Westpac and St George Increase interest rate

Posted Thursday, 30 August 2018 at 19:36 by Shape Home Loans
Tagged: interest rates | First home buyer | news | Loan for investment | Loan for investor | Loan for owners occupier | Rate Change
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First Big 4 bank to increase rate- Out of cycle.

Westpac is the first big bank to increase their rate out of the RBA cycle.

Changes to Westpac Variable Home Loan Rates.

Effective Wednesday 19 September 2018, Westpac will be increasing our variable home loan rates by +0.14% p.a. Rate changes include:

Owner Occupier Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.38%p.a. (comparison rate 5.52%p.a.1)
Owner Occupier Interest Only Home Loan variable rate increasing by 0.14%p.a. to 5.97%p.a. (comparison rate 6.11%p.a.1)

Residential Investment Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.93%p.a. (comparison rate 6.07%p.a.1)
Residential Investment Interest Only Home Loan variable rate increasing by 0.14%p.a. to 6.44%p.a. (comparison rate 6.57%p.a.1)

Please note, the above rate changes also include Line of Credit, Flexi First Option Home Loan and grandfathered variable rate products.

St George is also increasing 

Changes to St.George Variable Home Loan Rates

Effective Wednesday 19 September 2018, St.George will be increasing our variable home loan rates by +0.14% p.a. Rate changes include:

Owner Occupier1 Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.36%p.a. (comparison rate 5.53%p.a.2)
Owner Occupier1 Interest Only Home Loan variable rate increasing by 0.14%p.a. to 5.95%p.a. (comparison rate 6.11%p.a.2)

Residential Investment Principal & Interest Home Loan variable rate increasing by 0.14%p.a. to 5.92%p.a. (comparison rate 6.08%p.a.2)
Residential Investment Interest Only Home Loan variable rate increasing by 0.14%p.a. to 6.46%p.a. (comparison rate 6.62%p.a.2)

Please note, the above rate changes also include Portfolio Loan, Basic and grandfathered variable rate products.
 

Smaller lenders- Credit union and mid size banks

Note: Last month the smaller lenders increased already ranging from 0.10% to 0.20%.

The current lowest Variable rate on offer by the smaller lenders ( AFTER the increase) is 3.55% to 3.69% ( with and without offset) - Owners loan

The current lowest Variable rate on offer by the smaller lenders ( AFTER the increase) is 3.87% to  4.04% ( with and without offset) - Investment loan ( interest  only available at a slightly higher rate of around +0.22% to +0.40%)