All four of Australia’s big banks have now made increases to their variable home loan interest rates, ranging from as low as a 0.03% increase for owner-occupiers, to a hefty 0.25% hike for investors. And as the dust settles, Mozo data has revealed that each bank stands to make millions of extra dollars from the hikes.
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Commonwealth Bank has just announced increases to its variable rate home loans, effective from 8 May 2017.
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Major bank ANZ has become the latest bank to increase home loan interest rates, today announcing a 0.25% increase to its variable investor home loan rate from 5.60% to 5.85%.
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With an RBA rate rise looming in the future, Mozo data has shown that borrowers thinking about fixing their home loan rate in order to lock in a great deal may need to act fast - that is, if they haven’t already missed the boat.
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Much has been made of the fact that big banks - and more than a few smaller lenders - have been raising interest rates on home loans in recent weeks. But now Mozo’s Data Manager Peter Marshall has weighed in on the reason behind these rate hikes.
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Major bank Westpac has hiked rates on its variable rate home loans by as much as 0.28% today.
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In bad news for borrowers, the National Australia Bank has lifted both its variable owner occupier and residential investment home loan rates by as much as 25 basis points, with Mozo data estimating the move will earn the bank an extra $28 million in interest each month.
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The Commonwealth Bank has made further changes to its lending criteria for property investors, this time reducing the maximum Loan-to-Value on investment loans.
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This International Women’s Day, single ladies might like to take a look at their financial savvy, after new research from State Custodians Home Loans has revealed that single women - and single mothers in particular - are in danger of falling victim to serious money troubles, thanks to a lack of financial knowledge.
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First home buyers in Victoria can start clinking their champagne flutes over a new tax exemption which will save them as much as $10,995 when purchasing their first property.
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