Loan Market is Australia’s fastest growing retail mortgage brokerage with access to more than 800 loan products from a panel of over 30 banks and secure lenders.
Nearly half of all Australian home buyers now use a mortgage broker to help find the loan for their situation. A mortgage broker provides you with a personal and convenient service, which allows you compare all the products from the lenders.
Here is an article released by loan market about the recent interest rates cut before Christmas:
“Early Christmas cheer for home owners”:
The Reserve Bank of Australia (RBA) has delivered some early Christmas cheer for home loan customers with a December rate cut, says leading mortgage broker Loan Market.
The RBA today reduced its cash rate 25 basis points to 3.0 per cent – the lowest level for official rates since the height of the global financial crisis in 2009.
Loan Market Corporate Spokesman Paul Smith said the cash rate has been reduced by 1.25 percentage points so far this year and the latest cut should boost economic activity through Christmas and January before the board meets again in February.
“It was becoming clearer in the lead up to today’s meeting that the economy would need an added boost to start 2013 in the right direction,” he said.
“There has been some stalling in recent inflationary numbers and we are seeing smaller than expected activity in several sectors such as retail and housing.
Mr Smith said the outlook for 2013 was upbeat with low interest rates and an increase in home loan enquiries.
“The past quarter has a 5% increase in enquiries for home loans and this activity should continue as consumers act upon lower rates and increasing competition between lenders.”
Mr Smith said the gradual fall of rates during 2012 has opened up healthy competition between lenders this year and the latest reduction will only be further fuel added to the competitive fires.
“Consumers are going to be closely watching how their bank responds to this rate reduction.”
“We have seen fixed rate products going below 5.0 per cent for the first time in many years and it’s likely a number of lenders will respond with even lower rates,” he said.