Another big four bank has taken the axe to its fixed rate home loans, cutting by up to nearly half per cent just 11 days out from the next RBA meeting.

In a bid to woo borrowers, ANZ has slashed fixed rates by up to 0.4 percentage points for owner-occupiers, and up to 0.45 percentage points for investors.

That takes the bank’s lowest fixed rate to 5.39 per cent — the lowest two-year fixed rate of the big four banks.

RELATED: Big Aus bank slashes rates as RBA decision looms

NAB has the lowest three, four, and five-year fixed rates, after cutting a month ago.

BOQ and Police Bank have the lowest fixed rates on the market at 4.99 per cent.

It follows in the footsteps of NAB reducing its fixed rate on April 11 and Macquarie Bank on April 24.

The RBA is widely expected to cut the official cash rate by as much as 50 basis points when it meets again on May 20.

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Canstar.com.au data insights director Sally Tindall said the fixed rate mortgage market was finally heating up, with a number of cuts in the past month from big and smaller lenders.

“The bank has one eye on the possibility of cash rate cuts, potentially as soon as 20 May, and another on locking new customers in, using a relatively competitive fixed rate as the hook,” Ms Tindall said.

“While a rate of 5.39 per cent isn’t likely to turn many heads, with variable borrowers across the country hanging out for further cash rate cuts, a fixed rate of 4.99 per cent might grab attention.”

But it’s not just fixed rates that are being cut. The Commonwealth Bank this week dropped its digital variable interest rate to 5.84 per cent — on par with Westpac and ANZ, with only NAB having 6.19 per cent as its lowest.

Ms Tindall said a mortgage rate starting with a ‘4’ was a crucial threshold psychologically that could prompt some borrowers to change from a variable rate.

“If you are weighing up the option of fixed versus variable, understand what might suit your finances better and make sure you spend time shopping around for a competitive deal,” she said

“Ultimately, this rate slashing is good news for borrowers. Two of the big four banks have cut fixed rates within a month of each other and we expect more banks to follow suit, however, lenders will probably have to consider fixed rates in the ‘4’s if they want to get traction.”

Deloitte Access Economics head Pradeep Philip said the latest inflation data for the March quarter left the door open for the RBA to cut rates this month.

“A May rate cut should not be viewed as the RBA declaring ‘mission accomplished’ in the fight against inflation,” Mr Philip said.

“Instead, it should be viewed as insurance against any collateral damage a trade war and geopolitical turbulence may cause the Australian economy.”

Deloitte Access Economics is forecasting a 50 basis point cut on May 20 followed by another 25 basis point cut this year, which would see the cash rate reduced by 100 basis points including the February cut.

Compare the Market economic director David Koch said another rate cut on May 20 would be “much-needed relief for homeowners buckling under the pressure of expensive loans and high interest rates”.

Mr Koch said it was unlikely interest rates would ever be as low as they were during the pandemic, but they should not be as high as they were now.

“Australian homeowners have worn the brunt of the war against inflation,” he said. “It’s high time we had some relief.”

The post Banks in rate cut war to woo borrowers ahead of RBA meeting appeared first on realestate.com.au.

It has boarded up windows, mountains of junk and plants have taken over the roof – but an abandoned convenience store is expected to be hot property at auction.

The property in Mount Druitt, which has been vacant since the early 2000s, will go under the hammer this weekend with expectations of selling at a price over $800,000.

Selling agent Greg Okladnikov of Starr Partners said numerous buyers had indicated their willingness to bid on the Mount Druitt Rd property.

It’s currently fenced off to keep people off site and possibly to ward off vandals, who appear to have been a problem at the site in the past: much of the former shop is covered in graffiti.

A video walkthrough of the property revealed piles of junk in the backyard, metre-high grass and an untamed vine growing across what used to be a small house connected to the back of the shop.

Mr Okladnikov said the property was being sold “as is, with everything you see … nothing has been cleared out”.

He told The Daily Telegraph the current structure was “not salvageable” and most of the buyer interest was from those who wanted to redevelop the site.

“The condition has been horrible,” he said. “Someone has stolen the copper pipes, so there is no water. No one is looking at it from a renovation point of view.”

A TikTok video of the property has drawn mixed reactions, with some talking fondly of their memories of the site when it was still an actively running shop, while others were perplexed by the condition.

One commentator said they remembered playing the arcade game Street Fighter outside the shop and “buying lollies”.

Mr Okladnikov said an old sign inside the shop gives an indication of just how long it’s been since the property was used as a shop. “It says 50 cents cokes and $1 pies,” he said.

Other online commentators were baffled with the offering.

“Who the hell wants to live in that ****hole area and secondly no one’s gunna (Sic) pay that much then a ****load more to reno or knock it down and get another house built.”

