Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bank changes fixed and variable rates

A Queensland-based bank has announced variations to fixed and variable home loan rates for both new and existing customers, including a seven basis point increase for existing residential investment home loans.

Auswide Bank has announced that for residential owner-occupied loan approvals, the bank will offer a 3.99 per cent discount variable rate (a ‘life-of-loan’ discount of 1.34 per cent off the standard variable rate) and a 3.99 per cent three-year discount fixed rate.

For residential investment loan approvals, the bank will offer a 4.18 per cent discount variable rate (a ‘life-of-loan’ discount of 1.54 per cent off the standard variable rate) and a 4.18 per cent three-year discount fixed rate.

The offers apply to Auswide Bank’s Freedom Package loans of $150,000 or more with an LVR up to and equal to 90 per cent.

The bank also announced an increase to variable reference rates for existing residential investment home loans by seven basis points (0.07 per cent) which will be effective from Wednesday 21 December 2016.

Advertisement
Advertisement

PROMOTED CONTENT


Customers with owner-occupied home loans, fixed interest rates or lines of credit are not impacted.

Auswide Bank’s chief financial officer, Bill Schafer, commented: “In recent weeks the market has seen a range of lenders respond to similar considerations with interest rate rises for existing customers, although at seven basis points, our increase is at the lowest end of the range.

“While conscious of managing our margin, we constantly strive to support our customers, with our pricing for both new and existing loans and deposits remaining competitive against both our peers and the majors.”

[Related: Bank to reprice investor home loans in 2017]

Bank changes fixed and variable rates
mortgagebusiness

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Banks have approved $41 billion in loans for SMEs, while about 70 per cent of SME loan applications received the green light, ABA figures sh...

The central bank is expecting lenders to exhaust the $200 billion in low-cost funding offered via the term funding facility, helping to acce...

Melbourne last week held its largest number of auctions in two months, according to new data. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.