let's keep you updated!!
Commonwealth Bank has today announced an increase to Standard Variable Home Loan Interest Rates and Viridian Line of Credit products.
CBA has sought to minimise the impact for the majority of their Home Loan customers who are Australian families trying to pay off their home.
These changes do not come into effect until 8 May, giving people enough time to seek advice on their current repayments. The bank encourage customers to switch to principal and interest, where this meets their needs, so that they can continue to enjoy historically low rates.
Customers can switch repayments at no cost, simply and easily online at Netbank or over the phone.
The following changes are effective for new and existing customers from Monday 8 May 2017.
► Principal and Interest (P&I) interest rates for Variable Rate Home Loans will increase by 3 basis points for Owner Occupied home loans and 24 basis points for Investment home loans. The new P&I Standard Variable Rate for Owner Occupiers will be 5.25% p.a. and 5.80% p.a. for Investors.
► CBA will increase Interest Only interest rates for all Variable Rate Owner Occupied home loans by 25 basis points and Investment Home Loans by 26 basis points. The new Interest Only Standard Variable Rate for Owner Occupiers will be 5.47% p.a. and 5.94% p.a. for Investors.
► Viridian Line of Credit (VLOC) interest rates will increase by 26 basis points to 6.08% p.a. for both investment and personal purposes.
Effective Monday 27 March until Friday 19 May 2017, Pepper Money is waiving upfront fees (excluding Mortgage Risk Fee) on all Pepper Near Prime and Pepper Specialist loan products which means significant cash savings for your clients.
Waived Fees Include:
· Establishment Fee: $899 $0
· Title Protection Fee: $349 $0
· Legal Fees: From $440 $0
Total Savings: At least $1,688!
The Common Reporting Standard (CRS) is an international agreement where participating countries are able to automatically exchange financial information. To comply with the CRS legislation, all financial institutions, including your local bank, are obligated to collect and maintain information about the foreign tax residency of their customers.
$1500 Refinance Cashback Campaign Extended
In reference to the previous St George lender update dated 24 Jan 2017, St George has extended the $1500 Refinance Cashback offer for Owner Occupiers and Investors. Loan applications must be received by Wednesday 31 May 2017 and settle on or before Monday 31 July 2017 to be eligible for the $1500 cashback offer.
• Available on applications from Monday 23 January 2017 to Wednesday 31 May 2017. Must settle by Monday 31 July 2017.
• Cashback offer for refinances only.
• Available for Owner Occupier (principal & interest repayments only) and Residential Investment home loans.
• Home loans under Advantage Package only.
• The loan amount on the single home loan application for refinances must be $250,000 or more.
• One cashback per loan application, paid to the main applicant (Applicant 1) during the campaign period only (multiple applications submitted by the same main applicant are not eligible for this offer).
• Applicants must have a St.George transaction account linked to the home loan at the time of settlement.
• Applicants’ home loan repayments must be direct debited from this St.George transaction account.
• The linked St.George transaction account must be kept open for at least 60 days after settlement to be eligible for the cashback.
• Refinances of existing Westpac, St.George, BankSA, Bank of Melbourne and RAMS home loans.
• Portfolio Loans.
• Loans not on an Advantage package.
• Applications received outside of the campaign period.
• This offer is not available in conjunction with any other cashback, rebate or LMI campaign offers.
• Refinances into Owner Occupier Interest Only loans.
• Non-Resident borrowers.
• Applicants that use foreign income to meet serviceability.
Reminder - $1,250 Refinance Rebate
Want to discuss your options? Get in touch with me