More banks join the investment loans rate hike.
Suncorp increased its interest rates by up to 0.27% p.a. for standard variable and access equity (to 5.81% p.a.) and back to basics rates (to 5.23% p.a.) for new and existing investor loans, effective 31 August.
Bank of Queensland has lifted home investor loan rates by 0.29% effective August 10. It will have more impact on existing borrowers than new however because its “Clearpath” loans – with discount of more than 1 per cent on its variable rate – are unchanged. Most new mortgages are offered under this product, applicable to both owner occupied and investor loans and they have headroom to grow their book – allowing for the 10% speed limit on investor loans.
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