The days of locking in a record low interest rate on your Home Loan may be behind us with several banks (including Westpac) confirming they will be increasing their Fixed Interest Rates by up to 0.50% p.a.
DPF Mortgage Specialists have confirmed that Westpac will be increasing their 2, 3 + 5 Year Fixed Interest Rates as at midnight this Sunday.
The biggest increase for Westpac will relate to the 5 Year Fixed Interest Rate which will rise from 3.89% p.a. to 4.39% p.a. (Premier Advantage Package Home Loan).
Based on a $400,000.00 loan you could save up to $10,000.00 over the 5 Year Fixed Rate term by contacting Westpac today (ph: 132558) rather than waiting until Monday.
If you are not with Westpac & are considering locking in your interest rate, you may need to act fast as “Other Banks” are likely to consider following the lead of Westpac, ING, Bank of Qld, Rams & ME Bank, who have already jumped to increase their fixed interest rates.
Please note that no changes have been announced at this time relating to Variable Interest Rates.
I hope this early “Heads Up” will help you to save your $$$$