Adelaide Bank, a major regional bank, recently announced an increase to variable interest rates and adjustments to fixed-rate loans. New and existing variable-rate loans will increase by 0.10%, effective as of 15 December. Meanwhile, fixed-rate changes vary from a slight decrease of 0.05% for one-year fixed loans to a 0.26% increase for three-year fixed loans.
“The decision to adjust rates takes into account a wide range of factors, including pressure on funding costs, balancing the interests of borrowers and savers, and maintaining competitive pricing,” said Damian Percy, Adelaide Bank’s general manager.
“We remain committed to delivering value to customers through affordable interest rates and smart product features, such as 100% offset for fixed and variable customers, and easy-to-use budgeting software linked to transactions through online banking.”
Adelaide Banks is the latest bank to change rates. ME Bank, CBA, and ANZ all announced changes earlier this week.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan