Weekly Rate Update
As we predicted, the interest rate party is coming to an end and rates only have one way to go. As well as pulling back on extra discounts, lenders are also starting to increase their variable rates outside of the RBA’s decisions.
- NAB will increase their variable interest rate by 0.15% on all investment property loans on 12 December
- Westpac & Bank of Melbourne will increase their variable interest rate by 0.08% on all interest only loans on 16 December
Several lenders have begun to increase their fixed rates, and we think this will continue also. Our clients should review their loans now as simply negotiating a better discount could help soften the blow of a raise or two.