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Yesterday, according to AFR report: Westpac Bank, ING and NAB Bank's online lending department (Ubank) announced that they will join the force of raising interest rates. They will raise interest rates to different degrees for products with fixed and active interest rates. Since then, many Australian banks have Announce the interest rate change, and the curtain of interest rate hike seems to have begun!

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Some banks and lending institutions have announced interest rate adjustment plans as follows:

Wespac (West Pacific Bank)
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1. 2-3年自住房产品固定利率将上升0.24%,投资房贷款产品利率将上升0.3%;

2. The 5-year fixed-rate product for self-occupied housing will increase by as much as 0.54%;

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

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Changes in investment housing fixed-rate loans640-33

Bank of Melbourne
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Own house: (Package product)

1 year – 4.39% 2 year – 3.99%

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.

ING Direct

640-34Announced 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.

Suncorp

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宣布将投资房2-3年固定利率产品上调0.15%。但降低了1年和5年期的固定利率产品0.4%。

Me Bank
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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.

NAB旗下 Ubank

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UBank increased the standard activity interest rate for self-housing and investment housing by 0.1%.

Teacher's Mutual Bank
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Increase the 3-year and 5-year fixed interest rate by 0.31%

Bank of Sydney
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Increase the 5-year fixed interest rate by 0.6%

Bank of Queensland
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Increase fixed interest rate by 0.2%

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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!

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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.

At present, this unprecedented fluctuation in interest rates also means that real estate buyers need to carefully check loan products to ensure that they choose the best. According to the analysis by Canstar, a financial product interest rate and cost analysis company, an interest rate increase of 60 basis points means that a 30-year loan with an amount of 100 million Australian dollars requires an additional 350 Australian dollars a month.

Who will be affected by the interest rate hike?

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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%.

2. For housing loans that have been transacted before, the original fixed interest will remain unchanged, and the floating interest will be adjusted in accordance with the new policy. Customers who have not yet completed the transaction but have approved and choose a fixed interest rate can lock the current interest rate through rate lock (there are costs, usually a fixed amount of 0.15% or a fixed amount fee), but they also need to apply before the interest rate adjustment date announced by the bank. 3. If the loan has not been submitted, the loan approval has not been obtained, and the transaction has not been completed on the date of interest adjustment, the policy will still be affected.

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.

Source: AFR

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