|
I trust this email finds you keeping well.
Just wanted to give you an update with interest rate movements this week that you may have heard on the media. Over the course of the week, lenders have adjusted their interest rates outside the Reserve Bank - specifically raising rates on investment home loans and those borrowers that are paying interest only on their owner occupied home loans for some lenders. To date, the following lenders adjusted their interest rates: NAB - increased their owner occupied interest rate by 0.07% and 0.25% for investor home loans effective 24/03/17. Westpac/St George/Bank of Melbourne - +0.03% owner occupied (principal and interest loans) and + 0.08% interest only owner occupied +0.23% investor loans (principal and interest) and +0.28% interest only investor loans effective 24/03/17. Macquarie - no change to owner occupied home loans making principal and interest repayments. + 0.05% interest only owner occupied home loans. +0.25% increase to investor home loans. Effective 13/04/2017. ANZ - no change to owner occupied home loans making principal and interest repayments. + 0.25% increase to investor home loans effective 31/03/2017. CBA - + 0.03% owner occupied (principal and interest loans) and + 0.25% interest only owner occupied. +0.24% increase to investor home loans. Effective 13/04/2017. ING - no announcement. They increased their owner occupied rate before Christmas 2016 - they may hold. Bankwest - no announcement - most likely will follow CBA's direction. AMP - no announcement. May raise investor rates slightly. No announcement from Suncorp/AFM/Pepper/Adelaide Bank/Citibank/ME Bank/FirstMac/Iden/Liberty/Loan Avenue. The banks will shortly write to you about the recent changes. I will send you another update when the Reserve Bank meets. Take care and have a good weekend~ Warm regards, Ian
0 Comments
 At its March meeting, the Reserve Bank of Australia elected to keep the official cash rate on hold at 1.5 per cent. What this means for you?
• Borrowers should continue to expect rate adjustments from lenders outside of RBA movements due to their own increasing costs of borrowing. • Property investors are facing tougher criteria from some lenders - particularly on Interest Only loan products and refinances – due to controls on property investment lending imposed by APRA last year. |
AboutRBA News. Archives
August 2019
|
RSS Feed