Under the bank’s owner occupied mortgage offering, loans greater than $500,000 with a monthly fee of $20 now carry an interest rate of 4.13 per cent from its previous 4.23 per cent at the beginning of August. For loans between $250,000 and $499,999, borrowers can expect an interest rate of 4.23 per cent, while a 4.43 per cent rate is charged for loans up to $249,999.
The variable rate for a basic home loan with a $10 monthly fee is now 4.28 per cent, lower than the 4.38 per cent previously charged.
Meanwhile, Suncorp Bank has also shaved 10 basis points from its variable rate products and packages. Its basic loan now has an interest rate of 4.82 per cent, down from its previous 4.92 per cent. The interest rate for the bank’s standard variable loan product now sits at 5.40 per cent, while its Investment loans have interest rates of 5.09 for the basic loan and 5.72 per cent for the standard variable product.
The interest rate for fixed rate personal home loans also went down by 10 basis points for its two-year and three-year fixed loans. Both of them now have a 3.99 per cent interest rate. The same goes for the two-year and three-year fixed loans for investment, with interest rates now sitting at just 4.09 per cent.
Citibank is another lender to have followed this trend and they have been the most generous so far, cutting as much as 15 basis points for its professional package variable rates. Its standard variable rate now sits at 4.17 per cent, down from the previous 4.32 per cent, while its variable rate (without Mortgage Plus) is at 4.37 per cent. Fixed rates remain unchanged.
Bendigo Bank’s rate changes took effect on August 29, while Citibank and Suncorp Bank implemented the changes on August 23 and 24 respectively.
Collections: Mortgage News