Interestingly, data from Commonwealth Bank also revealed that there was a 46% increase in the number of customers using the home loan switch repayment tool to actively increase their home loan repayments within the week. immediately following the May Reserve Bank board meeting versus the week. prior. In June, there was a 41% spike in the number of home loan customers actively increasing their home loan repayments.
Commonwealth Bank Home Buying’s executive managing director, Dr Michael Baumann, said it’s clear from the data that Australians are taking a proactive approach to their finances and trying to determine what any cash rate decision made by the Reserve Bank could mean for them and their current home. loan repayments.
“Australians are acutely aware that any increase in the cash rate can lead to higher mortgage rates. To understand the impact this rate hike may have on their finances, they use the various tools available to get an idea of how much their monthly mortgage repayments might increase,” he said.
“If customers wish to make proactive changes to their home loan repayments, they can do so through our Home Loan Change Repayment Tool available through NetBank and the CommBank app. This tool allows customers to manage their repayments online , including aligning them on the timing and frequency of payment, as well as increasing or decreasing their repayments as needed.
“In May and June, we saw an increase in the number of customers using the tool to take action and proactively increase their home loan repayments beyond their required minimum monthly repayments. They chose to increase their repayments after meeting of the Reserve Bank Board to immediately factor any higher repayments into their household budget.
As well as taking advantage of CommBank’s range of different tools to help manage changing personal and family budgets, Dr Baumann said customers could also take advantage of the bank’s exclusive offers that are available through its suite of innovative partners.
“With the cost of living rising, finding deals on everyday services such as utilities is a great way for homeowners to save money and reduce expenses. Our customers can access exclusive offers through our partners, like More which offers big savings on unavoidable and ongoing costs like internet,” he said.