Lending & Finance Watch with Phil Jenkins, Director of Balmain Finance: A lot of chatter in the media over the last week or so with interest rates and some speculation that the majors should be passing on the decreased funding costs they are enjoying. Reflected in CBA profit announcement yesterday see below. (bet you they do not) The majors are still holding their standard variable at 5.80% with various offers off this rate of 50-75 points. So those existing borrowers, and those that think their bank looks after them, are still paying around 5.00/5.25% By way of comparison Citibank yesterday announced a variable rate of 4.65% (conditions apply) It pays to shop around and only a broker can do this. And as John Symonds says “will your bank tell you if there is a better deal out there”.
Posted on: Wed, 13 Aug 2014 23:33:28 +0000
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