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  • Writer's pictureMark Oliver

Month In Review - November

It's been a rollercoaster of a month with some big changes and more record breaking events. The good news is, it could save you some money. Find out more below.


Interest Rate Update

It's been another record breaking month with big drops in interest rates. Did you think you would ever see your home loan start with a 1? Here are some of the market leading Rates as of the 26th November 2020.

Leading Interest Rates

*Did you know that the average mortgage rate this time 5 years ago was 5.61%.

To find out if you qualify for any of the above rates contact us today.


RBA cash rate

The RBA cash rate has DROPPED from 0.25% to 0.1% - Read the full November Monetary Policy Decision HERE

Key takeaways:

  • a reduction in the cash rate target to 0.1 per cent (down from 0.25%)

  • a reduction in the target for the yield on the 3-year Australian Government bond to around 0.1 per cent

  • a reduction in the interest rate on new drawings under the Term Funding Facility to 0.1 per cent

  • a reduction in the interest rate on Exchange Settlement balances to zero

  • the purchase of $100 billion of government bonds of maturities of around 5 to 10 years over the next six months.


How do you feel about a Government backed digital currency like Bitcoin?

The Reserve Bank this month announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT). This is part of ongoing research at the Reserve Bank on wholesale CBDC.

The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform. The POC will be used to explore the implications of ‘atomic’ delivery-versus-payment settlement on a DLT platform as well as other potential programmability and automation features of tokenised CBDC and financial assets.

If you would like to read more on this topic click HERE


With record low rates should you refinance your home or investment loan?

The simple way to answer this question is; do you know your current interest rate on your home loan? If the answer is 'No' then chances are you've not reviewed it in a while and rates have moved. If you do know your home loan rate but it doesn't start with a 1 or 2 then it might be time for a review.

To read more about how or the benefits of refinancing then read our Blog post HERE


Thinking about renovating?

With record numbers of people renovating their homes Suncorp and CoreLogic have released a "Renovation Calculator". This handy little calculator will help you estimate the likely cost you could face depending on the scale of your renovation.

Try it out today and see how much your renovations dreams could cost, Click HERE



Unfortunately, the threat of Covid is still around and as we start to get used to the rules of getting out and about, signing in to our local shops and restaurants, job losses and unemployment are still a big reality. If you've been affected and are struggling with your finances there is help available and we advise you to seek guidance from your bank and/or credit provider as soon as possible for guidance. Contact details for most lenders can be found HERE


If you would like to find out more information on any of the above topics or would like to see how we can help you with your mortgage Contact us.

WARNING: The contents of this communication are not designed to replace credit advice. We have not taken into account your needs, objectives or financial situation. The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. The comparison rate is calculated on a $750,000 secured loan over a 25 year term at 60% LVR.

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