05

Apr

2024

Upcoming Rate Changes

At Auswide Bank we are continuously reviewing our position regarding funding costs, both retail and wholesale to identify where some pressures may be easing that enable us to adjust our interest rates accordingly.

As a result, effective from Wednesday 10th April 2024 the following changes outlined below will be applied:

What is Changing?

New Home Loan Pricing

  • Selected Variable rate pricing as listed below:

  • Comparison rates for all new to bank fixed rates
  • Removal of Investor Bonus Campaign



What is Not Changing?

  • Home Loan Reference Rates.
  • Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO rate.
  • Owner Occupied & Investment Home Loan Fixed Rates available to new customers.
  • Owner Occupied & Investment Home Loan Fixed Rates available to existing customers.
  • Owner Occupied & Investment Line of Credit Variable Rates.
  • Low Rate Visa Credit Card Interest Rate.

 Continuing Campaigns

  • Low Rate Visa Credit Card Balance Transfer offer of 0% for 12 months.


What are the new Owner Occupied & Investment Rates?
Updated downloadable Rate Information Guides with full details for all of our current interest rates for Owner Occupied and Investment Home loans will be available here from Wednesday 10th April 2024.


Exclusions

Any offers listed above are not available on the following:

  • Existing customers loans
  • Loans to overseas residents

Please refer to our Home Loan Rate Information Guides for any new loans with the above purposes.


Things you need to know:

  • Home Guarantee Scheme (HGS) applicants are only eligible for the 70.1% to 80% LVR band (includes Basic Home Loan rates, Freedom Package Variable & Fixed rates).
  • For Existing Home Loan Customers who wish to fix their loan, refer to the new Existing Loans – Switch to Fixed/Refixing interest rate schedule.
  • Updated Home Loan Key Facts Sheet will also be available from Wednesday 10th April 2024


Fixed Rate Home Loans 

For fixed rate loans, the standard fixed rate process will always apply. Please refer to the Fixed Rate and Rate Lock Information Guide available from the broker website for more information. 

Rate Lock is not available for pre-approval loan applications.



Removal of the Investor Bonus Discount Campaign information:
Our 0.20% Bonus Discount Investor campaign is concluding and will no longer be available to applications lodged from 10th April 2024.

The campaign was introduced two years ago and provided customers with an attractive, longer term beneficial alternative to the cashbacks being offered at the time.  

During its' time the campaign has been very successful, helping our investor clients to reduce the cost of their investment lending, particularly as we saw the interest rate increases by the Reserve Bank continue for an extended period of time.


Please Note:
Any applications need to be lodged with correct full supporting documents prior to midnight Tuesday 9th April 2024 to be eligible for the bonus campaign.  Applications received after this time, or without correct full supporting documents at the time of lodgement, will not have the bonus discount applied.



Impact on existing home loan applications in our pipeline:  
Applications will not be accepted as ‘lodged’ unless all required supporting documents as stated in the Supporting Documents Checklist are received at the time of lodgement.
 

Applications quoted but not yet received (loans not yet submitted as at midnight 9th April 2024):
   •    FIXED (Not changing)
   •    VARIABLE (Rates Increasing or Decreasing) - Interest rate will be the new interest rate applicable from 10th April 2024.
 

Applications received prior to midnight 9th April 2024, but not yet approved (does not include pre-approvals):
   •    FIXED (Not changing)
   •    VARIABLE (Rates Increasing) – The rate applicable and discount quoted will be the rate and discount quoted prior to the 10th April 2024.
   •    VARIABLE (Rates Decreasing) – Interest rate will be the new interest rate applicable from 10th April 2024.


Applications Approved (documented or not documented) prior to midnight the 9th April 2024:
   •    FIXED (Not changing)
   •    VARIABLE (Rates Increasing or Decreasing) The rate applicable and discount quoted will be the rate and discount quoted prior to the 10th April 2024. Eligibility for the Investor Bonus is only applicable to applications ‘lodged with full supporting documents’ prior to midnight 9th April 2024.
 

Applications Approved (documented or not documented) from the 10th April 2024:
   •    FIXED (Not changing)
   •    VARIABLE (Rates Increasing or Decreasing) The rate applicable will be the new interest rate effective from the 10th April 2024. The Investor Bonus discount for ‘eligible’ loans will only be applicable to applications ‘lodged with full supporting documents’ prior to midnight 9th April 2024 and where the new interest rate effective from 10th April 2024 is not being applied.


Loan Applications that have settled:
   •    FIXED – There is no impact to loans that have settled.
   •    VARIABLE – There is no impact to loans that have settled.


For more information or assistance please contact your Broker Relationship Manager, visit our Broker Website or speak to our Broker Support Team on 1300 077 127

Share: