Powered by MOMENTUM MEDIA
subscribe to our newsletter
Major banks announce rate changes

Major banks announce rate changes

Two of the big four banks have announced changes in their fixed rates.

Effective Wednesday, 7 March, Westpac and its subsidiaries will make changes in their Fixed Option Home and Investment Property Loan interest rates.

The group will also be removing the limited time new lending special discount on the two and three-year Fixed Option Home and Investment Property Loan for both principal and interest and interest-only repayments under the Premier Advantage Package (PAP).

Advertisement
Advertisement

Westpac’s one, four and five-year owner-occupied (P&I) fixed rates will increase by 10 basis points, while its two-year fixed rate will increase by 1 basis point. There is no change in its three-year fixed rate.

Owner-occupied fixed rates (interest-only) will increase by 25 basis points on four and five-year fixed rates, while its two-year rate will fall by 5 basis points and its three-year rate by 4 basis points. There is no change in two-year rates.

Investment property fixed rates (P&I) will increase by 30 basis points on one, three, four and five-year rates. There is no change in two-year rates.

Interest-only fixed rates for investment property will increase by 10 basis points on four and five-year rates but fall by 14 basis points and 5 basis points for two and three-year rates, respectively. There is no change in one-year rates.

Meanwhile, CBA has also announced changes in its fixed rate mortgages. The bank’s owner-occupied (P&I) one and two-year fixed rate home loans will decrease.

The owner-occupied (P&I) five-year and interest-only (IO) one, two, and five-year fixed rate home loans will increase. Investment P&I and IO one, two, three and four-year fixed rate home loans will decrease.

Major banks announce rate changes
mortgagebusiness

 

Latest News

The federal opposition has released its response to the final report of the banking royal commission, agreeing to 75 of the 76 recommendatio...

A class action suit has been filed against the major bank for allegedly approving home loans outside serviceability. ...

In its update on the implementation of Commissioner Hayne’s recommendations, the corporate regulator has hinted that it is investigating...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?