1.05 Percent Home Loan Interest Rate Cuts

In early October 2008 the Reserve Bank of Australia moved to lower the official cash interest rate by 1 percent.

Following this announcement most, but not all, banks and lenders announced they would reduce their standard variable home loan interest rates by 0.80 percent.

Over the past few days several banks have announced a further cut to their standard variable home loan interest rates of another 0.25 percent.

It is important to note that not all lenders have passed on these cuts and also that as a result of banks and lenders increasing interest rates independently of the RBA, and each other, earlier in 2008 that the standard variable interest rate is not so standard anymore.

Added to the interest rate disparity are differences in fees and charges that lenders charge customers which makes comparing different home loans difficult without advanced tools to help the process.

Loan amount, loan to value ratio or LVR, property size, type or location, income types and many other details can have an effect on which lender and or loan type might be most suitable for each home loan applicants unique situation.

Ability Finance brokers use the independent home loan qualifier and comparison program ActiveClient to help customers easily calculate and compare interest rate to the calculated interest rate of the various home loan products on offer after these additional setup, ongoing and exit fee costs are added to the advertised interest rate.

Contact Ability Finance brokers using this email form or telephone 02 80024035 for information and assistance with choosing a suitable home loan.