During the past few months the major banks and most of the other lenders have increased their rates on investment loans and more recently on owner occupied loans.
- The increase in rates on investment loans was as a result of APRA, the government regulator, limiting the amount of investment loans that the lenders could provide.
- The increase in rates on owner occupied loans was due to the cost of the extra capital that is required to be held by the lenders.
Below are the increases in the owner occupied rates of the various major lenders:
- ANZ – 0.18%
- CBA – 0.15%
- NAB – 0.17%
- St George – 0.15%
- Westpac – 0.20%
Competitive Rates are as follows:
- Owner occupied home loan around 4.20%
- 3 year fixed rates from 4.23%
- Investment loans are around 4.70%
Promotions being offered by the lenders are as follows:
- Variable rate for an owner occupied, principal & interest loan is currently 3.99%. (comparison rate 4.19%)
- Cash back offers up to $1,500 for refinance and purchases
Check the current interest rate on your existing home loan. If your rate is not similar to the above competitive rates we may be able to assist you with obtaining a reduction.
Please do not hesitate to contact us for your finance requirements.