major! A number of Australian banks including Westpac, ING, NAB Online, etc. announced the increase in mortgage interest rates. Self-occupied investments have been increased together, with the highest rate as high as 60 basis points!
"Chinatown" news.china.com.au-Official media of Chinese Australians
Some banks and lending institutions have announced interest rate adjustment plans as follows:
Wespac (West Pacific Bank)
3. Five-year fixed-rate investment products will reach 5% after an increase of 0.6%.
It will be implemented on November 11.
Changes in Owner Housing Fixed Rate Loans
Changes in investment housing fixed-rate loans
Bank of Melbourne
Own house: (Package product)
3 years – 4.09%
4 years – 4.59%
5 years – 4.39%
Investment housing: (Package product)
1 years – 4.64%
2 years – 4.19%
3 years – 4.29%
4 years – 4.84%
5 years – 4.59%
In addition to Bank of Melbourne, Westpac's St. George and Bank SA also increased fixed interest rates by 24 to 60 basis points, which will be implemented next Monday.
Announced an increase in all 1-5 year fixed interest rate products, including investment housing and self-housing products. The one-year interest rate will be increased by 10 basis points, the two-year interest rate will be increased by 20 basis points, the three-year interest rate will be increased by 30 basis points, and the four-year term will be increased by 40 basis points. 35 basis points, a five-year increase of 11 basis points, effective November 25.
Three days ago, in the context of a number of banks raising fixed interest rates, Me Bank also announced an increase of its fixed interest rate by 0.15%; at the same time, Me Bank also announced that it would increase its floating rate products by 0.1%. With this, the curtain of bank interest rate hikes opened.
UBank increased the standard activity interest rate for self-housing and investment housing by 0.1%.
Teacher's Mutual Bank
Increase the 3-year and 5-year fixed interest rate by 0.31%
Bank of Sydney
Increase the 5-year fixed interest rate by 0.6%
Bank of Queensland
Increase fixed interest rate by 0.2%
Why raise interest rates?
It is important to know that the 60 basis point rate hike will be greater than the combined rate of the two rate cuts this year.
In May of this year, the Bank of Australia announced a 5% rate cut to 0.25%.
In August this year, the Bank of Australia cut interest rates again by 8% to a new low of 0.25%.
It can be said that the interest rate cut is like a thread, and the interest rate is like a mountain!
According to market analysis, since Trump was elected at the beginning of this month, more than 10 lending institutions have raised interest rates. The reason is that Trump’s low tax rate, high government spending, and major infrastructure construction policies will drive the economic cycle from deflation to inflation. The pace of interest rate hikes may accelerate, and in an increasingly volatile global market, lending institutions must strike a balance between rising costs of overseas capital markets and market share. Interest rates are their important weapon.
Who will be affected by the interest rate hike?
1. For overseas customers, there is already a separate policy for raising interest rates for overseas customers. For example, Westpac will screen existing customers in the system. Overseas customers identified as "non-residents" will face the impact of rising interest rates and adjust The amplitude is +0.5%.
4. Customers who have not confirmed the house can compare the loan products between banks and lending institutions and choose the best and most suitable one.
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