We are hearing from mortgage brokers, solicitors and purchasers of discounts of 0.75% to 0.79% being offered on bank floating mortgage rates.
In many cases customers may have been with the same bank for many years and are only being offered 0.50% whereas they are happy to give new customers 0.75%.
This is probably the time to consider using a mortgage broker and put your lending scenario out to several banks and see what you will be offered. In most instances we have heard of the customers are changing bank.
This is probably contributing to the huge surge in mortgage approval figures that have been taking place in the last 6 weeks – approximately $1 billion per week.