August Interest Rates Stable at 1.50%

 

It looks like interest rates are likely to remain stable for the remainder of 2017 as the Reserve Bank of Australia (RBA) has announced to keep the cash rate on hold at 1.50%.

It seems the major banks and other lenders have ended their interest rate increases for  interest only loans and property investment loans in a effort to reduce the number of these loans on their books.

In the 1st July many states have changed their stamp duty fees and first home buyers grants. You can calculate the cost of state charges and first home buyers concessions by using our stamp duty calculator.

Major banks and other lenders are continually reviewing their variable and fixed interest rates and we will keep you updated on any changes that may occur in the next month.

INTEREST RATE ANNOUNCEMENTS

No changes reported.

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank / Bendigo Bank No Change Announced
AMP No Change Announced
ANZ No Change Announced
Bank of Melbourne No Change Announced
Bank of Queensland No Change Announced
BankWest No Change Announced
Citibank No Change Announced
Commonwealth Bank No Change Announced
ING Direct Bank No Change Announced
ME Bank No Change Announced
Heritage Bank No Change Announced
NAB No Change Announced
St George Bank No Change Announced
Suncorp Bank No Change Announced
Westpac No Change Announced

If you have any questions about the announcement or interest rates, please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

If you are looking for a commercial loan, low doc finance, commercial loan interest rates for commercial property loans, car and equipment leasing  or looking for a better deal please visit our commercial loans website.

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June Commercial Loan Interest Rate Update

Over the last month we have seen commercial loan interest rates remain stable or fall by up to 30 basis points for some products.

Full doc variable commercial property loans have decreased by 24 points while 2 and 3 year rates have also fallen by up to 30 points for one lender. Other interest rates have remained stable in the last 30 days.

Low doc commercial loans have not changed over the last month unlike their full doc cousins.

Below is an outline of interest rates available from Smart Search Finance below. These are only indicative rates and may vary depending on security type and risks factors associated with the loan.

Commercial Loans – Full Doc Interest Rates (Indicative Only)

Lender Loan Type Security Type Interest Rate Max LVR  
Commercial Reference Rate from Variable 3.40% Up to 75% Enquire
Bank Variable Residential Security 4.20% 80% Enquire
Bank Fixed Rates From Residential Security 4.44% 80% Enquire
Bank Variable Rates From Commercial Security 4.20% 60-75% Enquire
Bank Lease Doc Variable Commercial Security 4.54% 60% to 80% Enquire
Bank Commercial Equity Loan From Commercial Security 5.75% 60% to 75% Enquire
Bank 1 Year Fixed Rate From Commercial Security 4.44% 75% Enquire
Bank 2 Year Fixed Rate From Commercial Security 4.70% 75% Enquire
Bank 3 Year Fixed Rate From Commercial Security 4.44% 70-75% Enquire
Bank 4 Year Fixed Rate From Commercial Security 5.10% 75% Enquire
Bank 5 Year Fixed Rate From Commercial Security 5.24% 75% Enquire

Low Doc Commercial Loans – Interest Rates (Indicative Only)

Lender Loan Type Security Type Interest Rate Max LVR  
Bank Low Doc Variable From Residential Security 5.39% to 5.99% 60% to 80% Enquire
Bank Low Doc Fixed Rate From Residential Security 4.79% 60% to 80% Enquire
Bank Lease Doc Variable Commercial Security 4.54% 60% to 80% Enquire
Non Bank No Doc Commercial Security 7.35% 60% to 80% Enquire
Bank 1 Year Fixed Rate From Commercial Security 4.79% 60% to 80% Enquire
Bank 2 Year Fixed Rate From Commercial Security 5.19% 60% to 80% Enquire
Bank 3 Year Fixed Rate From Commercial Security 5.04% 60% to 80% Enquire
Bank 5 Year Fixed Rate From Commercial Security 5.54% 60% to 80% Enquire

If you are looking for more information on a commercial loans or looking for a better deal please visit our commercial loans website.

We have also updated our commercial loan calculator with more options to calculate the cost of finance.

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Rates Unchanged at 1.50%

 

Today’s April 4th meeting of the Reserve Bank of Australia (RBA) has announced to keep the cash rate on hold at 1.5%. We expect this to remain stable for the remainder of the year.

