Westpac increase Investment loans rate by 0.27%

Posted Sunday, 02 August 2015 at 22:06 by Shape Home Loans
Tagged: APRA lending laws | Investors | interest rates | Loan for investment | Loan for investor
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Westpac new and existing investment loans

Effective from 10 August 2015, the standard variable interest rate on Westpac residential investment property loans for new  customers will increase by 0.27%.

For existing customers the increase will be effective 25 September 2015. In addition, Westpac's fixed rates on residential investment property loans will increase by up to 0.30%, effective 4 August 2015.

Why the 46 days delay in the rate increase for existing loans?

Westpac, the nation's largest lender to landlords ( Investment loans especially overseas lending) , has spent the past week fixing computer systems and processes that had prevented it immediately following its big bank competitors, who increased rates on property investment loans last week. The delay has cost it millions in lost interest income ***

*** http://www.smh.com.au/business/banking-and-finance/interest-rate-computer-glitch-costs-westpac-more-than-1m-a-day-20150727-gilml5