ANZ hikes interest-only mortgage rates

Hello:

Owner occupiers and investors signing up to interest-only fixed rate deals will be the worst hit with some hikes as high as 0.4 per cent.

On 2, 4, and 5 year fixed owner occupier interest-only loans the rates will rise by 0.4 per cent on the bank’s Breakfree products (this is one of the bank’s most popular products).

On one of the most popular fixed loans terms, three-year owner occupier interest-only loans will rise by 0.3 per cent to 4.49 per cent.

For investors on fixed-rate interest-only Breakfree deals the three-year fixed rate which is one of the most popular fixed loan terms will rise by 0.3 per cent 4.69 per cent.

For both owner occupiers and investors on principal and interest fixed rate deals rates on nearly all these products will fall.

The three-year fixed rate owner occupier principal and interest deal will fall by 0.2 per cent to 3.99 per cent.

On a three-year fixed rate investor principal and interest deal the rate will fall by 0.1 per cent to 4.44 per cent.