Fixed rate home loans are gaining popularity, but the number of lenders offering 10 year fixed products is narrow - find out who offers them.
Two big mergers are slated to happen soon - Heritage and People's Choice, and Newcastle Permanent and Greater Bank. So why is this happening?
NSW-based mutual banks such as Newcastle Permanent, G&C Mutual, and BCU increased fixed home loan rates this week.
Newcastle Permanent is one of the largest customer-owned banks in Australia and touts itself as an alternative to the big banks.
Two of the largest Hunter-based organisations have announced they will merge to create "Australia's number one customer-owned bank".
A fair number of lenders raised rates on home loans this week, including Bankwest, Newcastle Permanent, and Greater Bank. But why?
Australia's mutual banks, or customer-owned banks, recorded another year of growth despite the challenges presented by COVID-19.
In the past week, lenders such as Bank of Us and Bank First cut home loan rates by up to 64 basis points, as two others broke the 2.00% p.a. barrier.
Yesterday, Australian Military Bank raised interest rates on primarily investment home loans by up to 55 basis points.
BCU cut its two-year fixed home loan down to 2.12% p.a today (3.78% p.a comparison rate*).