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Lenders announce P&I rate changes

by Lucy Dean4 minute read

Two lenders have announced reductions to fixed interest rates on principal and interest loans.

ANZ has announced a reduction to its two-year fixed residential investment loan for customers paying principal and interest (P&I), effective immediately.

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The rate will be cut by 31 basis points, falling from 4.34 per cent per annum (p.a.) to 4.03 per cent p.a.

ANZ reiterated that the fixed rate is set at drawdown and not at the time of the application.

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Bluebay Home Loans

Effective 24 July, owner-occupiers with fixed rates on P&I full-doc loans with Bluebay Home Loans will see their rates reduce.

One-year terms at Bluebay Home Loans will fall by 20 basis points to 4.16 per cent for loans with a maximum loan-to-value (LVR) ratio of 80 per cent. Loans with LVRs of up to 95 per cent, including lenders mortgage insurance (LMI), will have rates of 4.31 per cent.

Fixed rates for two-year terms will drop by 30 basis points to 4.24 per cent for maximum LVRs of 80 per cent. LVRs inclusive of LMI of up to 95 per cent will have a new rate of 4.39 per cent.

Fixed rates on three-year terms will see a reduction of 23 basis points to 4.44 per cent for maximum LVRs of 80 per cent. Rates for loans with LVRs of up to 95 per cent, including LMI, will be 4.59 per cent.

Bluebay Home Loans has also increased the maximum LVR for investment loans where the borrower is paying principal and interest to 90 per cent, effective immediately.

[Related: Regional banks update turnaround times]

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