Facilities are being put in place to temporarily assist customers facing cash flow issues.
Waiver of home loan application, top-up, and re-documentation fees (Early Repayment Adjustment fees still apply).
- Interest only repayments on home loans for up to 3 months.
- Home loan holiday for up to 3 months (interest will still be added to the loan).
- Ability to extend home loan term for up to 3 months.
This morning the Reserve Bank has slashed the Official Cash Rate by 0.75% to 0.25%. We have never been here before folks. Historic.
Floating interest rates and short term fixed interest rates should get a trim depending on how much of the margin main Banks don’t keep for themselves.
On one day back in late June 2016 when the UK voted for Brexit our 5 year swap rate fell by 7% to 2.32%.
With a global flight from equity to bond markets this week our 5 year swap rate stands at a meagre 0.77%.
Fixed interest rate falls beckon for mortgage holders.