Our Variable Interest Rates are Changing

WHAT IS CHANGING?

In response to the recent RBA decision to increase cash rates to 2.60% we are making some adjustments to our home loan interest rates.  

Effective from Thursday 13th October, 2022 the following changes to our interest rates will take effect:

Increases in Rates for New Lending

• Owner Occupied & Investment Basic Variable increasing by 0.10%
• Owner Occupied & Investment Freedom Package Variable by 0.10%
• Owner Occupied & Investment Freedom Package Revert Variable increasing by 0.25%
• Owner Occupied Home Loan Plus (Bridging Loan) Standard Variable IO increasing by 0.25%
• Owner Occupied & Investment Lines of Credit increasing by 0.10%

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?

• Investor Campaign Bonus Offer  – Investment loan receives 0.20% bonus discount when Owner Occupied loan is also brought to Auswide
• Fixed Rates are not changing, however the comparison rates have been updated

WHAT ARE THE NEW OWNER OCCUPIED & INVESTMENT RATES?

For easy reference highlighted rates indicate the rates which are changing. 

Exclusions:

Any offers listed above are not available on the following:

• 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 >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 13th October 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 Thursday 13th October 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 Wednesday 12th October, 2022, but not yet approved (does not include pre-approvals):

• FIXED (No change) – 
• VARIABLE (Rates Increasing) – Interest rate will be the new interest rate applicable from 13th October 2022.

2. Applications quoted but not yet received (loans not yet submitted as at midnight 12th October 2022): 

• FIXED (No Change)
• VARIABLE (Rates Increasing) - Interest rate will be the new interest rate applicable from 13th October 2022.

3. Applications Approved (includes loans approved prior to midnight the 12th October 2022 (documented or not documented):

• FIXED (No changes)
• VARIABLE (Rates Increasing) – For applications documented the increase of 0.25% 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 0.25%, therefore increasing the interest rate by 0.25%

Talk to your Broker Relationship Manager today for more information.