Category: Home Loan News
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Westpac Simplifies Home Loan Process for Self-Employed Borrowers
Westpac has introduced a new home loan application process tailored specifically for self-employed individuals, aiming to simplify the often complex and cumbersome process. The big four bank now requires only one year of income documentation from self-employed applicants, a significant reduction from the previous requirement of two years’ worth of personal and business income statements.…
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Westpac Simplifies Home Loan Process for Self-Employed Australians
Westpac, a leading Australian bank, has recently announced a significant change in its home loan application process aimed at self-employed individuals. The adjustment involves easing documentation requirements for this specific borrower segment, reducing the necessity for two years of financial records to just one. This move is a response to a notable 30% surge in…
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ANZ and Bank Australia Cut Rates Amidst Competitive Mortgage Market
As the Reserve Bank of Australia (RBA) decision on interest rates looms, the banking landscape is in flux. ANZ and Bank Australia have chosen to reduce rates, while AMP has decided to increase them, going against the trend. The Ultimate Guide for Home Buyers in Australia 2025 | $16.39 With all four major banks anticipating…
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Major Australian Banks Adjust Home Loan Rates Ahead of RBA Decision
Several major Australian lenders have recently adjusted their home loan rates in anticipation of the Reserve Bank of Australia’s (RBA) upcoming decision. The RBA’s monetary policy board is set to meet to determine the cash rate, with expectations leaning towards a 25 basis point cut. This potential rate adjustment follows a string of economic indicators,…
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Home Loan Repayment Discrepancy Widens in Australia
Recent data analysis has uncovered a significant discrepancy in home loan repayments among various lenders in Australia. The current gap stands at $2000 per month and is projected to widen further. According to findings by Finder, while many lenders have passed on rate cuts to borrowers after the Reserve Bank of Australia’s adjustments earlier this…
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Macquarie Bank Challenges Big Four in Australian Banking Sector
In the Australian banking landscape, the major players like Commonwealth Bank, Westpac, National Australia Bank, and ANZ collectively hold significant market share. These big four banks dominate the market with assets totaling around $3.80 trillion. The Australian Prudential Regulation Authority (APRA) regulates these banks and ensures they maintain a certain level of capital to safeguard…
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Macquarie Bank Slashes Investment Loan Rates, Rivaling Major Lenders
Macquarie Bank has once again made headlines by cutting its home loan rates, particularly for property investors. The bank has reduced its variable investment rates, making it a competitive player in the market. The lowest variable investment rate now stands at 5.99% p.a., a move that positions Macquarie as one of the few lenders offering…
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ANZ Cuts Home Loan Rates to Aid Borrowers Amid Economic Challenges
ANZ has announced a reduction in variable home lending rates in response to the recent decision by the Reserve Bank of Australia to decrease the official cash rate. This move will see a 0.25% decrease in variable interest rates for Australian home loans offered by ANZ, effective from 28 February 2025. The bank is also…
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Victoria’s Homebuyer Fund Eases Property Ownership for Victorians
Victoria’s Homebuyer Fund, a shared equity scheme, assists Victorians in achieving home ownership. Participants with a 5% deposit can receive up to 25% contribution from the government towards the property purchase price. This reduces mortgage costs and eliminates the need for Lenders Mortgage Insurance. Aboriginal and Torres Strait Islander individuals need only a 3.5% deposit…
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Home Loan Market Competition Heats Up Amid Rate Cuts
Competition in the home loan market in Australia has intensified following rate cuts by the Reserve Bank of Australia. Big and small lenders are offering a variety of home loan options, prompting consumers to compare and find the best deals. The Australian Guide to Buying Your First Home: How to Increase Your Income, Manage Your…