Interest Rate Update

Effective from Tuesday 14th November 2023 the following changes outlined below will be applied:


What is Changing?


Existing Home Loan rates are increasing  

• Owner Occupied Home Loans increasing by 0.25%
• Investment Home Loans increasing by 0.25%
• Lines of Credit increasing by 0.25%

New Home Loan rates that will increase

• Selected Fixed rate Owner Occupied and Investment loans increasing by 0.25%
• Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO increasing by 0.25%
• All Fixed rates available to existing customers switching to fixed/refixing
  

What is Not Changing?


New to Bank Home Loan rates 

• Variable Rate pricing for new to bank Owner Occupied Home Loans
• Variable Rate pricing for new to bank Investment Home Loans
• 1 Year Fixed Interest Rates for Owner Occupied Home Loans <80% LVR

Campaigns

• Investor Bonus Campaign - receive 0.20% discount when Owner Occupied loan is also brought to Auswide
• Home Guarantee Scheme Spring Campaign - $0 application Fee OR 2yr Package Fee waive still available

What are the new Owner Occupied & Investment Rates?

Updated rate guides will be available from 14 November 2023 here

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 Tuesday 14th November, 2023
• 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 Tuesday 14th November 2023.

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.

Impact on existing home loan applications in our pipeline:  

1.  Applications quoted but not yet received (loans not yet submitted as at midnight 13th November 2023):

• FIXED (Rates Increasing) - Interest rate will be the new interest rate applicable from 14th November 2023.The rate quoted to the customer may no longer exist.  Brokers and lenders may need to position the rate change with the borrower before proceeding to lodge the application.  
• VARIABLE (No Change) - No change to interest rate quoted will apply.  An increase of 0.25% will be applied to the discount margin of the loan.  

2.  Applications received prior to midnight 13th November 2023, but not yet approved (does not include pre-approvals):

• FIXED (Rates increasing) - Where a Rate Lock form has been received and full supporting documents at the time of lodgement of the application, the rate at the time of application will be applied. Where a rate lock form has not been provided at the time of application, the applicable interest rate will be the fixed rate available on the day of settlement. The standard fixed rate process applies - refer to the Fixed Rate and Rate Lock Information Sheet for guidance.

• VARIABLE (No Change) – No change to interest rate quoted will apply.  An increase of 0.25% will be applied to the discount margin of the loan.  

3.  Applications Approved (includes loans approved prior to midnight the 13th November 2023 (documented or not yet documented):

• FIXED (Rates increasing) - Where a Rate Lock form has been received and full supporting documents at the time of lodgement of the application, the rate at the time of application will be applied. If a customer has elected not to rate lock OR a rate lock form has not been provided at the time of application, the applicable interest rate will be the fixed rate available on the day of settlement. The standard fixed rate process applies - refer to the Fixed Rate and Rate Lock Information Sheet for guidance.

• VARIABLE (No Change) – For applications documented the increase of 0.25% will be applied at settlement. For applications not yet documented no change to the interest rate quoted will apply. An increase of 0.25% will be applied to the discount margin of the loan.  

4.  Loan Applications that have settled:

• FIXED  – There is no impact to loans that have settled.
• VARIABLE – As the applicable reference rate will increase by 0.25%, the interest rate on the loan will increase by 0.25%