Latest News

Big Four Banks Back
2 Jul 20

Big Four Banks Back

While smaller mortgage originators and brokers were flavour du-jour in recent years, COVID-19 has seen a dramatic return to the big four banks when it comes to re-financing or new loans.

Between March and the end of May, 38% of buyers chose mortgage products from the big four. This time last year, that figure was just 16%.

When it comes to re-financing, the swing is even more pronounced. Nearly 48% of all homeowners re-financing their loans have chosen products from ANZ, CBA, NAB and Westpac – despite the reportedly lengthy approval periods. That figure was just 14% or borrowers before the pandemic.

Evidently, it’s not the perceived security of the big four but rather competitive rates and product flexibility. That said, the announcement of Australia’s lowest mortgage rate – at 1.99% - from Bank of Us (Tasmania) would have caught the attention of many. However, the catch is that you need to be a resident in Tasmania to apply.

Homeowners clearly have taken advantage of mortgage ‘holidays’ during COVID-19 to re-assess the suitability and competitiveness of their loan. When much of the government assistance winds back in September, many will come out on the other side with mortgages that a far more in their interests.

Step 1. Enter your property address

Step 2. Enter your details

Step 3. More information about your property (optional)

Thank you for your enquiry!

We'll be in touch soon to your email address provided ().