AMP Bank and Bendigo
Bank have both joined the rate cut frenzy, announcing interest rate reductions across all variable rate home loans by 0.2%.
Effective Monday 23 May 2016, the AMP Bank standard variable home loan interest rate for owner occupied loans will be cut to 5.53% (comparison rate 5.70%) and to 5.82% (comparison rate 5.99%) for investment property loans.
For new owner occupied home loans the AMP Essential Home Loan variable rate will reduce to 3.88% (comparison rate 3.90%).
The Professional Package variable rate for new owner occupied term loans $750,000 and above will drop to 3.95% (comparison rate 4.31%).
The Basic Package variable rate for new investor property loans will reduce to 4.37% (comparison rate 4.41%).
The AMP SuperEdge variable rate for new SMSF residential property loans will reduce to 5.67% (comparison rate 5.93%).
Bendigo Bank also announced a 0.2% interest rate cut, decreasing its residential owner-occupier variable interest rate to 5.48%. The non-major's investment variable rate has been reduced by 15 basis points to 5.76%.
Bendigo and Adelaide
Bank managing director Mike Hirst said the adjustment aims to find a fair balance for all of the bank’s key stakeholders.
“When setting interest rates our bank needs to consider many factors and carefully take into account the needs of our stakeholders including borrowers and depositors, shareholders, staff, partners and the broader community,” he said.
Bendigo's rate announcement is effective Monday 30 May 2016.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out