18 Jul Increase In Rate of Non Bank Home Loans in Australia
When the RBA slashes its cash rate, many Aussies cheer on anticipating a cut on their loan interest rates. During their May meeting, the RBA slashed the cash rate to an all time low of 1.75% but as has been the case in the past, most of the banks did not pass it on to borrowers. Is it time to consider the non bank lenders?
A non bank lender as the name suggests, is an institution that offers loans but does not have a banking license. However, both banks and non bank lenders are governed by the same rules and regulations making it a level playing field.
Here are some non bank lender advantages that would make you jump ship the next time you are shopping for a home loan in Australia:
- Majority of non bank lenders are family owned businesses who work tirelessly to ensure you get a tailor made home loan product and also offer you great personal services.
- Often offer cheap, competitive and flexible interest rates.
- Flexible and variable lending criteria.
- Pocket friendly fees and ongoing charges.
At The Finance Site, we understand there is no one size fits all when it comes to a home loan. Talk to us for the best home loans in Sydney.