Increase In Rate of Non Bank Home Loans in Australia

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.

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