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ANZ hikes investor rates by 31bps

ANZ hikes investor rates by 31bps

The major Australian bank has announced a suite of changes to its fixed residential investment loans, with some rates growing by 31 basis points.

Effective immediately (11 September), ANZ is changing its two-year fixed rates for residential investor loans.

In the broker note, ANZ reminded brokers that the new rate will be set at drawdown.

Two-year fixed principal and interest residential investment loans will have a new rate of 4.34 per cent per annum (p.a.), reflecting an increase of 31 basis points.

The increase comes following an interest rate cut of the same value (31 basis points) to the same loan on 21 July.

The two-year fixed residential investor loan with an interest-only repayment scheme will see interest rates fall by 10 basis points to 4.64 per cent p.a., while the same loan with an interest-in-advance repayment structure will also see rates fall by 10 basis points to 4.44 per cent p.a.

MyState changes

MyState Bank has also announced changes to two-year term fixed rates.

Effective 11 September, rates for new owner-occupied home loans with loan-to-value ratios (LVR) below 80 per cent will be cut by 30 basis points.

The new rate for principal and interest repayment structures is 3.69 per cent p.a. (comparison 5.01 p.a.), and the new rate for loans with interest-only repayment structures is 3.89 per cent p.a (5.05 p.a.).

MyState Limited Group Executive Broker Distribution, Huw Bough said the lower rates were part of MyState’s commitment to providing broker partners with competitive products and services so both could attract new customer groups and steadily grow their loan books.

[Related: ANZ ‘best placed’ to meet APRA benchmark]

ANZ hikes investor rates by 31bps
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