Tuesday, 08 Nov 2016
Auswide Bank made Australian history in recent weeks, unveiling the new Reserve Bank of Australia (RBA) Rate Tracker Home Loan.
The revolutionary home loan is available on new owner-occupied home loans of $150,000 or more, for purchase or refinance.
Believed to be the first of its kind in Australia, this new loan has many benefits for owner-occupiers.
Unlike a typical variable loan's interest rate which is affected by a variety of factors, the RBA Rate Tracker Home Loan's interest rate responds directly to official interest rate changes announced by the RBA. This means you have certainty and transparency about how RBA interest rate changes will affect your home loan's interest rate.
If the RBA changes the official interest rate (either up or down), then the interest rate on the RBA Rate Tracker Home Loan will be adjusted by the same amount (note: a minimum fixed rate applies).
By taking this uncertainty out of the equation, you have the peace of mind that your loan will change in response to the RBA cash rate. What's more, Auswide Bank will update your rate within two working days of the RBA oftyficial rate change!
You will still receive a lot of Auswide Bank benefits like additional payments and redraw with the RBA Rate Tracker Home Loan. And because we are all about the small things making a big difference, our friendly Home Lending Consultants are available whenever you need.
Rate tracking loans are popular internationally and have been a key point of discussion in the recent banking inquiry into major banks. The inquiry went so far as to proposing the introduction of rate-tracker home loans as a way of helping ensure customers were passed on the full benefits from RBA rate changes*.
Let us take care of the small things so you can focus on the big things.
Find out more about our new Rate Tracker Home Loan.
Our finance expert first discovered Auswide Bank in early 2016 when he used an Auswide Bank low rate Personal Loan to finance his dream car. Disenchanted by his experiences at other banks, he’s now committed to providing everyday Australians with tips he’s learned from Auswide Bank to ensure that they too can realise their dreams. You might have seen our finance expert on a TV near you. Stay tuned for the next instalment of his financial journey in 2017.