ANZ, 86,400 join the fixed fare hiking train

0

Three other lenders, including the big bank ANZ, have embarked on the trend of raising longer-term fixed rates.

This follows recent fixed rate increases from CommBank, Westpac and many other lenders over the past two weeks.

Commenting on the trend, WLTH CEO Brodie Haupt said it could signal further increases in mortgage rates.

“With a record number of Australians taking advantage, borrowers may face an interest rate shock that could put their finances under pressure,” he told Your Mortgage.

Mr Haupt said it was a good thing some homeowners were able to rack up savings amid the pandemic, which they can use as a buffer against future increases.

“That being said, it is time to prepare before the impact of the rate hike is felt, giving households time to prepare for possible repayment increases,” he said. declared.

“Rising interest rates may force us to readjust – from some of the lowest mortgage payments in decades to something near average. “

ANZ

Similar to what Westpac and CommBank did recently, ANZ raised rates on its long-term fixed rates while cutting rates to one year.

The most significant change was the 35 basis point increase in its three-year fixed rate for homeowners.

  • Breakfree Residential Fixed 3 years 80-90% – 2.44% pa (comparison rate of 3.43% pa)
  • Residential Fixed 3 years ≤80% – 2.59% pa (3.99% pa comparison rate)

ANZ also increased its three-year fixed rate for investors, which is now 25 basis points higher.

  • Fixed investment 3 years 80-90% – 2.89% pa (comparison rate of 4.49% pa)
  • Fixed IO investment 3 years ≤80% – 3.04% pa (comparison rate of 4.50% pa)

At the same time, ANZ cut its one-year rates on several fixed rate products.

  • Breakfree Residential Fixed 1 year ≤80% – down 5bps to 1.99% pa (comparison rate of 3.33% pa)
  • Breakfree Residential Fixed 1 year 80-90% – down from 5bps to 2.04% pa (comparison rate of 3.51% pa)
  • Fixed investment 1 year ≤80% – down from 15bps to 2.54% pa (comparison rate of 4.81% pa)
  • Residential Fixed 1 year ≤80% – down from 15bps to 2.14% pa (comparison rate of 4.23% pa)
  • Residential Fixed 1 year 80-90% – down from 15bps to 2.19% pa (comparison rate of 4.23% pa)

86,400

Australia’s first smart bank 86,400 has also raised interest rates for homeowners and investors who take out longer-term fixed rates.

The biggest change was for his three-year fixed rate for owner-occupiers paying P&I, up 34 bp to 2.29% pa (comparison rate of 2.58% pa).

Here are the other changes:

  • 2-year fixed P&I own real estate loan ≤80% – up 10bps to 1.99% pa (comparison rate of 2.53% pa)
  • 5-year fixed P&I own real estate loan ≤80% – up 29bps to 2.79% pa (comparison rate of 2.77% pa)
  • 2-year fixed P&I own real estate loan 80-85% – up 10bps to 2.19% pa (comparison rate of 2.93% pa)
  • Own real estate loan P&I fixed 3 years 80-85% – up 30bps to 2.49% pa (comparison rate of 2.96% pa)
  • Own real estate loan P&I fixed 5 years 80-85% – up from 29bps to 2.99% pa (comparison rate of 3.12% pa)
  • Home equity investment Fixed loan P&I 3 years – up 25 bp to 2.39% pa (comparison rate of 2.82% pa)
  • Private Equity Housing Loan Fixed P&I 5 years – up 15bps to 2.99% pa (comparison rate of 3.03% pa)

AMP Bank

Following its switch to lower variable rates for investors, AMP Bank has increased its three-year fixed rate as part of its Professional Package for owner-occupiers.

  • Fixed Professional Residential P&I 3-year plan ≤80% – up 16bps to 2.14% pa (comparison rate of 2.65% pa)
  • Fixed Professional Residential P&I 3-year package 80-90% – up from 16bps to 2.34% pa (comparison rate of 2.91% pa)

Photo by Pat Whelen on Unsplash.


Source link

Share.

Comments are closed.