The latest interest rate data from the Reserve Bank makes for interesting reading.
Naturally, as the graph shows, interest rates have been rising in recent months.
What might surprise you, though, is that the interest rates being paid by new borrowers (bottom line) are significantly lower than those being paid by loyal customers (top line).
Specifically, there’s a discount of 0.50 percentage points for owner-occupiers who take out a new variable mortgage compared to loyal customers.
Want to get a rate cut by refinancing to a lower-rate loan? Then speak to a mortgage broker to see if refinancing is right for you and what savings may be available.
Please click here to find out if you could be saving, by looking at a refinance.