In the last week, the Pound Sterling has risen against the Australian Dollar by 6.5%, prompting a number of British Expats down-under to look at reducing the cost of their UK expat mortgage by switching their mortgage lender to obtain a much better expat mortgage deal.
Recent concerns regarding the slowdown of growth in China has led to predictions that demand for commodities from Australia will be reduced.
This seems to have prompted the Reserve Bank of Australia to reduce their Base Rate by 0.25% to 3.25% on October 2nd - the third reduction this year. The knock-on effect seems to have been that the Pound Sterling has strengthened against the Australian Dollar.
As a result, British Expats in Australia will see the cost of their UK mortgage rise when compared to the Aussie Dollar.
This, coupled with the fact that some Expats are paying nearly 6% on their mortgage rates with some lenders when the lowest rates are under 3%, has led to a an increase in enquiries from British Expats in Australia looking to save money on their mortgage and obtain a better deal.
