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With access to hundreds of lenders and their representatives offering more than 3,000 products. We have one of the most comprehensive listing of mortgage based loans on the Australian mortgage market. ING, Macquarie Bank and Virgin Money are reducing rates on interest-only investment loans despite regulatory efforts to curb these loans due to concerns about growing household debt. As a Reserve Bank of Australia executive noted in a speech on Tuesday, interest rates for investors on interest-only loans have jumped 60 basis points since late 2016, after pressure from regulators to encourage borrowers to pay down debt.
But lenders claim they are responding to strong demand for investment borrowing, particularly investors borrowers wanting to make the most of lucrative tax breaks. Major banks, including ANZ and Commonwealth Bank, have reported in recent weeks that their home loan books continue to grow. The niche lenders are targeting investment property buyers by reducing rates by up to 24 basis points for borrowers with loan to value ratios typically of between 20 and 30 per cent. There is also closer scrutiny of their ability to service the loan for the full term. For example, ING, which has about 2. 6 per cent of the mortgage market, is reducing variable interest rates on investment loans by about 5 basis points to 4. 150,000 with loan to value ratios of at least 80 per cent.
It is raising fixed rates on principal and interest, interest-only loans by between 8 basis points for a one year loan to 41 basis points for a five year fix. Virgin Money, which is owned by Bank of Queensland with a combined market share of less than 2 per cent, is cutting variable interest-only, investment loans by up to 24 basis points. 499,000 are cut by 14 basis points to 4. 750,000 or more are reduced by 24 basis points to 4. 7 per cent market share, is also cutting interest-only rates for investors. We’ve reduced rates for investment loans with principal and interest and interest-only repayments,” a bank spokesman said. We’ve also adjusted some of our fixed rates, aligning loan to value ratio bands to variable rates while taking into account market conditions.
The Australian Prudential Regulation Authority has introduced policies intended to contain interest-only investment lending because of fears that it fuels rising prices and household debt, which increases the risk of financial instability. The industry trend for the past 18 months has been for interest-only loans to increase as owner occupier, principal and interest rates fell, according to analysis by Canstar, which monitors rates and fees. For example, the average interest-only investment standard variable rate has risen by 44 basis points since January last year, compared to a two year fixed interest-only rates, which have risen by 25 basis points. The regulators benchmark of no more than 30 per cent of new lending being on interest-only terms was intended to enable lending to those that genuinely needed this form of finance, according to APRA.