ANZ Banking Group (ANZ) has matched National Australia Bank's (NAB) cut to mortgage interest rates on fixed home loans, lowering the mortgage rates by up to 100 basis points.ANZ has dropped the mortgage interest rate on one and two year fixed home loans by 1.00 percentage point to 5.99 per cent for both terms, the bank said.Rates for all other terms have been reduced by at least 16 basis points.The reductions will take effect from Monday, November 24.The move follows NAB's cut to interest rates on fixed rate home loans which came into effect on November 10th.
Interest rates on one-year fixed rate mortgages from Australia's major banks now stand at 5.99 per cent at ANZ and NAB, 6.99 per cent at Westpac and 7.14 per cent at Commonwealth Bank of Australia.
ANZ is also reducing its variable business loan rates by between 40 and 50 basis points.This includes a 40 basis point cut to the Business Mortgage Loan (Index) to 9.07 per cent, and a 50 basis point cut to the Business Saver Loan (Index) to 8.57 per cent.
Tuesday, November 25, 2008
Sunday, November 23, 2008
Ian Thorpe enters the mortgage game against MrMortgage.com.au
Ian Thorpe, Australia's greatest Olympian, has become a mortgage broker, of sorts.
The former world-beating swimmer is a partner in a new website, launched yesterday, that matches banks and mortgage lenders with potential borrowers.Once a borrower is registered on the site, lenders bid in a live auction for the right to lend that person money, offering the cheapest rate they can to win their business.
Called ziggy-bid it runs on a similar principle to eBay, except the bidders are the lenders, and they're competing for business by offering low rates and promising excellent service. "I'm so excited by it," Thorpe said. "I was introduced to the concept about a year ago and loved it. It takes away all of the daunting elements about applying for a mortgage and introduces healthy competition into the market as the banks vie for your business."
Home buyers and investors simply register their details on the site, including some basic information about income and outgoings, type or property and rough location, and then stipulate a time frame of between one and five days as a deadline for receiving lenders' bids.
Fifteen lenders have signed up, including all the big banks.
"The longer you give lenders to assess your situation, the better your rate is likely to be, but it does give you the option of asking for a very quick decision," Thorpe said.
"You then get to pick from the best rate or the best service, because we also rate each lender on a customer service basis - usually about how quickly the lender will approve loans and the feedback we get from other borrowers - just like eBay.
"And we also calculate what we call a 'ziggy-rate', which takes into account all of the fees and enables you to accurately compare the true cost of the mortgage. It's all very clever and transparent."
The site runs on similar lines to bid-my-loan which also allows lenders to bid for borrowers' business, but not usually in such short time periods.
The former world-beating swimmer is a partner in a new website, launched yesterday, that matches banks and mortgage lenders with potential borrowers.Once a borrower is registered on the site, lenders bid in a live auction for the right to lend that person money, offering the cheapest rate they can to win their business.
Called ziggy-bid it runs on a similar principle to eBay, except the bidders are the lenders, and they're competing for business by offering low rates and promising excellent service. "I'm so excited by it," Thorpe said. "I was introduced to the concept about a year ago and loved it. It takes away all of the daunting elements about applying for a mortgage and introduces healthy competition into the market as the banks vie for your business."
Home buyers and investors simply register their details on the site, including some basic information about income and outgoings, type or property and rough location, and then stipulate a time frame of between one and five days as a deadline for receiving lenders' bids.
Fifteen lenders have signed up, including all the big banks.
"The longer you give lenders to assess your situation, the better your rate is likely to be, but it does give you the option of asking for a very quick decision," Thorpe said.
"You then get to pick from the best rate or the best service, because we also rate each lender on a customer service basis - usually about how quickly the lender will approve loans and the feedback we get from other borrowers - just like eBay.
"And we also calculate what we call a 'ziggy-rate', which takes into account all of the fees and enables you to accurately compare the true cost of the mortgage. It's all very clever and transparent."
The site runs on similar lines to bid-my-loan which also allows lenders to bid for borrowers' business, but not usually in such short time periods.
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