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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Are you being priced out of the market? Have you got the Tuesday blues? And are ...

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Borrow

Non-majors announce rate cuts

By Malavika Santhebennur

November 06 2020
Share

Borrow

Non-majors announce rate cuts

By Malavika Santhebennur
November 06 2020

A number of non-major lenders have announced that they will pass on the full RBA rate cut to all existing variable rate home loan borrowers.

Non-majors announce rate cuts

By Malavika Santhebennur

November 06 2020
Share

A number of non-major lenders have announced that they will pass on the full RBA rate cut to all existing variable rate home loan borrowers.

Industry superannuation fund-owned ME Bank has announced its decision to pass on the Reserve Bank of Australia’s (RBA) full official cash rate cut of 0.15 percentage point to all existing borrowers on a variable rate home loan.

The rate cut applies to the bank’s flexible home loan, flexible home loan with member package and basic home loan products, as well as standard home loan (settled after 1 October 1998), and ultimate offset account, effective 26 November.

It also applies to the interest-only investment product and standard home loans settled before 1 October 1998, effective 15 December.

Commenting on the interest rate cuts, ME Bank CEO Adam Crane said that an owner-occupier borrower paying principal and interest repayments on a 25-year $400,000 home loan could save $406 per annum when the rate cuts are applied.

“We have been speaking to thousands of our home loan customers over the past six months, many of whom have shared their concerns about the financial impact COVID-19 is having on households,” Mr Crane said.

“This decision will help many of those households through what is a difficult financial period.”

Suncorp has also announced that it has cut rates for SMEs and home loans.

The regional bank said it will reduce advertised fixed rates for small-business customers by up to 70 bps, starting from 2.69 per cent. For home loan customers, the bank has announced a new 1.89 per cent per annum two-year fixed home loan rate for eligible owner-occupiers.

The new rates for small business and home loan customers are effective from 19 November, with Suncorp telling our sister brand The Adviser that they are only applicable to new customers.

Citi Australia has reduced its fixed rate home loans following the RBA’s decision to lower the official cash rate. The non-major told The Adviser that the new rates are for new customers, but existing customers can contact Citi Australia to request the new rate.

Commenting on the announcement, Citi Australia head of mortgage distribution Matt Wood said: “As we continue to hit new record lows for interest rates, we are pleased to offer brokers and our customers one of the most compelling rates in market.”

The rates are effective from 12 November.

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