Key retail banking product happenings from the past month

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  • Both variable and fixed Home Loan rates are trending down as providers continue to chase owner occupier borrowers. Investor rates have also been easing, even before last week’s announcement by APRA that the investor loan growth limit would be lifted for those lenders that meet its prudential requirements.
  • American Express now has a Credit Card with a rate that’s below 10% and lower than is available from any ‘big 4’ bank, and a big 4 bank unveiled its new American Express companion card range.
  • While there were few Personal Loan changes this month two lenders dropped their fixed rates for car loans below the 6.00% mark, making a total of 16 lenders in the Mozo database below that level. https://mozo.com.au/
  • At Call Deposit rates continue to slide with only one increase to report this month, along with a handful of rate reductions.

·       April was the second month in a row where the number of Term Deposit rate increases outnumbered decreases, although top rates haven’t improved since last month. There was also the launch of an innovative new option for depositors where the interest is paid up front rather than waiting until the end of the term.

This article from Mozo  Money Saving Zone https://mozo.com.au/

 

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