Banks Reduce Variable Interest Rate

Mon, 2008-10-20 08:05 — Guest

Banks announce further home loan variable interest rate cut.
Most banks reduced their standard variable interest rates by 0.80 percent following the Reserve Bank of Australia lowering of the cash rate by 1 percent at the October 2008 meeting.
Certain banks have announced a further reduction to their standard variable home loan interest rates in the past few days of an additional 0.25 percent.
An important note to consider is that there are still differences between different banks and lenders standard variable home loan interest rate.
These differences, coupled with the differences in fees and charges that different lenders charge, makes comparing different home loans difficult without tools to help the process.
Loan size, loan to value ratio, property size, type or location, income types and many other criteria may have an effect on which lender and or loan type might be most suitable for each home loan applicants unique situation.
Most brokers utilise an independent home loan qualifier and comparison program to help customers easily calculate and compare interest rate and the calculated interest rate of the different home loan products on offer once these additional setup, ongoing and exit fees are added to the advertised interest rate.