subsiduaries hold something like 90% market share of the AU mortgage market!! In Sept & October the lenders passed on the full 0.25% onto their rates yet this month, even though the rate has gone up this month by just 0.25% some of the banks have increased by more!!!! Westpac +0.45% Commonwealth + 0.37% ANZ + 0.35% NAB only increased theirs by the 0.25%. Do the big 4 banks have too much power??? I think so... Also...... Keystart Home Loans recently increased their interest rate for new borrowers only from 5.24% to 6.27%. This does not include this months rate increase. Quote Link to comment Share on other sites More sharing options...
Guest David Mottram Posted December 9, 2009 Report Share Posted December 9, 2009 Interest Rates: As you may already know, the federal bank has increased interest rates by 0.25% in October, November and December, with further increases expected next year. Lenders matched the 0.25% increases in October and November but with the ever increasing lenders costs of raising funds to lend, the December increase saw lenders increase their variable rates by bigger margins: Westpac = +0.45% (now 6.06%) CBA = +0.37% (now 5.93%) ANZ = +0.35% (now 5.96%) NAB = +0.25% (now 5.99%) The increases in rates means that for every 0.25% increase, there is an approx increase of $15.00 per month/per $100k balance. Keystart Home Loans: Keystart Home Loans is a government funder lender that lends in WA only ideally to first home buyers. They will accept applications through Mortgage Brokers with only 2% genuine savings and a further 2% from the FHOG as long as it is 4% in total. (5% for New builds) Keystart Home Loans, income serviceability criteria is quite strict and thus they will lend less money than other lenders, but want smaller deposit. They have a 2 tier interest rate structure: 5.74% for applications received before 1st September 2009 and 6.52% for applications after 1st September 2009. Quote Link to comment Share on other sites More sharing options...
Guest Bob Tonnor Posted December 21, 2009 Report Share Posted December 21, 2009 If anyone out there is looking for a mortgage i would suggest that you take a look at this link http://intranets.canstar.com.au/surveys/mortgage.htm it may just save you a lot of cash. If you are using a broker try this link http://www.yourshare.com.au/. The big four seem to be abusing their position at the momemt, but as you can see from the attached list they are not the only lenders out there. Bob Quote Link to comment Share on other sites More sharing options...
Guest Bobcat Posted January 6, 2010 Report Share Posted January 6, 2010 If anyone out there is looking for a mortgage in Perth; I heartily recommend one David Mottram from Thane Finance. Not only is he a competent and highly efficient Mortgage Broker....... he is a fellow Perth Poms member. In the last 8 weeks David has processed 12 deals for us and each one has been hitch-free. My clients are more than happy with his services and i guarantee thet were you to utilise his services........... you too would be more than happy with his services too. What's more............. there is no charge for utilising his services. John Quote Link to comment Share on other sites More sharing options...
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