The central bank has also asked the banks and NBFCs to provide those borrowers an option to increase Equated Monthly Instalment (EMIs) or tenure or prepay the full amount or a part of it at any point during the tenure. This move is likely to provide relief to floating-rate borrowers of home, auto, and other loans reeling under the impact of high interest rates.
In this month's home loan snapshot we review recent fixed and variable rate changes from ANZ, CBA and NAB and take a look at some of the lowest and average rates in the Mozo database.