ANZ increases home loan interest rates

ANZ increases home loan interest rates

Despite increasing some home loan interest rates on fixed rate home loans, unlike Westpac and Commonwealth bank ANZ have also provided some relief to borrowers by decreasing fixed interest rates on principal and interest repayment home loan products.

Good news for owner occupiers who pay Principal and Interest loans:

Good news for owner occupiers who pay Principal and Interest loans.png

Bad news owner occupiers with Interest only repayments:

Bad news owner occupiers with Interest only repayments.png

With over 40% of all Australian home loans on interest only lending, we anticipate that there would be more changes in the short to medium term in the form of increase in interest rates.

Borrowers who have already fixed their home loans will not be affected by the latest round of changes.

The competition among banks, credit unions, mutual banks, and other financial institutions will continue to increase.

There are plenty of savings to be made if the borrowers know where to find them. Hence getting bankers and brokers to bid for your loan requirements online may give you the best possible opportunity to get a better home loan deal.

LoanDolphin

LoanDolphin is a home loan bidding marketplace where you get banks and mortgage brokers competing for your loan in just a few minutes. For free!