In­ter­est- only rate to rise

Townsville Bulletin - - NEWS -

BANKWEST is lift­ing mort­gage rates for in­ter­est- only loans, fol­low­ing the lead from the big four banks that al­ready ad­justed rates in an at­tempt to slow down riskier lend­ing.

The Com­mon­wealth Bankowned lender will from Tues­day in­crease new in­ter­est- only owner oc­cu­pier home loans by 0.05 per cent, while drop­ping new prin­ci­pal and in­ter­est in­vestor home loans by 0.15 per cent.

It will also, from Oc­to­ber, lift ex­ist­ing in­ter­est- only rates for both owner- oc­cu­piers and in­vestor home loans by 0.35 per cent and 0.25 per cent re­spec­tively. Bankwest gen­eral man­ager prod­ucts and pric­ing Paul Vi­vian said the lender aimed to bal­ance out the needs of cus­tomers, share­hold­ers and reg­u­la­tors.

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