Banks are quietly upping interest rates, already
Almost nine out of ten borrowers with variable rate mortgages have been hit with an interest rate rise in the past two years, despite the Reserve Bank of Australia not lifting its official cash rate, Mozo revealed this week.
“Banks have been booking billions of dollars of profits from out-of-cycle rate rises,” news.com.au reported.
Mozo says rates have risen on a massive 87% of all variable rate home loans! Investors and interest-only borrowers have been the hardest hit.
Do you know what has happened to your rate lately? Do you even know if it’s competitive now?
Time for a check-up!
Here are Mozo’s Top Tips for Shopping Around and Saving on your Home Loan*
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* In providing credit services to our members FiftyUp Club make no enquiries about an individual’s financial situation, requirements and objectives. By providing a means for members to contact Mozo Pty Ltd directly we are not providing credit assistance but acting as an intermediary.
As a result of services provided by us Mozo Pty Ltd may pay The FiftyUp Club a fee of up to 50% of any fees they receive from their providers. These fees may be based on either referrals to third parties or on application or approval for products from third party providers; for further details see Mozo's Financial Services Guide available here.
