27/07/2017 - Coastline today announced an update on Home Loans, Interest Only Loans, Residential Investment and Business Loan Interest Rates.
Owner Occupied Home Loans
Interest rates on Variable Principle and Interest Owner Occupied Home Loans remain unchanged at 5.04%
Interest Only Owner Occupied Home Loans
Interest rates on Interest Only Owner Occupied Home Loans will increase by 0.30% from 5.29% p.a to 5.59% p.a effective 9 August 2017.
Residential Investment Home Loans
Interest rates on Variable Residential Investment Home Loans will increase by 0.20% from 5.44% p.a to 5.64% p.a effective 9 August 2017.
Residential Investment Interest Only Home Loans
Interest rates on Variable Interest Only Residential Investment Home Loans will increase by 0.35% from 5.69% p.a. to 6.04% p.a effective 9 August 2017.
Variable interest rates on Principle and interest Business Loans remain unchanged.
Interest Only Business Loans
Interest rates on Interest Only Business Loans will increase by 0.25% p.a effective 9 August 2017.
Coastline's General Manager, Peter Townsend said, "the changes we are making in home and business lending affect investors and borrowers who only repay interest on their loan. Investor principle and interest loans have also been increased. These changes reflect the need to closely manage our regulatory obligations, our portfolio risk and the competitive environment".
"These changes are being made in line with regulatory guidance and members can consider moving to our lower principle and interest rates so they pay less interest over the life of their home loan."