Banks and Lenders Increasing Variable Interest Rates

Following the big banks, many other lenders will start to increase their variable rate loans. We will keep you up to date on these changes.

Bank of Melbourne Variable Home Loan rates

Effective Monday 8 May 2017 Bank of Melbourne will beincreasing the below variable rates.

• Owner Occupier Principal & Interest Home Loan variable rates by 0.03% to 5.25% per annum (comparison rate 5.42% per annum*)
• Residential Investment Principal & Interest Home Loan variable rates by 0.31% to 5.78% per annum (comparison rate 5.95% per annum*)
• Owner Occupier Interest Only Home Loan variable rates by 0.11% to 5.45% per annum (comparison rate 5.62% per annum*)
• Residential Investment Interest Only Home Loan variable rates by 0.39% to 5.98% per annum (comparison rate 6.15% per annum*)
• Portfolio loan variable rate by 0.39% to 6.10% per annum

St George Variable Home Loan rates

• Variable home loan (owner occupier) rate will remain unchanged at 5.30% per annum for customers with principal and interest repayments;
• Variable home loan (owner occupier) will increaseby 0.08% to 5.50% per annum for customers with interest only repayments¹;
• Variable residential investment property loan rate will increase by 0.23% to 5.78% per annum for customers with principal and interest repayments;
• Variable residential investment property loan rate will increase by 0.31% to 5.98% per annum for customers with interest only repayments;

AMP Variable Home Loan rates

Effective 3 April 2017, variable interest rates for interest-only loans for existing customers will increase by 15 basis points for owner-occupied loans and 28 basis points for investment loans.

In addition, effective 31 March 2017 for new customers and 3 April 2017 for existing customers, owner occupied principal and interest variable rate loans will increase by 7 basis points. As a result, the AMP Bank Professional Pack owner occupied variable rate loan will increase to 3.92% p.a. for new customers for loans of $750,000 and above.

Adelaide Bank and Bendigo Bank Variable Home Loan rates

Bendigo Bank and Adelaide Bank decided to increase its residential investment variable interest rate by 0.25% p.a. to 6.01% p.a. Standard residential variable mortgage rates for owner-occupiers remain unchanged at 5.48% p.a. The change is effective as of 31 March 2017 for new and existing loans. A further decision was made to adjust the LVR cap on residential investor loans to 80% effective 27 March 2017.

will be increasing variable interest rates for investment loans (both existing and new customers) by 0.25% p.a. effective from 4 April 2017

ING Direct Increase Investment Variable Home Loan rates

ING Direct will be increasing variable interest rates for investment loans (both existing and new customers) by 0.25% p.a. effective from 4 April 2017

If you have any questions about this announcement please feel free to contact us.

To view and compare current home loan and investment loans click the link below.

If you are looking for a commercial loan or looking for a better deal please visit our commercial loans website.