Following a raft of changes announced by other lenders in recent weeks, Auswide Bank announced today an increase to reference rates for investment home loans and lines of credit.
Managing director Martin Barrett
said the bank’s increase of 25 basis points from 11 July 2017 will result in a new standard variable rate (SVR) of 6.10%.
He said Auswide Bank continues to experience funding pressures and regulatory limits on investment and interest only lending.
“We’d prefer not to be increasing rates, but have limited options in the current environment which is the most challenging we have seen in sometime.”
Barrett said many investment loan customers pay discounted rates less than the standard variable rate based on the size of their loan.