Another round of bank interest rate hikes

Who's increase rates and when-

 

Not happy about the banks hiking rates? While you’re here, have a read of my blog post where I provide a couple of examples of how I’m saving homeowners up to $3,000 per year in interest on their mortgages.

 

LENDER INCREASE NEW STD VARIABLE

(OWNER OCCUPIED)

NEW STD VARIABLE

(INVESTMENT)

EFFECTIVE DATE
Adelaide Bank 0.07 – 0.17% Various Various 20/11/15
AMP 0.18% 5.73% N/A 20/11/15
ANZ 0.18% 5.56% 5.83% 20/11/15
Bank of Melbourne 0.15% 5.60% 5.85% 20/11/15
BankSA 0.15% 5.67% 5.92% 20/11/15
BankWest 0.18% 5.65% 5.97% 17/11/15
Better Mortgage Management
Bluebay
CBA 0.15% 5.60% 5.87% 20/11/15
Citibank 0.20% 5.94% 6.21% 30/10/15
Credit Union Australia
FirstMac
Heritage
Homeloans Ltd
ING Direct
Keystart Home Loans
La Trobe
Liberty Financial
Macquarie Mortgages 0.20% 5.70% 5.97% 20/11/15
ME Bank 0.20% 20/11/15
NAB Broker 0.17% 5.63% 12/11/15
Pepper Homeloans
P&N
Resimac Financial Services
Smartline Home Loans – New 0.17% 12/11/15
St George 0.15% 5.69% 5.94% 20/11/15
Suncorp Metway 0.16% 5.70% 5.97% 20/11/15
Westpac 0.20% 5.68% 5.95% 20/11/15

 

If you found a good home loan rate a few years ago, you are not sorted for life. Lenders can move their variable rates at any time and how they compare to other lenders can vary. Therefore a loan that was competitive in the past might not be as competitive a couple of years later. It’s ideal to review your loan every year or two to ensure that your rate is still competitive. If not, you could be wasting thousands of dollars unnecessarily.

If you’d like an obligation and cost free chat to review what you’ve got, I’d love to hear from you.

 

Jason Thomson | Mortgage Adviser and Finance Broker | Smartline Cairns

 

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