In the space of six months, just about everything anyone thought they knew about the Australian home loan market has changed. Mortgage rates no longer track the official rate set by the central bank; borrowers must jump through hoops rather than fend off overzealous lenders; instead of racing to beat rising flats prices, prudent buyers must factor in the possibility of stagnant or even falling values.
Previous assumptions about where the best home loan deals lie need to be examined, then re-examined. Many borrowers spurned non-bank lenders last year, for instance, only to be socked by higher rates from the big banks this year.
Resi Mortgage Corporation's head of consumer advocacy, Lisa Montgomery, says the result is that people are confused and suffering from inertia when it comes to their home loans.
"A lot of people have lost confidence in all lenders. They're not sure what they should do," Montgomery says.
You know what should we do? Haha the question is easy, just NOTHING.
Cheerio!
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