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.

Auswide increases rates for investment loans

  transform   transform
Reporter 1 minute read

Auswide Bank has announced that it will be raising the reference rates for investment home loans and lines of credit by 25 basis points from Tuesday.

Auswide's managing director, Martin Barrett, said that from Tuesday, 11 July, the bank will increase rates 0.25 per cent, resulting in a new standard variable rate of 6.10 per cent.

Mr Barrett said that the moves come as the bank continues to experience funding pressures and regulatory limits on investment and interest-only lending, and follows a raft of changes announced by other lenders in recent weeks.

For example, ING DIRECT, Bendigo Bank and ME have all announced rate increases for interest-only loans in the past week.

He said: “We’d prefer not to be increasing rates, but have limited options in the current environment, which is the most challenging we have seen in sometime.”

However, Mr Barrett noted that many investment loan customers pay discounted rates less than the standard variable rate based on the size of their loan.

[Related: ]

Auswide increases rates for investment loans
  transform
TheAdviser logo

  transform

 

more from the adviser
Sam White 3 Loan Market to move forward with MyCRM

The major brokerage has chosen MyCRM as its broker platform, but ...

ASIC TA ACL obligations issued for debt management firms

ASIC will require debt management firms to hold a credit licence...

handshake 2 NAB exec to head up mutual bank

A member-owned bank has announced that it has appointed a new CEO...

FROM THE WEB