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The RBA is expected to hold the cash rate at its meeting next week, but that hasn’t stopped banks from changing their rates. \u00b7 Source: AAP\/Getty <\/p>\n The RBA is expected to hold the cash rate at its meeting next week, but that hasn’t stopped banks from changing their rates. \u00b7 Source: AAP\/Getty <\/p>\n
Multiple banks have begun slashing their home loan interest rates<\/a>, despite predictions the Reserve Bank of Australia (RBA) will hold the cash rate<\/a> at its meeting next week. Two of the Big Four banks predict the next time the central bank moves, it’ll be down, not up.<\/p>\n Since the RBA last hiked the cash rate in May<\/a>, there have been 11 lenders who have gone the other way and cut at least one variable home loan rate for new customers. That includes popular lenders like ING and BOQ.<\/p>\n Canstar data insights director Sally Tindall said lenders had “taken the knife” to new customer rates in a bid to lure new business in the door.<\/p>\n RELATED<\/p>\n “While existing customers will naturally be a bit miffed by such moves, what this tells us is that competition in the mortgage market is heating back up and there are discounts to be had for those willing to play ball,” she said.<\/p>\n “The RBA is set to pull the handbrake on the cash rate next week, and while the conversation has shifted to when the first cut might arrive, the reality is we’re still a long way from the central bank shifting it in reverse.”<\/p>\n Following the rate cuts, there are now 40 lenders offering at least one variable rate under 6 per cent. That includes Big Four bank Westpac<\/a>, along with ING.<\/p>\n Fixed home loan interest rates have been more mixed.<\/p>\n ANZ<\/a> and Macquarie Bank<\/a> cut selected fixed home loan interest rates last week. But the majority of the fixed rate market is still trending up, with Westpac and NAB recently hiking rates.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n Three big banks predict rate pain over <\/p>\n