Non-major banks announce more rate specials

by Julia Corderoy15 Jan 2016
Two more non-major banks have announced variable and fixed rate discounts following Suncorp’s rate announcement earlier this week.

ING Direct has announced that new owner-occupied Orange Advantage loans with a loan-to-valuation ratio (LVR) of 80% or less will not be subject to the variable interest rate increase of 0.18% previously communicated. In November, the challenger bank announced that effective 15 January 2016, it would increase the variable interest rate on owner-occupied Orange Advantage offset home loan to 5.02%.

Further, also effective today, the variable interest rate for ING owner-occupied Orange Advantage loans with an LVR of 80% or less will be reduced by 6 basis points to 4.23% (comparison rate 4.43%). This applies to loans of $150,000 or more. 

AMP Bank has also announced variable rate changes. Effective 18 January, the AMP Essential Home Loan will be reduced by 30 basis points to 4.08% (comparison rate 4.10%) for owner-occupied loans. 

The Select Package Variable Rate Loan and Professional Package Variable Rate Loan have also been reduced to 4.15% for owner-occupied loans of $750,000 or more (comparison rates of 4.53% and 4.51% respectively). For Select Package and Professional Package variable loans from $250,000 the rate has been set at 4.35% (comparison rates of 4.73% and 4.71% respectively).

Also effective 18 January, AMP has also announced variable rate changes on investment loans. 

The variable rate on new investor property loans for the Basic loan will reduce by 40 basis points to 4.57% (comparison rate 4.61%).

The AMP Select Package Variable Rate Loan and Professional Package Variable Rate Loan have been reduced to 4.42% for investment loans of $750,000 or more (comparison rates of 4.80% and 4.77% respectively). For Select Package and Professional Package variable investment loans from $250,000 the rate has been set at 4.64% (comparison rates of 5.01% and 4.99% respectively).

On top of variable rate discounts, AMP has also announced a raft of fixed rate specials, effective 18 January. 

For owner-occupiers, interest rates will start at 4.28% for two and three-year fixed rates on its Basic Package, Select Package and Professional Package.

For investors, interest rates will start at 4.57% for two and three-year fixed rates on its Basic Package, Select Package and Professional Package.
 

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