October 15, 2015
Westpac, as the media has fanfared, has increased their owner occupied interest rate by 20 basis points. This increase is out of sync with any Reserve Bank changes to interest rates & Westpac maintain it is in response to increased lending & regulatory costs imposed by APRA.
With one of the big four lenders raising their interest rates on owner occupied properties for the first time in 3 and a half years, every radio station, TV program, mum's at school, people at the coffee shop, etc... are now talking and most likely thinking about how this impacts them personally.
Yes, other banks may follow & we will have to wait & see, but there are still a lot of lenders who want strong applications for owner occupied properties & are willing to give you an interest rate, product & service that rewards you.