As more lenders change their home loans rates, confusion in the market presents an “amazing opportunity” for brokers, John Kolenda, managing director of 1300 HomeLoan, told
Australian Broker.
“With all the changes in the last couple of months, consumers are so puzzled with their current position and what might be on offer. It’s an opportune time for brokers to get in touch and see if it’s time to re-evaluate their position and maybe look for a better option.”
Despite the official cash rate holding at a record low of 1.5%, lenders have increased the rates on over 200 home loan products over the past two months, he said.
“If you’re a customer and you’re looking at the home loan options, to try and scour the market to find out what’s on offer in comparison to what you have would be an absolute nightmare. The only person who’s in a good position to do so is the broker.”
With the Reserve Bank of Australia (
RBA) announcing its next decision on the official cash on 7 February, Kolenda predicted the bank will stay on the sidelines.
“The central bank has a range of factors to digest, foremost being the global economic impact of the first few weeks of Donald Trump becoming President of the United States.”
Regardless of the RBA’s decision to move or hold the cash rate over the next few months however, good deals will remain for mortgage customers, he said.
“With the intense competition between lenders, borrowers don’t need to wait for the RBA to act.”
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