Our Interest Rates are Changing

WHAT IS CHANGING?

In response to the recent RBA decision to increase the cash rate by 0.25% we are making some adjustments to our variable home loan interest rates.  

• Changes to New Home Lending Rates for Owner Occupied & Investment Basic and Package Variable will be effective from Wednesday 8th February 2023
• Changes to New Home Lending Rate for Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO will be effective from Tuesday 14th February 2023
• Changes to Existing Home Loan Reference Rates and Freedom Package Revert Rate will be effective from Tuesday 14th February 2023

Increase in Rates for New Lending

For applications lodged from Wednesday 8th February, 2023

• Owner Occupied & Investment Basic Variable rates are increasing by 0.44%
• Owner Occupied & Investment Freedom Package Variable rates are increasing by 0.44%
• Lines of Credit are increasing by 0.44%

For applications lodged from Tuesday 14th February 2023

• Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO is increasing by 0.25%
• Owner Occupied & Investment Freedom Package Revert Variable (for Fixed Rate loans) is increasing by 0.25%

Existing Home Loan Reference Rates

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

WHAT IS NOT CHANGING?

• Fixed Rates are not changing, however the comparison rates will be updated on 14th February, 2023 to reflect the changes to the Revert Rate
• Investor 0.20% Bonus Rate Discount Campaign will continue to be available. See our Broker Website for full details or speak to your BRM.

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 are available here.

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 Thursday 9th February 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 preapproval 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 7th February 2023):

• FIXED (No change)
• VARIABLE (Rates Increasing) – Interest rate will be the new interest rate applicable from 8th February 2023.

2. Applications Received prior to 8th February 2023 (includes applications received and/or approved and/or documented but does not include pre-approvals):

• FIXED (No Change)  
• VARIABLE (Rates Increasing) – Interest Rate will be the interest rate that was applicable prior to the 8th February 2023. Important Note: On the 14th February the RBA increase of 0.25% will be applied.

 3. Applications Approved after midnight 13th February 2023:

• FIXED (No changes)
• VARIABLE (Rates Increasing) – Interest Rate will be the interest rate that was applicable from the 8th February, 2023 with the new reference rate effective from 14th February, 2023 attached to the loan.

 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 0.25%, therefore increasing the interest rate by 0.25%.

Talk to your Broker Relationship Manager today for more information.