Fixed rates

Here we go again, another RBA cut, let's see if any of it flows to fixed rate improvements.

Post your institution/lenders fixed rates for OO and Investment mortgage loans here.

 

Westpac came out with some pretty sharp rates today.
3.99 5y oo 4.09 5y inv

 

Wow. Thats pretty sharp
Is that for IO or only P+I

 

3.89% 3 years fixed, interest only with ME bank. Has not changed since the rate drop was announced.

 

Nab is the only major that prices on repayment terms. The others only have a distinction on investment or owner occ

 

I wonder if the other banks would match it
I suppose having said that, 5yrs is a long time
Especially if u want to pull out equity in that time for other ip's

 

Westpac usually let you do either for both.

 

It is a very sharp 5 year fixed - plenty to be careful about with fixing for so long (e.g selling, valuations from others, refinancing need, etc).

From what I find 5 year fixed can sound attractive when they break a barrier (sub 4%). Nonetheless, given changing lending dynamics over that extended period of time, I'd generally only suggest it as a risk mitigation tool for those with deep borrowing levels relative to income positions.

Westpac/BoM/StGeorge have minor differences in SVRs for I/O and P/I now too following different pass through of rate cuts.

 

I did notice this and suspect it was going to happen. A couple of weeks ago we got a letter from Westpac more or less stating that our interest only variable loan was having a 'name change' but don't worry it is still the same rate..... now, after the interest rate cut we are 0.03% higher than P&I.