Non-banks in funds fight for bigger slice of mortgage market (The Australian)

Non-banks are stepping up efforts to get more access to cheaper funding by taking their push to Treasury, with the aim of better competing against the big banks on mortgage pricing.

During the COVID-19 turmoil the banks have had access to the Reserve Bank’s $200bn term funding facility, which smaller lenders say is tipping the scales too much in favour of the larger incumbents.

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12 Mar 2020

Lenders continue to pass on full rate cuts (The Adviser)

Firstmac has announced that it will cut rates for all new variable home loans on principal and interest payment terms by 25 basis points, and all interest-only variable loans by 10 basis points.
 
Further, all current Firstmac customers with a variable-rate home loan will have their rate cut by 25 basis points.
 
Earlier this month, the Reserve Bank of Australia cut the official cash rate by 25 basis points to a record-low of 0.5 per cent.

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