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RAMS ignites home loan price war
RAMS Home Loans has fired the first shot in what promises to be a mortgage price war, undercutting the major banks on fixed rate home loans. The lender will slash its two- and three-year fixed rate home loans by 0.31 percent. From today the two-year fixed rate is 6.98 percent, making it the cheapest in the fixed market, and the three-year fixed rate is 7.23 per cent, in line with the lender’s standard variable home loan rate. The cuts come despite the widespread expectation of future interest rates rises, and may prompt a rates war as rival lenders and big banks look to compete. RateCity consumer advocate Michelle Hutchison said she expects the big banks to cut their rates. "Currently fixed loans only take up a small market share of home loans and they are a strong investment proposition for the lender. It is likely that they would want to increase that market share again by dropping fixed rates to attract customers," Ms Hutchison said. While Australians have flocked to major banks in the last two years because of perceived strength - they have now cornered 75 percent of the market - RateCity encouraged people to continue to compare different lenders. "Most of the smaller lenders have better rates because they need to do this to gain market share," Ms Hutchison said. There has also been a flight to variable loans as customers try to take shelter from unpredictable rates. According to research by RateCity, fixed interest rate loans comprise only about 10 percent of the market. "Since mid last year there has been a huge uptake in variable loans because the interest rates were so attractive," Ms Hutchison said. source: http://money.ninemsn.com.au/article.aspx?id=1070579&rf=true |
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