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Side HustleAMP and Great Southern Bank have recently made significant changes to their home loan rates, ushering in a new wave of adjustments in the home loan market. While most lenders have already implemented the recent variable rate cuts following the February monetary policy decision, some like Virgin Money are still outliers. The landscape of home loan rates is evolving rapidly, with AMP and Great Southern Bank spearheading the reduction in fixed rates.
AMP, known for its ‘Professional Package’ range of home loans, has slashed its fixed rates for both owner-occupiers and investors. The cuts apply to various fixed-term options, with AMP now offering competitive rates that are among the lowest in the market. Similarly, Great Southern Bank has also made substantial reductions in its fixed rates for both owner-occupiers and investors, making significant adjustments of up to 0.50%.
In contrast, The Mutual Bank has taken a different approach by increasing its ‘special’ budget variable rates by up to 10 basis points, partially reversing previous rate cuts. Despite this adjustment, The Mutual Bank continues to offer competitive rates that are still favorable compared to many other products in the market. Other lenders like Bank of Us and Australian Military Bank have also made notable changes to their fixed rates, contributing to the dynamic shifts in the home loan market.
Looking ahead, the focus is now on the upcoming Reserve Bank of Australia (RBA) meeting scheduled for April 1st. Market indicators currently suggest an 86% chance of rates remaining unchanged. However, with the evolving economic landscape, mortgage holders are eagerly anticipating any potential rate movements by the RBA in the near future.
Overall, the recent rate adjustments by AMP, Great Southern Bank, and other key players reflect the ongoing competitiveness and fluidity of the home loan market. As borrowers navigate these changes, exploring refinancing options and staying informed about the latest rate movements are crucial steps in securing favorable home loan deals.
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