ANZ Bank: Standard Variable Mortgate Rate Rises 39 Basis Points To 7.80%
- Thread starter ermen
- Start date
They'll all get close to that, IMHO.
At least a little brighter news from ANZ..........
Special Issue:
ANZ Variable Interest Rate changes
New measures for Home Loan customers
ANZ Variable Interest Rate changes
Variable Interest Rates
Please note the following changes to the interest rates for variable rate home loans effective Monday, 15 November 2010:
Loan Type Current Rate (p.a.) New Rate(p.a.) Change(p.a.)
ANZ Standard Variable Rate 7.41 % 7.80% +0.39%
ANZ Simplicity PLUS 6.71 % 7.10% +0.39%
ANZ Equity Manager 7.56 % 7.95% +0.39%
New measures for Home Loan customers
We are also introducing new measures to create more competition and help customers better manage mortgage repayments in an uncertain interest-rate environment.
From Monday 15 November:
ANZ will remove the Deferred Establishment Fee for mortgages (also known as an 'exit fee')
ANZ will also offer discounts for customers who apply for ANZ's 3-year fixed mortgage by 31 December 2010:
A 0.44% rate discount, reducing the rate to 7.10% p.a. (0.7% p.a. less than the standard variable rate)
Waiving ANZ's $600 Loan Approval Fee for all new and existing mortgage customers
Providing a subsidy of up to $1000 to offset switching costs charged by other institutions for new customers
Special Issue:
ANZ Variable Interest Rate changes
New measures for Home Loan customers
ANZ Variable Interest Rate changes
Variable Interest Rates
Please note the following changes to the interest rates for variable rate home loans effective Monday, 15 November 2010:
Loan Type Current Rate (p.a.) New Rate(p.a.) Change(p.a.)
ANZ Standard Variable Rate 7.41 % 7.80% +0.39%
ANZ Simplicity PLUS 6.71 % 7.10% +0.39%
ANZ Equity Manager 7.56 % 7.95% +0.39%
New measures for Home Loan customers
We are also introducing new measures to create more competition and help customers better manage mortgage repayments in an uncertain interest-rate environment.
From Monday 15 November:
ANZ will remove the Deferred Establishment Fee for mortgages (also known as an 'exit fee')
ANZ will also offer discounts for customers who apply for ANZ's 3-year fixed mortgage by 31 December 2010:
A 0.44% rate discount, reducing the rate to 7.10% p.a. (0.7% p.a. less than the standard variable rate)
Waiving ANZ's $600 Loan Approval Fee for all new and existing mortgage customers
Providing a subsidy of up to $1000 to offset switching costs charged by other institutions for new customers
Nobody in their right mind pays 7.80% - but yes their margins are increasing. And removing the exit fee is a clever ploy as the extra margin will recover the $700 fee in less than 18 months ( on a $350k loan) - if the others follow suit it completely degasses the government's competition balloon ie: to make switching easier.
It may at times actually be in the banks interest to allow customers to switch (CBA are promoting it with Bankwest) as they clawback all or part of the commission that they paid the brokers and indirectly keep the client.
Exit fees were never the real issue in terms of major banks - people don't switch because it is just too much effort.
It may at times actually be in the banks interest to allow customers to switch (CBA are promoting it with Bankwest) as they clawback all or part of the commission that they paid the brokers and indirectly keep the client.
Exit fees were never the real issue in terms of major banks - people don't switch because it is just too much effort.
I love it......when if they all remove the exit fees...they will be playing into my hands. Hope to have a couple of loans with 6.69% loans approved by next week valid for 60 days!
My change over will be than $250-300....beautiful!
My change over will be than $250-300....beautiful!
Err... What about those of us with ANZ loans?
Cant you change to the package and pay the annual fee to get the 0.70% discount. On $300k that would be a $2100p.a saving.
Has anyone read the fine print of ANZ's offer, is it retrospective on the exit fees waiver? It sounds like it to me reading the broker bulletin last night but I find that hard to believe!!
Ah right. Pretty sure I pay an annual fee already so probably get the discount too. I don't really pay much attention - that's the broker's job.
There will be a further bulletin issued today in regards to FAQ's.
Either they have them or they dont. If they keep for retrospective, then what do you do? Lodge a new app for $10-50k, then get a new schedule prepared with a no DEF then refinance? IF they approve it? Easier to just scrap it.
But then the issues of where to go to is another story as well. Its not all just about rate, in a lot of cases I'm seeing its also about being able to service the proposal, as well as entry/exit costs.
Then the question of if the fed govt/asic is going to push on being able to transfer a mortgage without having to re-register it between the osr...
But then the issues of where to go to is another story as well. Its not all just about rate, in a lot of cases I'm seeing its also about being able to service the proposal, as well as entry/exit costs.
Then the question of if the fed govt/asic is going to push on being able to transfer a mortgage without having to re-register it between the osr...
assumable mortgage
has some goodpoints !!
ta
rolf
has some goodpoints !!
ta
rolf
NAB raises interest rates by.......
0.43%.............
0.43%.............
probably not worth it
All this funding cost BS, so will they voluntarily reduce the fees if one of their business areas make too much money ?
Still the lowest standard variable out of the big 4 being 7.67%. Next closest was ANZ at 7.8%, CBA at 7.81% then Westpac with 7.86%
