June 11 2019

The latest from your lenders

The RBA announced it's official rate cut last Tuesday, but who passed the rate drop on and who didn’t? Get up to speed on the latest rate changes. Plus, we welcome 3 new lenders to the family; Metro Finance, Get Capital and Prospa.

Watch the update below.

In this week’s episode;

  1. CBA passes the full RBA 25 bps cut for its mortgage holders, with the changes applying to their owner-occupied and investor variable home loans.
  2. NAB has also passed on the rate cut in full, dropping variable home loan rates by 25 bps.
  3. ANZ announced it will decrease variable home loan rates by 18 bps across all of their mortgage products
  4. Westpac did not reduce owner occupied loans by the full 25 bps amount (instead opting to pass on 20 bps), it went a step further for investor customers with interest only loans, giving them a 35 basis point rate reduction.
  5. Macqaurie reduce rates by 0.25%.
  6. ING have already reduced their variable interest rates by 0.17% p.a
  7. Bank of China have reduced their Owner Occupied 2 Year Fixed Interest Rate to 3.44%
  8. Loan Market Go have decreased their 2 year fixed interest rates on residential home loan products to 3.49%! Plus, Owner Occupied and Residential Investment home loans with both Principal and Interest, and Interest Only repayments have reduced by 0.30% p.a.

Policy changes

Westpac and its subsidies (Bank of Melbourne, BankSA and St George Bank) have informed brokers that major updates to the group’s residential lending policy will be implemented, effective Monday 3 June.

To help speed up your approvals and minimise reworks, NAB have successfully implemented system changes as of Monday 27 May, mandating all of their upfront documents via ApplyOnline

Lender panel- Download your turnaround times as at June 7 here