Westpac has increased rates on interest-only mortgages by 0.34%, following changes from fellow big bank ANZ which hiked interest-only rates by up to 0.30% earlier this month, in what is becoming a growing trend among home loan lenders.
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Bankwest has announced a number of changes to its home loan interest rates - mainly rate increases across interest-only loans, but with some good news for borrowers making principal and interest repayments.
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Home loan loyalty is costing Australian mortgage holders a whopping $6 billion a year, according to new research from comparison site Mozo.com.au.
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Auction results across the city over the Queen’s Birthday long weekend have provided even more evidence that the Sydney housing market is continuing to cool slightly from the soaring heights experienced at the end of 2016.
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ANZ has today announced changes to its variable rate home loans, targeting borrowers on interest only loans with rate increases of 30 basis points. This follows similar rate hikes made by the big bank earlier in the year, which saw interest-only variable rates rise by up to 0.25%.
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Australia’s property market may finally be cooling from the record highs seen at the end of 2016, with new figures showing a 4.4% decrease in investment for new housing in the March quarter.
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Borrowers in the market for a longer term fixed loan may be pleased to hear that ING Direct has recently reduced rates on two of its fixed rate loans by as much as 20 basis points for three and five year terms.
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NSW first home buyers will benefit from new measures announced today, including stamp duty exemptions on new and existing homes worth up to $650,000.
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Sometimes all it takes is a drop in credit ratings along with slow auction clearance rates for the housing bubble debate to flare up again - and that’s exactly what’s circulating in the media as winter approaches.
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In the midst of rate hikes and tightened regulations for interest-only and investment loans, there is some good news to be found for a different subset of borrower - owner-occupiers making principal and interest repayments.
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