More investors hit as another lender increases interest rates

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Macquarie Bank is the first non-major Australian lender to announce a raft of interest rate changes for investor home loans.

In communication sent to brokers obtained by Australian Broker, the non-major lender announced that fixed and variable rates for new investment home loans will increase by 0.27%, effective Friday 31 July 2015. 

Variable rates for existing investment home loans will also increase by 0.27% from Monday 10 August 2015.

In a note to brokers,the bank said the changes have been made “in response to market conditions."

Last week, both ANZ and Commonwealth Bank announced rate hikes on investment loans, while Westpac this week announced lending restrictions for foreign buyers, as they attempt to satisfy the Australian Prudential Regulation Authority's guidelines for lending to investors.

Macquarie’s announcement also comes after it revealed in its annual general meeting last week that its mortgage portfolio grew by 44% in 2014-15, approximately four years after re-entering the broker channel. 

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