1300 131 909

And They Are Off!

Today the first of the major banks announced it will be increasing its interest rates despite the Reserve Bank of Australia (RBA) keeping rates on hold for over 24 months.

Westpac has been the first to jump out of the starting blocks announcing the all variable mortgage rates will increase by 14 basis points (0.14% pa) from 19 September 2018.

Westpac’s rate changes include:

  • Owner Occupier Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.38%p.a. (comparison rate 5.52%p.a.1)
  • Owner Occupier Interest Only Home Loan variable rate increasing by 0.14%p.a. to 5.97%p.a. (comparison rate 6.11%p.a.1)
  • Residential Investment Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.93%p.a. (comparison rate 6.07%p.a.1)
  • Residential Investment Interest Only Home Loan variable rate increasing by 0.14%p.a. to 6.44%p.a. (comparison rate 6.57%p.a.1)

Now that Westpac has left the starting blocks I can almost guarantee that the others will be chasing them down the straight very shortly.

To find out if you are paying more interest than you need to be, contact us here to arrange a complimentary review of your lending or just for a chat about your finances.

1 The comparison rate is based on a loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

 

No comments yet.

Leave a Reply