It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why:
Westpac Bank announced today the maximum LVR (loan to valuation ratio) for those seeking interest only repayments will be capped at 80%. This applies to both owner occupied and investment lending. They are last of the Major 4 Banks to cap LVRs for …
The RBA has again left interest rates on hold at the historical low of 1.50%. There has been no changes to the cash rate since August 2016. However over the past few weeks out of cycle rate hikes by the major banks and second tier lenders have made front page headlines. These interest rate increases ranged from negligible increases to owner occupied loans to smacking investors and those whose loans feature interest only repayments with some significant increases.
Loans are by no means ‘one size fits all.’ Different loan types suit different age groups, different living situations and even different attitudes to money.
In breaking news CBA and their subsidiary Bankwest released communications today that they will no longer accept applications for refinance of investment loans as of Monday 13th February.