Banks and Lenders Increasing Variable Interest Rates

Following the big banks, many other lenders will start to increase their variable rate loans. We will keep you up to date on these changes.

 

Bank of Melbourne Variable Home Loan rates

Effective Monday 8 May 2017 Bank of Melbourne will beincreasing the below variable rates.

  • Owner Occupier Principal & Interest Home Loan variable rates by 0.03% to 5.25% per annum (comparison rate 5.42% per annum*)
  • Residential Investment Principal & Interest Home Loan variable rates by 0.31% to 5.78% per annum (comparison rate 5.95% per annum*)
  • Owner Occupier Interest Only Home Loan variable rates by 0.11% to 5.45% per annum (comparison rate 5.62% per annum*)
  • Residential Investment Interest Only Home Loan variable rates by 0.39% to 5.98% per annum (comparison rate 6.15% per annum*)
  • Portfolio loan variable rate by 0.39% to 6.10% per annum

St George Variable Home Loan rates

  • Variable home loan (owner occupier) rate will remain unchanged at 5.30% per annum for customers with principal and interest repayments;
  • Variable home loan (owner occupier) will increaseby 0.08% to 5.50% per annum for customers with interest only repayments1;
  • Variable residential investment property loan rate will increase by 0.23% to 5.78% per annum for customers with principal and interest repayments;
  • Variable residential investment property loan rate will increase by 0.31% to 5.98% per annum for customers with interest only repayments;

AMP Variable Home Loan rates

Effective 3 April 2017, variable interest rates for interest-only loans for existing customers will increase by 15 basis points for owner-occupied loans and 28 basis points for investment loans.

In addition, effective 31 March 2017 for new customers and 3 April 2017 for existing customers, owner occupied principal and interest variable rate loans will increase by 7 basis points. As a result, the AMP Bank Professional Pack owner occupied variable rate loan will increase to 3.92% p.a. for new customers for loans of $750,000 and above.

Adelaide Bank and Bendigo Bank Variable Home Loan rates

Bendigo Bank and Adelaide Bank decided to increase its residential investment variable interest rate by 0.25% p.a. to 6.01% p.a. Standard residential variable mortgage rates for owner-occupiers remain unchanged at 5.48% p.a. The change is effective as of 31 March 2017 for new and existing loans. A further decision was made to adjust the LVR cap on residential investor loans to 80% effective 27 March 2017.

will be increasing variable interest rates for investment loans (both existing and new customers) by 0.25% p.a. effective from 4 April 2017

ING Direct Increase Investment Variable Home Loan rates

ING Direct will be increasing variable interest rates for investment loans (both existing and new customers) by 0.25% p.a. effective from 4 April 2017

 

If you have any questions about this announcement 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.

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Variable Interest Rates On Hold For March

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Today’s March 7th 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. We have seen increases in interest only loans and property investment loans for new and existing borrowers. This is an attempt to slow down the housing boom by making it more expensive for property investors to make future purchases. However, money is so cheap at the moment that even the small rate rises is having very little effect.

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.

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February Variable Interest Rates Remain at 1.50%

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Today’s February 6th 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 next few months.

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.

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Rates On Hold Until February 2017

 

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Today the Reserve Bank of Australia has today announced that it has decided to keep the cash rate on hold at 1.5%. The RBA will not meet again until the first Tuesday in February 2017 so interest rates will remain stable until then.

However, some banks have been increasing their interest rates for specific products. See article Westpac and NAB Increase Variable Interest Rates. We expect that most lenders will follow Westpac and NAB lead in increasing interest rates but we will keep you updated as each  lender makes an announcement.

UPDATED INTEREST RATE ANNOUNCEMENTS

NAB announced that it will increase it variable rate on property investment loans by 0.15% for new and existing customers. These changes will take affect next Monday on the 12th December.

From December 16, Westpac will increase its variable interest rates for owner occupied and investment rate by 0.08% for interest only loans. Westpac’s line of credit loans, equity access loan, will increase by 0.15%. We expect Westpacs subsidiaries St George, Bank of Melbourne, Bank SA and RAMS all to make similar adjustments to their interest rates.

ING Direct have announced that they will be increasing their variable interest rates on all residential home loan products for new and existing customers by 0.15% p.a. These changes will be effective from 12th December 2016.

UPDATE Friday 9th December

ANZ Bank will increase their Residential Investment Property Loan Index Rate (applicable to investors with a Standard Variable Residential Investment Loan) by 0.08% and ANZ Equity Manager interest rate effective 16th December.

There are no interest rate changes to ANZs  Owner Occupier home loan customers and there is no change to Simplicity PLUS home or residential investment loans.Adelaide Bank and Bendigo Bank will increase their residential mortgage variable interest rate by 0.10% p.a., effective 15th December 2016.

UPDATE Tuesday 13th December

Commonwealth Bank will increase its investment home loan rates by 0.07% and VLOC (Veridian Line of Credit) by 0.15%. There no changes for owner occupied home loans, business loans and fixed rates.

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank / Bendigo Bank +0.10% 15th December
AMP No Change Announced
ANZ See Above
Bank of Melbourne See above
Bank of Queensland No Change Announced
BankWest No Change Announced
Citibank No Change Announced
Commonwealth Bank See above
ING Direct Bank +0.15%  12th December
ME Bank No Change Announced
Heritage Bank No Change Announced
NAB See above
St George Bank See above
Suncorp Bank No Change Announced
Westpac See above

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.

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Interest Rates On Hold For October at 1.5%

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The Reserve Bank of Australia has today announced that it has decided to keep the cash rate on hold at 1.5%. The economy has shown some signs of growth and it is expected that inflation is tracking to exceptions.

The new Reserve Bank Governor, Phillip Lowe, warned earlier this month that the government are required to play a bigger part in stimulating economic growth rather than rely on the RBA to reduce interest rates. This is a warning that unless something catastrophic happens, further reductions in interest rates are less likely in the future.

We expect that most lenders will leave their variable interest rates unchanged but we will continue to monitor lenders for rate changes outside the official rate. If there are any changes we will list them below.

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 out commercial loans website.

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Banks Passing on the 0.25% Interest Rate Cut for August 2016

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UPDATE 3:15 pm: Commonwealth Bank (CBA) have only passed on 0.13% of the 0.25% rate cut. We expect other banks and lenders to follow their lead.

Not long after the Commonwealth Banks decision NAB, ANZ and Westpac have all reduced variable interest rates but not by the full amount. They are making their mortgage holders wait between 10 and 21 days from the date of the announcement before they pass on the rate cut.

We have observed in the past that when interest rates increase, the full 0.25% or more amount is passed onto consumers and they are increased within a week from the announcement.

Soon after the Reserve Bank of Australia announced they will reduce the official cash rate from 1.75% to 1.50%, the major banks and many other lenders have not made a decision as yet.

We will keep you updated on how much and  the major lenders are going to reduce their interest rates with our trusty interest rate table.

Current Bank Interest Rates Rate Cut and Date
Adelaide Bank / Bendigo Bank -0.10%  29th August
AMP -0.10%  22nd August
ANZ -0.12%  12th August
Bank of Melbourne -0.13%  23rd August
Bank of Queensland -0.15%  31st August
BankWest -0.10%  23rd August
Citibank -0.15%  23rd August
Commonwealth Bank -0.13%  19th August
ING Direct Bank -0.12%  15th August
ME Bank -0.10%  23rd August
Heritage Bank -0.10%  24th August
NAB -0.10%  19th August
St George Bank -0.14%  23rd August
Suncorp Bank -0.10%  24th August
Westpac -0.14%  23rd August

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.

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