talked to my lending manager and he confirmed the same. was in a hurry during lunch break so didn't get a chance to check with him on details, do you guys know what will happen to:
1. fixed rate? can investors still get nab's advertised fixed rate below?
http://www.nab.com.au/personal/interest-rates-fees-and-charges/interest-rates-for-home-lending
2. borrowing power and final approval? will the increased loan cost lower my borrowing power? by how much? will they knock me back and refuse my loan (AIP is in place)?
3. Interest Only option? are they going to change their I/O related policies?
It is still very early stage, but I guess many of us are going to be interested in answers to the above questions, will really appreciate if can keep us updated. Thanks!
1. Yes. You can now ONLY get the advertised rates, whereas previously you might have gotten a further discount, on a case by case basis
2. marginally, as most lenders add a buffer to the actual rate when they calculate serviceability. As the actual rate is now going to be a little higher, serviceability will be marginally lower, like a bees whisker lower.
3. Nab have always been a little funny with I/O but there hasn't been any changes yet, though there's been a lot of speculation.