Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% to 3.35% on 7 February 2023, we’ve changed our interest rates.
New applications submitted from 17 February 2023:
- Variable home loan and construction loan interest rates will be updated, including discounted interest rates across various LVRs.
- The investment interest rate loading has been reduced to 0.30% p.a. for the Prime home loan option
- Updates to fixed home loan rates apply.
Applications that have not yet settled, effective 17 February 2023:
- Variable home loan and construction loan interest rates will increase by 0.25% p.a. The applicable variable interest rate on the date of settlement will apply.
- For fixed interest rates, unless a fixed rate lock has been approved, the applicable fixed interest rate on the date of settlement will apply.
Existing customers, effective 15 February 2023:
- Variable home loan and construction loan interest rates will increase by 0.29% p.a.
- We’ll communicate the change to interest rate and repayments to customers.
What’s new:
Updated fees
Effective 17 February 2023, various Mortgage Risk Fees and Lender Protection Fees will change, including
- $0 Lender Protection Fee for owner-occupied and investment loans under the Prime Alt Doc option
- $0 Lender Protection Fee for owner-occupied loans with 85% LVR under the Prime Full Doc option
- $0 Mortgage Risk Fees for select LVRs
An update on Credit
The following changes are effective immediately:
- Single security now acceptable for home loans above $1.5 million across Prime, Near Prime Clear and Near Prime options.
- Clean credit customers with a 12-month ABN can now access the Near Prime home loan option.
- No limit to cash out for stated purpose, across all home loan options; subject to loan size and LVR
Refer to the updated home loan rate cards for all interest rates and fees.
