13 April 2017
Coastline today announced an update on variable home loan and business loan interest rates.
Owner Occupied Home Loans
Interest rates on Variable Principal and Interest Owner Occupied Home Loans remain unchanged at 5.04%pa.
Interest-Only Owner Occupied Home Loans
Interest rates on Interest-Only Owner Occupied Home Loans will increase by .25% from 5.04%pa to 5.29%pa effective 1 June 2017.
Residential Investment Home Loans
Interest rates on Variable Residential Investment Home Loans will increase by .25% from 5.19%pa to 5.44%pa effective 17 May 2017.
Residential Investment Interest-Only Home Loans
Interest rates on Variable Interest-only Residential Investment Home Loans will increase by .50% from 5.19%pa to 5.69%pa effective 17 May 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 .25%pa effective 17 May 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”.
“We will be writing to our members with interest-only home, residential Investment and business loans in April to give them notice and time to switch to repaying principal and interest to take advantage of the lower interest rate”.
Coastline will publish the new rate schedules and effective dates on Tuesday 18 April 2017 on www.coastline.com.au