Australia’s smaller banks are joining the big four in lifting their home loan rates out-of-cycle.
Teachers Mutual Bank made its first fixed-rate changes for the year last Friday when it lifted its rates by 7 basis points.
The bank’s chief executive, Steve James, said the marginal repricing reflects the changing market conditions for interest rates, both domestically and internationally.
Meanwhile, MyState is set to raise the rate for existing residential property investors by 28 basis points. The group confirmed that the changes come amid “funding costs and regulatory factors”.
Finally, ING DIRECT this week announced that it will increase the standard variable rate on two of its investor home loan products by 0.25 per cent from Tuesday, 4 April.
ING DIRECT's standard variable rate on the Orange Advantage home loan for investors will move to 5.42 per cent from next Tuesday, while the standard variable rate on the Mortgage Simplifier home loan for investors will be 5.32 per cent at the new rate.
[Related: Banks move on interest rates out of cycle]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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