Non-Major Joins Rate-Slashing Fray
Brisbane-based Auswide Bank is the latest to join a chorus of lenders dropping their mortgage loan rates to entice borrowers.
Auswide said it is offering owner-occupiers a discounted variable rate of 3.59% p.a. on new principal and interest loans of $100,000 or more with a LVR of up to or equal to 90%. It has also made available a discounted three-year fixed rate of 3.99% p.a. for owner-occupiers.
AMP is offering owner-occupiers a discounted variable rate of 3.59% under their packaged home loan product.
Bankwest is offering owner-occupiers a discounted variable rate of 3.70% up to a 90% LVR under their packaged home loan.
Westpac are offering investors a great 2 and 3-year fixed rate under their packaged home loan products.
Investment – Principle and Interest payments – 2 Year Fixed Rate 3.89% & 3 year at 3.99%. Investment – Interest only 2 Year Fixed Rate – 4.09%
This follows moves by several lenders in the past two weeks to slash their rates to attract owner-occupier and investment borrowers.
ANZ went against the grain when it announced last week (19 January) that it was increasing its rates for one to five-year fixed loans and fixed owner occupier and investment loans by up to 20 basis points.
With rates this low it may be time to reassess your home loans. Get that health check – or if you know what you are doing for the next 2-3 years look at fixing in some of that debt at historically low rates.
If you are looking to invest – it is worth a look around the market, before you approach your existing bank (through us of course)! We will let you know what the market has to offer to ensure we get you the most competitive rates and packages.
Donna-Lee Parkes
0418 903 954