






{"id":25745,"date":"2021-11-10T06:33:39","date_gmt":"2021-11-09T23:33:39","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25745"},"modified":"2021-11-09T21:37:12","modified_gmt":"2021-11-09T14:37:12","slug":"australian-banks-cut-basic-variable-home-loan-rate-up-to-0-43","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australian-banks-cut-basic-variable-home-loan-rate-up-to-0-43\/","title":{"rendered":"Australian banks cut basic variable home loan rate up to 0.43%"},"content":{"rendered":"<p><span data-contrast=\"none\">The country\u2019s \u201cbig four\u201d banks are offering discounts to customers with deposits of 30 percent or more<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<figure id=\"attachment_25746\" aria-describedby=\"caption-attachment-25746\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-25746 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/11\/original-d96d8bf2-9cf4-4560-b4f8-9a0ea164627e.jpeg\" alt=\"\" width=\"1000\" height=\"666\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/11\/original-d96d8bf2-9cf4-4560-b4f8-9a0ea164627e.jpeg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/11\/original-d96d8bf2-9cf4-4560-b4f8-9a0ea164627e-400x266.jpeg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/11\/original-d96d8bf2-9cf4-4560-b4f8-9a0ea164627e-600x400.jpeg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/11\/original-d96d8bf2-9cf4-4560-b4f8-9a0ea164627e-768x511.jpeg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-25746\" class=\"wp-caption-text\">As of now, the nation\u2019s interest rates hold at a record-low level of 0.1 percent. HarleyKingston\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">As reported by <a href=\"https:\/\/www.9news.com.au\/national\/anz-cuts-basic-variable-home-loan-rate-for-buyers-with-big-deposits\/9313c11c-eaa0-4cbd-8482-98445902fce9\" target=\"_blank\" rel=\"noopener\">9News<\/a>, ANZ bank has joined other big Aussie lenders in cutting its basic variable home loan rate, leading experts to predict an earlier-than-expected interest rate rise. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">ANZ has become the latest lender to cut its basic variable rate by up to 0.43 percent for owner-occupiers paying\u00a0principal\u00a0and interest.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Alike the \u201cbig four\u201d, ANZ now offers discounts to customers with deposits of 30 percent or more as a counter-offer against riskier home loan lending. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Steve\u00a0Mickenbecker, Canstar finance expert, said this move indicates that the bank expects the Reserve Bank of Australia (RBA)\u00a0to\u00a0increase interest rates earlier than\u00a02024.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;ANZ&#8217;s cut in variable home loan interest rates sends a very clear message that the bank is expecting the Reserve Bank to cut the Cash Rate late next year or early in 2023,&#8221;\u00a0Mickenbecker\u00a0said.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;The big banks are still offering short-term fixed rates below their variable rates, but borrowers can expect to see them continue to rise. The fixed-rate bargains are not going to get any sharper than they are now.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;The market trend to pricing higher for lower deposit loans is continuing, with owner-occupied borrowers in this group paying 0.20 percent more at ANZ than their larger deposit counterparts,\u201d he added. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover, Mickenbecker said that such discounts to buyers with deposits of more than 30 percent are another blow to first homebuyers, who find saving for a deposit harder than servicing a mortgage. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;The banks are chasing new business hard while the market is strong, but are insuring their portfolio against a possible fall of house prices from their now lofty heights,&#8221; he said.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;The trend of higher interest rates for lower deposit borrowers is another kick in the teeth for first home borrowers already reeling from the high property entry prices.&#8221;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As of now, the nation\u2019s interest rates hold at a record-low level of 0.1 percent. This follows various implementations\u00a0released\u00a0to stimulate\u00a0Australia\u2019s economy amid the COVID-19 pandemic.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:1,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:360}\">\u00a0<\/span><\/p>\n<p><strong><a href=\"https:\/\/www.asiapropertyawards.com\/en\/sydneys-house-prices-see-to-rise-from-international-travel-reopening\/\" target=\"_blank\" rel=\"noopener\">More: Sydney\u2019s house prices see to rise from international travel reopening<\/a><\/strong><\/p>\n<p><span data-contrast=\"auto\">The RBA has long maintained that an increase to the official cash rate will only come when inflation is sustainably in the two to three percent range and wages growth is stable.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Housing values in Australia have grown at the fastest annual pace since June 1989, an astonishing 17.6 percent surge over the first nine months of 2021.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<div class=\"entry-content\">\n<p><em>The Property Report editors wrote this article. For more information, email:\u00a0<a href=\"mailto:propertyreport@propertyguru.com\" target=\"_blank\" rel=\"noopener\">propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The country\u2019s \u201cbig four\u201d banks are offering discounts to customers with deposits of 30 percent or more\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[149,2453,2454,512],"class_list":["post-25745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-australia","tag-house-loan","tag-interest-rate","tag-residential","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australian banks cut basic variable home loan rate up to 0.43% | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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