In a move that won’t surprise anyone, the big four banks have NOT passed on yesterday’s full RBA interest rate cut in full. The big 4 have roughly passed on just half of the 25 basis points reduction in interest rates.
- NAB – cut of 10 basis points
- ANZ – cut of 12 basis points
- CBA – cut of 13 basis point
- WESTPAC – cut of 14 basis points
“The RBA announcement to cut cash rate to historically low 1.5% came as no surprise – and it’s a shame that the big 4 banks have decided not to pass on to consumers the full interest rate reduction,” said HashChing CEO Mandeep Sodhi.
“But there is a way to get the full rate cut and more from your bank or another other lender for that matter.
“Consumers should shop around to compare a lender’s advertised rates on some of the comparison sites or secure themselves a better rate cut through pre negotiated home loan deals from lenders on HashChing.
“These are the deals that are not advertised anywhere – including secret deals from the big four banks and other tier one lenders.
“So even if the lenders say they’re not passing on the full rate cut – there’s a chance through HashChing that borrowers can get a really good deal – and much better than the rates that are publicly advertised.
“Lenders are using consumer laziness to their advantage to charge them higher interest rates. Mortgage brokers can negotiate a better home loan rate without costing borrowers anything.
HashChing – an online marketplace for cheap home loan deals that are so good – the banks don’t want you to know about them. HashChing offers home loans with interest rates below 4 per cent and well below banks’ standard advertised variable rates.
“The Australian home loan market is worth $1.5 trillion dollars – which means that all lenders are ready to do deals,” said cofounder Atul Narang.
“It doesn’t matter if you want a fixed loan, a variable loan, split loan – HashChing will have the deal and the broker for you. We work with all the lenders, not just a select few, to ensure we get you the deal that you’ve been looking for.”
Since launch more than 1200 mortgage brokers across the country have signed up to the platform providing hot deals to customers. There have been more than one billion dollars worth of loan applications and more than two thousand customers have enquired about new loans or refinancing options.