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Pre Christmas rate hikes

20 Dec – Canstar releases a comprehensive review of rates. Check it out here.
6th Dec – National Australia Bank (NAB) and Westpac Banking Corporation have announced rate increases to their residential investor home loans and interest-only home loans, respectively.

NAB’s move will see an increase in the bank’s new and existing residential investor home loans of 0.15% per annum, taking NAB’s Variable Rate for Residential Investment Home Loans to 5.55%.

NAB will also increase the variable rate for NAB Homeplus Residential Investment Home Loans, available through NAB Broker, by 0.15% p.a., to 5.58% p.a., effective from Monday 12 December 2016.

Meanwhile, Westpac has stealthily upped its interest rates on new and existing interest-only home loans, according to sources of the Australian Financial Review.

The bank is reportedly raising the standard variable rate by 8 basis points on interest-only home and investment loans, with the changes coming into effect 16 December.

For the bank’s Equity Access loan’s new and existing customers, rates will go up by 15 basis points, however, the changes will not affect those Westpac home loan customers who make principal and interest repayments.

The direction of fixed rate changes has switched with variable rates likely to follow suit soon, potentially pointing to the bottom of the rates cycle, according to a recent report.

The Mozo Banking Roundup for November 2016 pointed to “a distinct change of direction” during the month with fixed rate increases “significantly” outnumbering cuts.

The report highlighted that a total of 19 lenders increased fixed rates during the month, with the largest number applying to three-year rates, and at least one for one-year rates.

It also underscored the fact that Westpac and the St.George group increased some of their fixed rates, particularly after being a previous rate leader for its four- and five-year terms.

Our lending team is across all movements so get in touch if you have questions.

What you need to know

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