Big Four Banks Raise Interest Rate
Interest rates are constantly moving at the moment.
Movement by the big 4 banks. Whilst most activity has been around increasing fixed interest rates for owner occupiers and all interest rates for investment loans and interest only customers. Either way it is still a lot of activity in this space.
Westpac most recently lifted their fixed rates – but also dropped their 2-year fixed rate.
CBA lifted their fixed term rates on interest only loans and investment.
NAB lifted fixed term rates.
ANZ lifted fixed term rates in late March.
Most banks are claiming the cost of funding and recent requirements from APRA are driving their rate increases. It certainly isn’t any movement from the RBA.
So, from a market/consumer point of view – just a lot of numbers that are consistently changing does give way for some confusion.
We recently provided clients with a “special” on a 3 and 5 year fixed rate with St George and Westpac – we are happy to advise this has been extended – however it could be withdrawn at any time.
We also still have lenders in the market place who will cover the cost of moving banks or refinancing – up to $1250 per security property.
What does this mean for the consumer – time to get a health check for your own personal circumstance. Everyone’s situation is different and it does require a full and informed look at your finances to ensure any changes are going to suit you.
We are still able to achieve a fixed rate on owner occupied or investment for a fixed term of 3 and 5 years at just 3.99%. Well worth taking a look to see if this will suit your circumstances.
Contact us either by mobile 0418903954 or email donna-lee@celsiusfinance.com.au if you would like a health check on your finances.