Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Three banks announce pricing and policy changes

rate cut  x rate cut  x
Huntley Mitchell 4 minute read

One of the big four banks has made borrowing easier for investors by lifting its maximum LVR, while two non-majors have slashed their three-year fixed rates to below 4 per cent.

In a statement issued to The Adviser, Westpac said it has increased the maximum LVR for its investment loan products from 80 per cent to 90 per cent.

“We were the only one of the majors who was at 80 per cent and this change is bringing us in line with market,” the bank said.

Meanwhile, MyState Limited has announced that its banking businesses, MyState Bank and The Rock, have reduced their three-year fixed rate by 44 basis points to 3.74 per cent, effective tomorrow.

Advertisement
Advertisement

The new rate applies to new principal-and-interest loans for owner-occupiers that exceed $100,000 and have an LVR of less than 80 per cent.

Furthermore, MyState customers who refinance loans of more than $400,000 from another lender with a maximum LVR of 80 per cent will be eligible for a $1,500 cashback reward, available for a limited time only.

Sandi Sims, MyState’s head of broker, said the group’s new rates are further proof of its commitment to providing brokers with great products and service to help them win business.

“Operational enhancements we have made over the past year have significantly improved our ability to meet the needs of brokers and their customers,” she said.

“We are looking to write more business and further refine our processes to make our partnership with brokers even stronger.”

PROMOTED CONTENT


ME has also announced reductions to its three-year fixed rates, with the industry super fund-owned bank’s investor rate cut by 10 basis points to 3.99 per cent (with a 5.14 per cent comparison rate), and its owner-occupier rate cut by 8 basis points to 3.89 per cent (with a 4.75 per cent comparison rate).

Lino Pelaccia, general manager of broker at ME, said the bank was able to facilitate the new rates through recent cheaper fixed-rate funding.

“The cost of fixed-rate funding has fallen significantly since the RBA cut rates in early May – savings that ME has decided to pass on to customers in the form of cheaper fixed-rate home loans,” he said.

[Related: BMM slashes rates by 100 basis points]

Three banks announce pricing and policy changes
rate cut  x
TheAdviser logo

rate cut  x

 

more from the adviser
51895 transform Labor pledges to establish social housing fund

The leader of the Australian Labor Party, Anthony Albanese, has p...

uptick Semper reports record transactions in April

The commercial lender has reported a record month of commercial t...

Alex Brgudac Prospa head of partnerships sets up consultancy business

Alex Brgudac, the head of partnerships at SME lender Prospa, is t...