Bank Assistance

Facilities are being put in place to temporarily assist customers facing cash flow issues.

Options include..

Access:

Waiver of home loan application, top-up, and re-documentation fees (Early Repayment Adjustment fees still apply).

Relief:

  • 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.

OCR Slashed 0.75% to 0.25%

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.

Swap Interest Rates collapse

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.