Aussie Home Loans has reported a sharp rise in property buyer interest following the Reserve Bank’s interest rate cut, which led to “subsequent falls in mortgage rates from [major] lenders”.
The leading mortgage broker has revealed that their customer enquiries rose 27.7 per cent to 16,585 in August, with momentum continuing in September, in light of the big four banks failing to pass the full interest rate cut on to customers.
“The RBA’s move to cut rates has certainly stimulated activity in the home loan market and more borrowers are reconsidering their options since lenders did not pass on the full rate cut,” Aussie’s chief executive officer James Symond said.
Mr Symond said he believed it was likely that the “marketplace of thousands of home loans would become even more complex in the near future”, presenting a “daunting challenge” for borrowers trying to ascertain which loan would be most appropriate for their needs.
“The rate cut should not cause borrowers to load up on their mortgages but precipitate a move to take advantage of the rate cuts and squeeze their lender for a better deal through the use of a mortgage broker,” he said.
“With fixed rates now at all-time lows, I urge borrowers to seriously consider fixing if they intend to stay in their properties for another five years or more.”
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