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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Borrow

How will lenders raising rates affect you?

By Cameron Micallef

June 22 2020
Share

Borrow

How will lenders raising rates affect you?

By Cameron Micallef
June 22 2020

A lender has lifted its rates by up to 40 basis points across both its owner-occupied and investment home loans, despite record-low rates from the RBA and cuts from its competition.

How will lenders raising rates affect you?

By Cameron Micallef

June 22 2020
Share

A lender has lifted its rates by up to 40 basis points across both its owner-occupied and investment home loans, despite record-low rates from the RBA and cuts from its competition.

ING has hiked fixed mortgage rates by up to 20 bps for owner-occupiers and by up to 40 bps for investors, effective for new applications submitted from 19 June.

Owner-occupied fixed rates now start from 2.19 per cent (3.79 per cent comparison rate), while investor rates start from 2.94 per cent (4.46 per cent comparison rate).

ING’s rate hikes come amid interest rate reductions from several of its competitors, including the big four banks, which have reduced their rates in a bid to attract new customers.

Last week, the National Australia Bank reduced its fixed home loan rates by up to 15 bps, weeks out from the opening of the second phase of the First Home Loan Deposit Scheme.

Canstar’s money expert Steve Mickenbecker believes consumers should look into their personal home loan as banks offer record-low rates to attract new customers.

“Current low rates make it a great time for borrowers to ease the family budget with lower repayments. For those coming out of COVID-19 in good financial shape, lenders are competing hard for their business,” he said.

“The rate is a massive 1.28 per cent below the average variable rate and could see borrowers save $272 per month on the average $400,000 loan over 30 years.

However, ING is not the only lender to lift fixed rates amid reductions, with Newcastle Permanent, Teachers Mutual Bank Ltd (TMBL) and ANZ also lifted rates in recent weeks.

Both ANZ and TMBL’s changes followed spikes in the banks’ home lending volumes, with TMBL reporting a 300 per cent increase in monthly applications.

Meanwhile, heightened competition for high-quality owner-occupied borrowers continues to trigger reductions in variable mortgage rates, particularly off the back the RBA reducing the official cash rate from 1.5 per cent to 0.25 per cent in just 12 months.

According to the Australian Prudential Regulation Authority’s latest property exposure statistics, mortgage rates have dropped from a weighted average of 4.2 per cent in the March quarter of 2019 to a weighted average of 3.1 per cent.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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