The Commonwealth Bank has today joined Australia’s other three big banks in raising rates on interest-only loans, while simultaneously cutting rates for borrowers making principal and interest repayments.
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Three out of four big banks have raised rates on interest-only home loans this month, leaving the Commonwealth Bank as the only one yet to make a move.
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NAB has raised the standard variable interest rates attached to its interest only mortgages by 35 basis points, a move that will kick in for affected investors and owner occupier customers from June 30.
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Homeowners on the Sydney property ladder may soon see their properties become less valuable, after economists have tipped that median house prices will wind down over the next two years.
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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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