“I’ll give you $10.00 firm. I ain’t going any higher,” said another comment.

Others assumed the price would be expensive and came up exaggerated guesses of what they thought the property would be worth. “Asking price $6m,” said one TikTok user.

Mr Okladnikov said he did not know how the property came to be in its current condition and why it was left vacant for so long, but he expected it would be a solid auction result.

The post Mount Druitt shop trashed by vandals to get hot auction appeared first on realestate.com.au.

The expense associated with originating mortgage loans has been escalating, with the current average cost approximating $11,600 per loan. A substantial component of this expense is attributed to Loan Officer Compensation (LO Comp), which typically constitutes 1% to 2% of the loan amount and represents nearly half of the total origination cost. This heightened compensation framework is primarily propelled by the considerable cost of lead acquisition, further aggravated by the lower conversion rate of leads.

Agentic AI offers a compelling solution for reducing these costs. In this article, we delve into its application to elucidate how intelligent automation can enhance efficiency and cost-effectiveness within the loan origination process.

Loan officers typically deploy marketing advertisements on selected platforms, directing potential borrowers to their dedicated webpages upon clicking the ads. These pages provide comprehensive profiles of the loan officers, including testimonials and relevant details, facilitating the application process for mortgages. However, this procedure generally requires borrowers to create an account and submit sensitive information to proceed with the loan application. A pertinent concern within this framework is the conversion rate—namely, the proportion of individuals who engage with the advertisement and ultimately apply for a loan, which remains relatively low.

Agentic AI holds the promise of revolutionizing the existing digital approach. When a borrower clicks on a loan officer’s advertisement, the AI can immediately request pertinent information such as income, expenses, geographical location of the property for purchase or refinancing, prior to revealing any personal details. Leveraging this data, the AI interfaces with the lender’s pricing engine, applying default parameters to swiftly determine borrower eligibility.

The borrower is then presented with an offer: “Congratulations! Based on the information provided, you appear to be eligible for a loan amount of $XXX,XXX.00. Let me schedule a consultation with Loan Officer to proceed.” Subsequently, the borrower can select date & time for the consultation, and the AI promptly generates a meeting invitation for the loan officer and the borrower to connect. Concurrently, a lead is created within the CRM system, streamlining the process further.

When the loan officer engages with the borrower, the AI agent can monitor the conversation, extracting relevant information to populate the 1003 form. Depending on the borrower’s digital proficiency, the loan officer may either invite the borrower to apply for the loan directly through the platform or proceed with capturing the application details manually.

In case LO decides to capture application details, the AI agent continues to populate the Uniform Residential Loan Application (URLA) based on the ongoing dialogue. Should the loan officer direct the borrower to the platform for completing the digital application, conversational AI can further assist, enabling the borrower to fill out the application using voice-enabled interactions.

The aforementioned scenario exemplifies the potential of Agentic AI to facilitate early lead qualification while refraining from disclosing pricing details, thereby ensuring compliance. Additionally, it assists loan officers in accumulating 1003 data through conversational AI. By not requiring borrowers to divulge sensitive information before determining preliminary eligibility, this approach is anticipated to enhance conversion rates, filtering out non-serious prospects and progressing only genuinely interested individuals to the subsequent stage of scheduling a consultation with the loan officer. This method also enables loan officers to attract prospective borrowers round-the-clock, without necessitating their personal involvement during an initial stage.

The mortgage industry has traditionally been slow to integrate transformative technologies, often hindered by outdated systems and stringent compliance requirements that perpetuate manual, labor-intensive procedures. Yet, the advent of Agentic AI heralds a crucial opportunity to disrupt this cycle, especially during the initial phases of the lending process. By employing intelligent, autonomous agents to engage, qualify, and nurture potential borrowers, lenders can significantly enhance lead conversion rates and diminish operational costs.

This acceleration of the borrower onboarding process not only paves the way for scalable and cost-effective origination models but also positions early adopters of Agentic AI at the forefront of establishing the new paradigm for smart, efficient lending in an industry poised for revolution.

Sandeep Shivam is the head of Touchless Lending Experience Product Suite at Tavant.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: zeb@hwmedia.com.

An ex-Buckingham Palace cleaner has revealed the common item banned from all royal bathrooms.

Anne Simmons, 57, from Berkshire told Plumbworld that disposable wet wipes have been removed from royal homes because they cause “significant plumbing issues”.

While wet wipes may seem convenient for quick clean-ups, it appears they generate more harm than many realise, especially when flushed down the toilet, The US Sun reports.

“At the palace, wet wipes caused significant plumbing issues,” the former royal maid said.

“Despite being advertised as ‘flushable,’ they don’t break down in the system like toilet paper does.

