1. Bankwest have dropped their fixed rates a little. Now, they weren't offering the most competitive rates before, and the new rates, whilst sharper are still not the best But its about the first time this year a lender has dropped fixed rates since they started on the sudden spiral upwards. If other lenders follow this may be an opportunity to lock in a few more loans if you feel so inclined.
The Sydney Futures Exchange rate tracker is still indicating little chance of further drops with up to 1% increase in the variable over the next eighteen months.
2. Adelaide Bank, a funder of many mortgage managers has relaxed some of the credit policy changes made late last year with the re-introduction of:
- Interest Only 90%LVR full doc loans with capitalisation of mortgage insurance
- No genuine savings options for loans <80%lvr>
3. Rams have introduced a new product called 'flexi-fixed' with a 2yr fixed rate of 4.99% for half the loan, with the rest variable on their smartway. Again, not a ground breaking interest rate overall (the combined rate is more than their Basic product) but it does give some certainty for those a little nervous about being fully variable.
At Leap Frog Loans we hope these little "green shoots" are a foretaste of some competition in a market place that has been basically taken over by the pillars of our banking system (aka the big four).
till next time,
Fiona
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