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A regional bank has announced variations to fixed and variable home loan rates for both new and existing customers, including a seven basis point increase for variable reference rates of existing residential investment home loans.
Auswide Bank has announced that the bank will offer a 3.99 per cent discount variable rate (a ‘life-of-loan’ discount of 1.34 per cent off the standard variable rate) and a 3.99 per cent three-year discount fixed rate for residential owner-occupied loan approvals.
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For residential investment loan approvals, the bank will offer a 4.18 per cent discount variable rate (a ‘life-of-loan’ discount of 1.54 per cent off the standard variable rate) and a 4.18 per cent three-year discount fixed rate.
The offers apply to Auswide Bank’s Freedom Package loans of $150,000 or more with an LVR up to and equal to 90 per cent.
However, as well as the discounts, the bank also announced an increase to variable reference rates for existing residential investment home loans by seven basis points (0.07 per cent), which will be effective from Wednesday (21 December).
Customers with owner-occupied home loans, fixed interest rates or lines of credit are not impacted.
Auswide Bank’s chief financial officer, Bill Schafer, commented: “In recent weeks the market has seen a range of lenders respond to similar considerations with interest rate rises for existing customers, although at seven basis points, our increase is at the lowest end of the range.
“While conscious of managing our margin, we constantly strive to support our customers, with our pricing for both new and existing loans and deposits remaining competitive against both our peers and the majors.”
[Related: 'Disturbing signs of mortgage stress' as rates rise]