“This led to repeated blockages and costly plumbing repairs.

“It became clear that they simply weren’t worth the trouble.”

Ms Simmons said the palace avoids using wipes and has switched to reusable cleaning cloths.

“Not only did this prevent plumbing issues, but it also saved money in the long term by reducing the need for frequent repairs,” she said.

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The real damage wet wipes do to plumbing

Wet wipes have become one of the top causes of plumbing blockages in households and businesses alike. The product also poses some other very serious risks.

Non-biodegradable wipes take hundreds of years to break down, contributing to landfill waste and water pollution.

They can also harm marine life when flushed into rivers and oceans.

As well as this, wet wipes combine with grease and debris to form fatbergs, causing severe blockages in sewer systems and costly repairs.

Additionally, wet wipes can lead to increased water treatment costs, as they put strain on sewage treatment plants.

They also pose a threat to wildlife, as animals can mistake wet wipes for food, leading to ingestion and potential harm or death.

Plumber’s perspective on wet wipes

James Clarkson, a professional UK plumber with over 15 years of experience, shared his expert perspective on the damage caused by wet wipes.

“In many homes, wet wipes have become a major cause of plumbing issues,” he said.

“Even though they may say ‘flushable,’ these wipes don’t break down like toilet paper, and over time, they accumulate and cause severe blockages.

“I’ve had to clear fatbergs created by wipes on multiple occasions, and the cost of repairs can be substantial.”

Mr Clarkson advised: “The key is to avoid flushing them. Wet wipes should never be disposed of in the toilet, even if they claim to be ‘flushable.’

“Always throw them in the bin. And, if you need to use wipes, consider biodegradable alternatives that won’t cause the same problems.”

Protect your home’s plumbing

A spokesperson from Plumbworld commented: “Making small changes, like disposing of wet wipes properly, can prevent plumbing issues and save you money in the long run.”

In Australia, it’s advised not to flush wet wipes, especially those labelled “flushable” as they may cause blockages in plumbing systems.

According to tunnelvision.com.au, all types of wet wipes belong in the bin.

The website states that “if they’re labelled as flushable, the risk they pose to plumbing and sewer systems is too significant to ignore.”

Parts of this story first appeared in The US Sun and was republished with permission.

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Australia’s queen of craft Tonia Todman and her husband Michael Dowding are selling their “magical” Gisborne property following a large-scale renovation.

The couple have put their four-bedroom house on the market with a $1.89m-$2.049m asking range.

Ms Todman spent two decades at Channel 10 where she appeared on shows such as Making It Australia, Rove Live, Healthy, Wealthy and Wise, Good Morning Australia and Creative Living.

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In addition to writing 28 books written on cooking, crafting, home decorating and DIY, she has worked as an Australian Vogue and Australian Women’s Weekly journalist and previously served as the national creative consultant and face of Lincraft.

Mr Dowding and Ms Todman moved to Gisborne after selling their former Kyneton residence, a historic bluestone farmhouse named Highbank, in 2022.

The DIY pioneer said they fell in love with the 2727sq m Gisborne property’s views thanks to its elevated location near farmland and Bunjil Creek.

“We look straight across to the Macedon Ranges and to the Mount Macedon Memorial Cross on the hill and look down onto Gisborne, so it’s a pretty magical spot,” Ms Todman said.

The house, that dates back to the 1980s, was “very dated but beautifully built” with wooden floors and high ceilings – while the garden was planted with fruit trees and a grapevine trellis.

Both Ms Todman and Mr Dowding, a retired builder, were heavily involved in the renovation.

They recruited stonemason Phil Mangion, who worked on Highbank, to fit-out their new home’s kitchen.

It’s equipped with marble benches, an island bench and Falcon double cooker with a gas cooktop.

The dining room and outdoor entertaining area both look out to Mount Macedon.

A set of 1840s-era doors imported from France feature in the entry hall, while an Australian cedar front door from Highbank has been installed in the house too.

Other highlights include a freestanding wood burner in the living room, while the main bedroom has an ensuite and a walk-in wardrobe.

Mr Dowding created a “garden room” in the backyard and built a potting shed that Ms Todman describes as looking similar to a small church.

The couple’s dogs, Irish setter Bella, miniature fox terriers Roxy and Lilly and springer spaniel Bonnie, love running around outside where there’s also a barn and vegetables growing.

Ms Todman said they were selling with plans to move closer to their grandchildren, on the Mornington Peninsula.

Elders Kyneton’s Jodie Alcaraz said the house was located in a quiet street near central Gisborne.

“It has got a really rural feel but you’ve got all the conveniences close by and it’s only a 45-minute drive to Melbourne’s CBD,” Ms Alcaraz said.

Expressions of interest close at 4pm on June 6.

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