Our Interest Rates are Changing

In response to the recent RBA decision to increase cash rates to 1.85% and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates.

WHAT IS CHANGING?

In response to the recent RBA decision to increase cash rates to 1.85% and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates.

Effective from Wednesday 17th August 2022 the following changes to our interest rates will take effect:

Increases in Rates for New Lending

Owner Occupied & Investment Basic Variable increasing by 0.50%
Owner Occupied Freedom Package Variable and Freedom Package Revert Variable increasing by 0.50%
Investment Freedom Package Principal & Interest Variable and Freedom Package Revert Variable increasing by 0.50%
Investment Freedom Package Interest Only Variable increasing by 0.60%
Owner Occupied and Investment Fixed Interest Rates increasing as per rate schedule tables below
Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO increasing by 0.50%
Owner Occupied & Investment Lines of Credit increasing by 0.50%
Owner Occupied and Investment Fixed Rates available to existing customers switching to fixed or refixing

Existing Home Loan Reference Rates

Owner Occupied Variable Home Loans increasing by 0.50%
Investment Variable Home Loans increasing by 0.50%
Lines of Credit increasing by 0.50%

WHAT IS NOT CHANGING?

Investor Campaign Bonus Offer – Investment loan receives 0.20% bonus discount when Owner Occupied loan is also brought to Auswide

Things you need to know

Home Guarantee Scheme (HGS) applicants are only eligible for the >75% <=90% LVR band (includes Basic Home Loan rates, Freedom Package Variable & Fixed rates).
For Existing Home Loan Customers who wish to fix their loan, regardless of their LVR 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 17th August, 2022
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 17th August 2022.

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 preapproval loan applications.

Impact on existing home loan applications in our pipeline:

Due to an increased volume of applications we have received recently, a decision has been made to honour any variable rates on applications which have been submitted prior to midnight Tuesday 16th August, 2022.

1. Applications Received prior to midnight 16th August 2022, but not yet approved (does not include pre-approvals):

FIXED (Rates increasing) – Where a rate lock form has been received with the loan application the rate at the time of application will be applied. Where a rate lock form has not been provided at time of application, the new fixed rates applicable as of 16th August 2022 will automatically be applied to the application noting that rate will be subject to the rate on the day of settlement as per the standard fixed rate rules.
VARIABLE (Rates Increasing) – Interest rate will be the rate application from the 17th August 2022.

2. Applications quoted but not yet received (loans not yet submitted as at midnight 16th August, 2022):

FIXED (Rates increasing) – Interest rate will be the new interest rate applicable from 17th August, 2022. The rate quoted to the customer may no longer exist. Brokers will need to position the rate change with the borrower before proceeding to lodge the application.
VARIABLE (Rates Increasing) - Interest rate will be the new interest rate applicable from 17th August, 2022.

3. Applications Approved (includes loans approved prior to midnight the 16th August 2022 (documented or not documented):

FIXED (Rates increasing) - Unless the customer has chosen to "Rate Lock", the interest rate will be the fixed rate available on the day of settlement.
VARIABLE (Rates Increasing) – For applications documented the increase of 0.50% will be applied.

4. Loan Applications that have settled:

FIXED (no change) – There is no impact to loans that have settled.
VARIABLE – The applicable reference rate will increase by 0.50%, therefore increasing the interest rate by 0.50%.