The three key trends from the previous week are that:
"There has been a lot of talk and advertising, about rates that cannot be beaten", he said "well, we just have."
Cairns Lockie plans to run this campaign until the end of the year. A couple of its key messages are that there are alternatives to the banks and also it is an experiment to see how big an issue price is to borrowers.
"The Cairns Lockie floating rate has been amongst the lowest in the market for a number of years, and significantly lower than the rate offered by the five trading banks. It is time that borrowers had available a low fixed rate alternative too."
In terms of where rates may head in the near term future borrowers could anticipate a slight easing.
Rates were increasing prior to the Reserve Bank announcement as wholesale rates had been rising and margins were being squeezed.
Since last Thursday wholesale rates have come back somewhat which could encourage some lenders to cut rates.
In the comprehensive Good Returns mortgage rate table there are two changes this week. We have added the biggest credit union in the country, Credit Union Baywide, and there has been a change to the way United’s rates are expressed.
United bought Equitable’s home loan book for an undisclosed sum earlier this year. When Equitable was in the table Good Returns ran two lines of data, one for its loans which were funded by AMS and other for its Origin funded loans.
Now United has two sets of rates. Today’s table includes just the Origin rates which are lower than the AMS ones.
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