Our Interest Rates are Changing

WHAT IS CHANGING?

In response to the recent RBA decision to increase cash rates to 2.35% and with a need to accommodate the constant market changes we are making some adjustments to our home loan interest rates.

Effective from Tuesday 20th September 2022 the following changes to our interest rates will take effect:

Increases in Rates for New Lending

• Owner Occupied & Investment Basic Variable increasing by 0.40%
• Owner Occupied & Investment Freedom Package Variable by 0.35%
• Owner Occupied & Investment Freedom Package Revert Variable increasing by 0.50%
• 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 0.40%
• Owner Occupied and Investment Fixed Rates available to existing customers switching to fixed or refixing

Existing Home Loan Reference Rates

• Owner Occupied Home Loans increasing by 0.50%
• Investment 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

What are the new Owner Occupied & Investment Rates?

For full details of the new interest rates please refer to the Product tab and select the Rates & Fees. 

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 Tuesday 20th September 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 Tuesday 20th September 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:

1. Applications Received prior to midnight Monday 19th September, 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 20th September 2022 will automatically be applied. 
• VARIABLE (Rates Increasing) – Interest rate will be the new interest rate applicable from 20th September 2022.

2. Applications quoted but not yet received (loans not yet submitted as at midnight 19th September, 2022): 

• FIXED (Rates increasing) – Interest rate will be the new interest rate applicable from 20th September 2022. The rate quoted to the customer may no longer exist.  Brokers may 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 20th September 2022.

3. Applications Approved (includes loans approved prior to midnight the 19th September 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%.