In the last months we have seen a number of lenders increasing some of their variable rate products. Although owners saw very little movement, we saw up to 0.25% increases for interest only loans and property investment loans. This is an attempt to slow down the housing boom by making it more expensive for property investors to make future purchases.

Banks and other lenders are continually reviewing their variable and fixed interest rates and we will keep you updated on any changes that may occur in the next month.

INTEREST RATE ANNOUNCEMENTS

No changes reported.

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank / Bendigo Bank No Change Announced
AMP No Change Announced
ANZ No Change Announced
Bank of Melbourne No Change Announced
Bank of Queensland No Change Announced
BankWest No Change Announced
Citibank No Change Announced
Commonwealth Bank No Change Announced
ING Direct Bank No Change Announced
ME Bank No Change Announced
Heritage Bank No Change Announced
NAB No Change Announced
St George Bank No Change Announced
Suncorp Bank No Change Announced
Westpac No Change Announced

 

If you have any questions about the announcement or interest rates, please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

If you are looking for a commercial loan or looking for a better deal please visit our commercial loans website.

compare home laons

 

 

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Fixed Rate Home Loans Are Falling

Despite the RBA leaving variable interest rates on hold for July, fixed rate home loans and investment loans continue to fall.

Below is just a sample of the types of rates you may find in the Australian mortgage market. Please note that these loans may not suit all borrowers so it is imperative that you contact your mortgage advisor to see if these loans suit your lending needs.

1  Year Fixed Rate     4.69%     CPR 5.13%

2  Year Fixed Rate     4.79%     CPR 5.31%

3  Year Fixed Rate     4.68%     CPR 5.31%

4  Year Fixed Rate     5.21%     CPR 5.13%

5  Year Fixed Rate     5.29%     CPR 5.45%

7  Year Fixed Rate     7.30%     CPR 5.26%

10 Year Fixed Rate     7.30%     CPR 5.26%

For more information on fixed rate loans and to see if they suit your lending needs feel free to submit a mortgage quote by clicking the button below.

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Home Loan Interest Rate Specials

Since the last interest rate cut, home loan interest rates have come down. Fixed interest rates are also falling and for the first time in 2 years we see a 2 year fixed rate fall below 6%.

Below are some of the better interest rates from various lenders around Australia that include ANZ, NAB, Westpac, Commonwealth Bank, ING Direct, Bank West and many more.

Basic Variable – 6.66

Variable Offset – 6.55%

2 Year Fixed – 5.99%

3 Year Fixed – 6.20%

3 Year Fixed – Interest in Advance – 6.05%

5 Year Fixed – 6.39%

Low Doc –  6.66%

Line of Credit –  6.63%

If you would like to take advantage of speaking to one of our professional mortgage specialists to discuss which home loan or investment loan suits your needs please complete the form below.

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Tips for Home Loan Refinance – Costs of Switching Mortgages

Before you refinance your home loan in Australia it is important to find out the true cost of switching lenders. You will need to take into account exit and entry fees.  It is only when the lower cost in interest rate offsets the fees paid is when you may consider switching lenders.

Below  are costs you should look out for.

Exit Fees

The best way to find out the total exit fees from your current lender is to contact them directly. They shoudl be able to give you the exact pay out figure.

Some of the exit fees to consider when refinancing;

Early Exit Fee – usually payable if you close out the loan within the first 5 years, Can range anything from hundreds to thousands of dollars. Check with your lender if these fees apply

Discharge of Mortgage Fee – this is the legal cost for discharging the mortgage. Can range between $100 and $600. Contact your lender

Break Fees – is the economic cost to the lender passed onto the borrower if a fixed rate is exited before the term has expired. This can sometimes be in the tens of thousands of dollars. Each lender has different formulas and it is advised you contact them directly for the exact figure.

Entry Fees

Loan Application Fee – Depending on the lender they can charge a loan establishment fee for a new loan

Lenders Mortgage Insurance – if you borrow more than 80% of the properties value regular loans or 60% for low doc loans lenders mortgage insurance will need to be paid.

Discharge & Registration of Mortgage Documents – approximately $200 depending on the State Government

Solicitor Costs – if you use a solicitor to refinance your loan then there will be a fee. Generally, most people act for themselves when refinancing their mortgage

Try our refinance mortgage calculator to see is it is worth refinancing your home and or investment loan.

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