Category: Home Loan News
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ASIC Pursues Legal Action Against RAMS for Loan Misconduct
The Australian Securities and Investment Commission (ASIC) is taking legal action against RAMS Financial Group, a subsidiary of Westpac, for alleged misconduct related to home loans. The regulator accuses RAMS of systemic wrongdoing, including falsifying documents such as payslips and expenses to facilitate loan approvals. This misconduct allegedly occurred over several years, indicating a failure…
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Macquarie Bank’s Home Loan Surge Defies Industry Trends
Macquarie Bank has defied industry trends with a notable 19% surge in its home loan book, marking a significant growth in its market share within Australia’s home loan industry. The bank’s home loan portfolio expanded to $141.7 billion, representing 5.9% of the total Australian mortgage market over the past financial year ending in March 2025.…
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Australia’s 3.49% Home Loan Rate Revolutionizes Housing Market
Australia’s cheapest home loan rate of 3.49% is making waves in the housing market, offering potential savings of $24,000 over two years for borrowers. This unprecedented rate is a result of a collaboration between Burbank, a major building group, and YourLand Developments, aiming to address the nation’s housing crisis by incentivizing home construction in select…
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Home Loan Refinancing: Unlock Cashback Rewards and Savings
Refinancing your home loan can be a lucrative opportunity with lenders offering attractive incentives. Some lenders are providing cashback offers up to $4,000 for refinancing your mortgage. Providers like IMB Bank and Regional Australia Bank are among those offering these cashback incentives. Additionally, some lenders are rewarding borrowers with Qantas Points for refinancing, like Qantas…
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Australian Lenders Slash Rates, Fueling Home Loan Market Competition
Australia’s home loan market witnessed a significant wave of rate cuts recently, with 31 lenders reducing 306 owner-occupier and investor variable rates by an average of 0.27%, according to the latest Weekly Rate Wrap-up by Canstar. Additionally, 11 lenders made cuts to 279 fixed rates, with an even more substantial average reduction of 0.85%. The…
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Home Loan Rates Fluctuate Amid Lender Competition in Australia
Australia’s home loan market experienced fluctuations this week, with various lenders adjusting their rates, both upwards and downwards. According to Canstar’s Weekly Rate Wrap-up, BankVic raised two variable rates, while Illawarra Credit Union increased the fixed rate on one of its loans. On the other hand, four lenders reduced 44 fixed rates for owner-occupiers and…
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Australian Banks Lower Interest Rates in Response to RBA
Australia’s Big Four banks have swiftly responded to the Reserve Bank’s recent decision to cut interest rates by 0.25 percentage points, bringing the rate down to 3.85 per cent. This adjustment marks the lowest level for interest rates since May 2023, following the RBA’s decision to maintain the cash rate at 4.1 per cent in…
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CBA Lowers Home Loan Rates to Ease Financial Burdens
The Commonwealth Bank of Australia has responded to the recent decision by the Reserve Bank of Australia to reduce the official cash rate by 0.25% per annum. In line with this, CBA announced a corresponding decrease of 0.25% per annum in home loan variable interest rates. These changes are set to take effect from 30…
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Virgin Money Reverses Decision, Passes Full Rate Cut
In May 2025, the Reserve Bank of Australia announced a rate cut that many banks were expected to pass on to their customers. However, 14 Australian banks initially resisted implementing the full rate reduction, including Virgin Money. This decision sparked concerns among customers who faced the prospect of paying higher interest rates compared to other…