Insights
Yesterday, Westpac became the first big bank to lift interest rates out-of-cycle. Effective 19 September, rates for variable interest rates for owner occupied and residential investment property loans will increase by 0.14%.
For borrowers, this rise will add an additional $420 a year to the interest bill of an average $400,000, principal and interest loan over a 30 year term.
The Westpac-owned Bank of Melbourne, BankSA, and St George Bank are expected to match the rate hike. It’s anticipated that other Big Four banks will follow suit.
“Switching to a better interest rate can save homeowners thousands of dollars each year. With changes in the market and fluctuating interest rates, it pays to get into the habit of reviewing your home loan from time to time.” says David Hyman, co-founder and managing director of Lendi.
You can make sure you've got the most competitive rate in the market by comparing your home loan options, or choose a time to chat with a Home Loan Specialist here.
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Tags: variable interest, standard variable rate, refinance, low interest, big 4 banks
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